How Technology can Revamp Retail Supply Chains
A seismic shift can be experienced by all stakeholders in retail arena with the emergence of advanced digital solutions. Many retailers are embarking on the digital tools in the quest to stay relevant in the hyperdynamic and highly competitive retail market.
Supply chain management is one of the topmost priorities for retailers to improve real-time visibility across their distribution channels. An efficient supply chain can work wonders for the productivity and growth of a retail company with improved customer satisfaction. Several retailers are also contemplating the idea of implementing omnichannel retailing as it will allow them to offer their customers with unified shopping experience across all touchpoints.
Retailers recognize the need to revamp the supply chain technology to offer faster response and delivery times to their customers. Here are some of the solutions that can help them to optimize their supply chain:
Shipping execution and tracking: According to American Shipper, 77 percent of companies invest in technology to improve shipping execution. Shipping execution and tracking tools allow retailers to balance shipping speed with cost, and efficient management of shipments. These tools ensure seamless product movement, enabling retailers to meet the delivery deadlines with cost-effective measures.
Supply chain planning: Supply chain planning enables the retailers to have an estimation of the demand, adapt to volatility, and plan for accuracy. Various companies offer supply chain planning tools which help retailers to optimize their supply chain planning with efficient inventory management.
Transportation management systems (TMS): Amid increasing adoption of omnichannel retailing, the transportation management systems have grown in importance immensely. On-Time delivery of products can help a company to improve customer satisfaction to a large extent. A TMS system can optimize ground transit routes and shave time off deliveries to ensure that the delivery deadlines are met with greater accuracy.
Machine learning: Machine learning tools use powerful algorithms to deduce patterns in large data sets, which help companies to make informed decisions about routes, prices, and vehicles. The decision-making based on machine learning patterns can help retailers to improve their productivity and boost business growth.
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