LONDON–(BUSINESS WIRE)–SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the top 5 challenges in the retail supply chain.
The retail supply chain is under immense pressure to constantly innovate to serve the changing needs of consumers. Shift in retail formats is forcing retailers to monitor the supply chain and ensure high-quality products. In addition, the massive shift in the working model and the rapid emergence of e-commerce players has complicated the retail supply chain. Country-specific politics, trade and tariff law, international relationships, and quality control have further added to the woes of retailers.
At SpendEdge, we understand that retailers need to optimize their supply chain. But before that, they need to gain detailed insights into the challenges faced by the retail supply chain.
Challenges in the Retail Supply Chain
Tight profit margins
Companies in the retail category constantly strive to deliver a razor-thin profit margin. Majority of the consumers are highly price-sensitive, thereby making it difficult for retailers to increase profit margins. Moreover, the increase in online channels provides customers a tool to compare prices across various retailers. This adds to the woes of the retailers struggling with a meager profit margin.
Addressing profit margins require retailers to identify cost-saving opportunities. Book a free demo to gain specific insights.
Meeting customer expectations
Customers of today are very insistent on getting the best quality goods at the lowest price. They are used to seeking more options while making any purchase. This makes it difficult for the retail supply chain to keep up with the varying customer demand and improve customer satisfaction. Providing such a large variety of goods just-in-time to serve customers also becomes a major challenge for businesses. For detailed insights, get in touch with our analysts here!
The retail supply chain usually lacks visibility across key business departments. The silos of information existing across each business unit make it difficult for companies to achieve operational efficiency. They must opt for the latest ERP systems to keep pace with the operations function rather than relying on traditional spreadsheets.
To know more about challenges in the retail supply chain, read the complete article here!
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