3 Supply Chain Management Best Practices for Retailers

Main challenge for retailers of any supply chain is to ensure smooth availability of products or services to customers at all times. As retailers respond to these challenges, they sought to recognise the issues that obstruct the efficiency of supply chain. Thus gradually acquiring a greater handle on how should the Supply Chain Management Services be attended and what are the best practices to follow.

Stronger Strategy and Meticulous Planning all along supply chain

Customers expect retailers to deliver exceptional service at all times. At this day and age, online shoppers are too quick to change their purchase decisions; a few clicks/swipes and speedy glances are sufficient to compare services offered by different retailers. Stakes for retailers are quite high as consumers keep exploring new possibilities for better product, free and on-time delivery, lower price and easy-payment options.

Retailers should engage frontrunners to meticulously plan and monitor closely the outcome of each phase/stage from raw-materials to end-product. Better is each implementation strategy, greater is the optimization achieved in terms of product quality, scheduled time-frames and maximum customer satisfaction. Mismanaged sub-processes may slow down the entire supply chain.

Technology to integrate processes and people

Retailers can no longer afford to undermine/ignore any aspect of supply chain if they want to gain competitive edge in this highly competitive market. Successful retailers lay consistent guidelines and strict time-lines for all teams to coordinate workflows and together anticipate purchase patterns. Technology has played a big role in analysing customer buying preferences, optimizing Accounting & Inventory Management and integrating processes & teams so that supply chain always meets the expected demand.

Retailers should be mindful of accurate numbers when it comes to inventory and accounting. It’s valuable to utilize best inventory management software customised to your business size and type. This gives you greater opportunity to identify and prioritise matters of concern that allow quick inventory refills and competent customer service.

Valued and responsible retailer relations at both ends

Retailers are crucial element of the distribution channel that connects manufacturers and end-users. Focus on planning and technology is imperative to supply chain management services but maintaining cordial relations with both manufacturers and consumers goes a long way in making a business successful. Retailers put in all the efforts, funds, technology and system to be able to fulfil customer needs and gain profit.

Unified and trusted partnership between manufacturer and retailer can build the most efficient customer response system and generate significant profit. Moreover, such trustworthy and coordinated relationships promote honest and responsible environment-friendly initiatives which are need of time.

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Customer Lifetime Value Is A Key Indicator For Top Retailers

One of the biggest indicators to the success of a retailer is the amount of attention the retailer places on customer lifetime value. This includes attracting customers, as well as providing excellent customer help, to keep customers returning. This applies whether business is done in a brick and online or mortar store.

In a store, excellent service starts the minute someone walks into the store. From clean, spacious aisles to excellent care given to these folks by sales staff, all are important in communicating to the customer that he is a valuable asset to the business. Even providing something as simple as a clean restroom can have a big benefit. The more a customer feels valued, they more likely they are to provide return business, as well as telling others about the great service they received. This is one of the least expensive forms of advertising for any retail business, word of mouth referrals made by satisfied customers.

From the sales floor to the cash register, the customer needs to feel that he's valued and appreciated. And this also extends to the guest service counter of the retailer as well. Emphasis should be on long-term retention of a customer rather than on just the short-term immediate sale.

In the case of online retailing, customer lifetime value is also crucial. From the first time the customer visits the website, ease of navigation, ease of checkout, ease of being able to communicate with a live person when necessary are all ways to create great customer lifetime value. The customer needs to know that they are valued and will receive the same excellent customer service that they would receive if they were to visit a store. Many customers these days prefer to shop online, and the better customer assistance a retailer can provide to them online, the higher the level of satisfaction on the part of the customer, and the more likely it is that the retailer will retain that person as a repeat customer.

The top focus of any retailer should be customer service. In today's highly competitive retail market, it is crucial that customer service be the priority. Sales and checkout staff should be well-trained in customer assistance, and make sure that excellent customer service is embedded into the culture of the retailer. This will give any retail establishment an edge over those that don't provide stellar customer assistance.

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