The pandemic has highlighted the indisputable need for end-to-end supply chain transformation, and to move beyond traditional demand planning and forecasting. Retailers need to incorporate a more integrated approach to maximize their ability to respond with agility and resilience, focusing on flexible problem solving.
Loves Furniture, a Michigan startup that went into business in 2020 just as the pandemic was emerging, has filed for bankruptcy protection as bills piled up and inventory, fulfillment and logistics issues hamstrung its operations. The company claims that fulfillment issues caused by Penske, its contract logistics provider, led to the troubles.
Dark stores, even as a temporarily approach, can help offset the cost of underperforming stores and the expense of freight and logistics, especially in more densely populated areas. It also takes online fulfillment out of store operations, allowing retailers to concentrate on customer service and minimizing inventory confusion.
Beyond the holiday rush, multichannel retailers can’t afford to be short-sighted, ignoring the paradigm shift in consumer purchasing behavior that will extend long after the pandemic is over. If they aren’t looking at long-term investments to create hybrid customer experiences, they will soon find themselves way behind the pack.
You may have read somewhere that 2020 was an extremely disruptive year in every aspect of the retail industry. Ecommerce, already on a rapid trajectory, took off into the stratosphere as consumer flocked online. To take a look into what we can expect in 2021, four experts offer their views and some bold predictions.
While ecommerce offers clear advantages like the ability to read reviews, use mobile payments, choose the perfect size and color, check availability and more, physical stores still have the edge of personal interactions.
That’s why it’s more important than ever to bridge the physical-digital commerce gap.
As ecommerce sales ramp up, especially heading into the holidays, merchants face growing pressure to deliver the perfect order. To meet customer expectations, you need to get the right product to the right customer at the right place and the right time. To do so, you need to establish meaningful key performance indicators (KPIs).
Inventory management is a strategic ecommerce issue that affects profitability and customer service. Additionally, many fulfillment centers have overstock inventory tying up valuable space. Here is a primer on liquidation strategies and ways to reduce overstock levels, freeing up valuable space and flowing dollars to the bottom line.