Domestic imports logged a 7.2% month-on-month increase in January, much higher than expected based on figures from the past six years, according to U.S. Census data as analyzed by global logistics and supply chain firm Descartes, yet still lagged behind pre-pandemic levels by a small margin. The NRF near-term outlook was less rosy.
More than ever, retailers need to focus on improving their in-store shopping experiences and leverage technology to create a seamless customer journey. From product information and navigation to personalization, here are some ways ecommerce is influencing the kinds of store experience that customers are looking for.
Historically, the scarcity model of luxury brands has driven many to destroy surplus merchandise to maintain a certain image. Now, an image of sustainability has become the key priority, which means finding a purpose for excess inventory. Expanding your product inventory lifecycle in this way actually brings several core benefits.
A lot has changed since the onset of the pandemic but supply chain disruptions continue to evolve. While the degree and nature of disruptions differed for every company, almost all discovered many hidden supply chain imbalances. Here are a few ways SMBs can make the best of these turbulent times and keep things humming.
Inventory management has been anything but simple these days. A global pandemic, labor shortages and product recalls have led to the “bullwhip effect.” Success will require leveraging technology to make critical business decisions, using AI/ML and what-if analysis to create a dynamic, flexible, resilient inventory management strategy.
When we consider the unpredictability of the last couple of years, overstocks seem a forgivable choice. Retailers who understandably erred on the side of overstocks during the pandemic are now stuck with a mountain of goods they can’t shift. One thing’s for certain: spreadsheets and outdated technology won’t solve the problem.
Retailers are looking at a major balancing act heading into the holiday season this year, with consumer signals and economic indicators a mixed bag and absolute boatloads of excess inventory, much of it old, to contend with in order to make Q4 a success.
The CHIPS act, which passed Congress in late July, sets aside $52B in subsidies and tax credits to boost domestic production and R&D, helping reduce our dependence on China’s semiconductor dominance. In this MCM CommerceChat podcast, Spencer Shute, a consultant at Proxima, helps us understand the importance for retail.
This special report from Multichannel Merchant will address how the right tools and technology not only provide greater inventory accuracy and visibility, but help you prioritize and track SKU movement within a facility, among network nodes and in partner channels. It will also cover advanced capabilities as well as must-have systems.
A China import law taking effect June 21 that bans imports from the Xinjiang region due to allegations of widespread forced labor will worsen supply chain and inventory issues just as conditions are easing somewhat, while exacerbating rampant inflation, according to a report in Bloomberg.