The Future of Retail Supply Chain
The global retail industry is expected to be worth USD 28 trillion by 2019, thanks to growing disposable incomes and consumer expenditure globally. However, as the competition heats up and consumer demands sky-rocket, retailers will need to reevaluate their traditional practices across their value chain – especially supply chain management.
The fact is retail supply chains have evolved by leaps and bounds over the years – ensuring retailers have a good control over JIT deliveries, inventory levels and overall expenses of end-to-end logistics. But that is not enough in today’s digital context, as retailers shift towards omni-channel retailing to cater to customers who wish to shop across channels – at a time and place convenient to them.
With e-commerce sales largely driving revenue growth in the retail sector today, it is critical to acquire strong supply chain capabilities to perfectly execute fulfillment and enhance customer service – both instore and online. Retailers that leverage technology to offer a consistent experience across channels will be in an advantageous position. Recognizing this fact, several retailers are preparing for the future of retail supply chain. 72% of them are planning to re-haul their supply chain with real-time visibility enabled by automation, sensors and analytics.
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