Supply Chain Management
One of the most popular terms in retail today is supply chain management, and understandably so. Firstly, what is a supply chain? A supply chain is a system of resources – human or material – involved in moving goods and services from supplier to consumer. Supply chain management is the range of activities required to manage these resources to achieve a cost-effective product flow.
Supply chain management (SCM) is very crucial for retail, no wonder the market value for SCM software is projected to hit 8.4 billion in 2021 from 7.6 billion in 2016.
Supply chain management is very crucial for dollar stores and thrift stores, and it is even more important that they get it right because of their low operating cost. It is crucial that you have products available at all times in your thrift and dollar stores, so as not to miss out on sales.
Supply chain management can be a bit tricky sometimes, and some retailers don’t really like to look at the boring stuff. Here is where Retail Guidance comes. You can contact us and we can help you set up an effective supply chain management. Having said that, let’s look at ways you can improve your supply chain management.
Ways to improve supply chain management
Ensure your supply chain and marketing teams are coordinated
It is very essential that your supply chain team align with your marketing team, especially if you are going to be having a large sale. You don’t want a shortage of products when your customers come around. One of the golden rules of retail is not to disappoint your customers. Therefore, as a thrift or dollar store owner, ensure that your marketing and supply chain teams are well coordinated.
Deploy a source tagging solution
It is vital that you keep track of your products from the manufacturer’s warehouse to your store. An excellent way of doing this is by using RFID tags. This also helps you monitor the individual products you are getting. Of course, not many retailers can afford to do this everytime, but if you can, then it’s really a no-brainer.
Adopt SCM software
Another great way to improve your supply chain management is by incorporating the use of SCM software. This software is designed to help control and reduce cost while reducing the risk of logistical errors and late shipments. You can easily automate routine processes thereby improving overall inventory management.
Get third party help
While this is perhaps the least popular method out there, it is still pretty effective. There are companies and organizations that can help you organize and manage your supply chain. Retail Guidance is a reputable third-party body that can help you in your quest for an efficient supply chain management.
Supply chain management is quite inevitable for any retailer, especially if you are a thrift and dollar store owner. It is therefore vital that you get it right, as it could affect your profit margin. This article has been put together to help you in taking effective actionable steps to improve your supply chain management.
Retail Guidance is an excellent option for your supply chain management, as we will meticulously manage your supply chain. All you have to do is contact us today!