Recognising where AI will have the most impact is key to retailers building their strategies for development, says Alexander Goncharuk, VP of Retail at Intellias.
Retail Supply Chain Management (RSCM)
Retail supply chain management (RSCM) is the process of managing the flow of goods and services from the initial production stage to the final customer. RSCM is essential for retailers to ensure that they have the right products in the right place at the right time. It can also help retailers to reduce costs, improve efficiency, and improve customer service.The term Retail is defined as the sale of goods and services from companies or individuals to the end-consumer. Retailers acquire goods from producers and then sell these goods in-store or on-line via the internet. Retail supply chain software can enhance supply chain efficiency and trading partner collaboration by better connecting product information, processes and trading partners.
Fashion industry's role in plastic pollution - Insights for Earth Day 2024
Apr 29, 2024
By Shingo Tsukamoto, President of online sizing technology specialist, Makip.
Each year, a startling 60% of the 32 billion garments produced globally are dumped into landfills. This is equivalent to 650 clothing items discarded every second.
Ferag’s fashion statement at IWLEX 2024 Conference
Apr 29, 2024
Fashion businesses can transform their fulfilment operations by visiting Ferag (stand G50) at this year’s IWLEX Conference, 14th – 15th May, NAEC, Stoneleigh Coventry.
Retail data experts Reapp add Waitrose to platform
Apr 29, 2024
Retail data brand Reapp has added Waitrose & Partners to the list of major UK retailers available on its AI driven platform, Reapp Insights.
Brand loyalty or just habit? Study reveals that more than half of repeat purchases are due to routine, convenience and accessibility
Apr 23, 2024
Intuit Inc., the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released a new report, ‘The Science of Loyalty’, focused on the drivers behind consumer behaviour and tangible insights that marketers can take to build loyalty and cultivate meaningful relationships between their brand and its customer base.
Innovative systems and services that support 'lights out' operation: BEUMER Group brings the future of dark warehouse operations
Apr 23, 2024
BEUMER Group is sharing its vision of dark warehouse operations. As a global supplier of automated material handling systems, the company is already developing the innovative systems and services that will support the transition to ‘lights out’ operation.
EPS transport packaging now recognised as recyclable in practice and at scale in United Nations Environment Programme INC-4 report
Apr 23, 2024
The United Nations Environment Programme (UNEP) has acknowledged expanded polystyrene (EPS) transport packaging as an at-scale recycled material.
Solving retail digital transformation problems you don't know you have
Apr 23, 2024
Technological advancements are happening at pace, all of which are being led by new types of technologies such as AI and machine learning. As these technologies advance, businesses in the retail sector are grappling to stay ahead of the curve, ensuring their digital offerings keep up.
The Rise of Omnichannel Retail: Revolutionizing the Point-of-Sale Experience with AI
Apr 22, 2024
By Ryan Edwards, freelance writer.
Omnichannel is one of the most effective retail strategies for engaging customers, driving sales, and building lasting relationships. A way to strengthen this game-changing approach is the revolutionary power of Artificial Intelligence (AI).
Solid expansion of UK SME business activity so far in 2024
Apr 22, 2024
Business activity among UK SMEs has expanded at a solid rate throughout the first quarter of the year with the NatWest SME PMI Business Activity Index recording 52.6 in March.
Retail Supply Chain Management
Retail supply chain management (RSCM) is the process of managing the flow of goods, services, and information from suppliers to retailers to consumers. It includes all the activities involved in getting products from the point of origin to the point of sale, such as:
- Procurement: The process of acquiring raw materials and other inputs needed to produce goods.
- Manufacturing: The process of converting raw materials into finished goods.
- Warehousing: The storage of goods until they are needed.
- Transportation: The movement of goods from one location to another.
- Inventory management: The process of tracking and managing the levels of goods in stock.
- Order fulfillment: The process of filling customer orders.
RSCM is important for retailers because it can help them to improve their efficiency, reduce costs, and improve customer service. By optimizing their supply chains, retailers can ensure that they have the right products in the right place at the right time, which can lead to increased sales and profits.
Here are some of the key components of retail supply chain management:
- Planning: This involves developing a strategy for the supply chain, including setting goals, identifying risks, and developing contingency plans.
- Sourcing: This involves finding and qualifying suppliers, negotiating contracts, and managing supplier relationships.
- Manufacturing: This involves managing the production process, ensuring quality, and meeting delivery deadlines.
- Warehousing: This involves storing goods in a way that minimizes costs and ensures that they are available when needed.
- Transportation: This involves moving goods from one location to another in a timely and cost-effective manner.
- Inventory management: This involves tracking the levels of goods in stock and ensuring that there is enough to meet demand without excessive inventory levels.
- Order fulfillment: This involves receiving customer orders, picking and packing products, and shipping them to customers.
RSCM is a complex and ever-evolving field, but by understanding the key components and best practices, retailers can improve their supply chains and gain a competitive advantage.
Retail companies become involved in supply chain management in order to control product quality, inventory levels, timing, and expenses. Retail supply chain software encompasses warehouse & transportation solutions, inventory control, and possibly additional strategic/planning modules, particularly for the larger/volume-based retailers.
