The recent bout of severe weather, including flooding across various regions of the UK, has been yet another demonstration of the impact that extreme weather has on the supply chain.
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.
Recent flooding is the latest demonstration of extreme weather’s impact on the UK supply chain
Jan 10, 2024
What’s the future of Magnificent Seven tech stocks in 2024?
Jan 09, 2024
The Magnificent Seven tech stocks have had a notable downturn in fortunes so far in 2024, but “only the foolish” would write them off for the rest of the year, predicts the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations.
January sales: The most haul-worthy high-street brands on TikTok revealed - H&M crowned top
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New research has identified which UK high-street clothing brands create the most buzz on TikTok, based on how frequently they appear in online ‘hauls’ - with H&M crowned top.
Online shopping trends: US tops the list in annual spending
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United States residents spend the most time online shopping, annually spending more than 905 billion on online purchases.The Netherlands is the country with the highest percentage of online shoppers, surpassing even the US.
Improving your demand and fulfilment processes
Jan 02, 2024
RetailTechnologyReview.com spoke with leading representatives from the analyst and vendor communities to discuss some of the most important key talking points and areas of innovation taking place within demand forecasting and planning technology. With a more fragmented and volatile playing field becoming the norm, companies need to be able to make better more accurate decisions to manage anticipated and actual demand.
Asda appoints new Chief Digital Officer to support digital transformation
Jan 02, 2024
Asda has appointed its first Chief Digital Officer as it continues to evolve how it uses data to improve its customer offer, as part of its long-term ambition to be the UK’s second largest grocery retailer.
E-commerce set to skyrocket by 64.69%, eyeing a $6.34 trillion horizon in 2027
Jan 02, 2024
A recent comprehensive study by flyers-on-line.com delves deep into these compelling questions by analyzing eCommerce markets across the globe. China emerges as the undisputed leader, with a market value of $779.858 billion in 2022, predominantly driven by the electronics sector. This is projected to more than double, soaring to approximately $1.73 trillion by 2027.
Everybody wants to be a Creator: Creator Commerce Platform, LTK, sees 70% spike in applications in the UK
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LTK, the platform that powers Creator Commerce, empowers hundreds of thousands of creators to maximise their income by monetising their content and connecting them to global brand partnerships, has announced a significant 70% increase in UK creators applying to the platform over the past year.
Volumatic offers advice after new report reveals cash use has risen
Jan 02, 2024
With the festive season fast approaching, new findings from the British Retail Consortium (BRC) show that shopping with cash has risen for the first time in a decade, as UK consumers continue to rely on cash to help budget for the costly Christmas period.
How Large Retailers Benefit from GPS Fleet Tracking Technology
Dec 21, 2023
By Thomas Falkner, freelance writer.
For large retailers with extensive supply chains and hundreds or thousands of delivery vehicles on the road, GPS fleet tracking technology has become an invaluable asset. As retailers aim to provide faster and more transparent delivery services while keeping costs low, advanced tracking solutions enable improved efficiency, security, and planning across far-reaching vehicle fleets. This technology offers a raft of benefits that give major retail chains a vital competitive edge.
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.
