Sourcing Playground, the supplier discovery platform connecting retailers with verified and sustainable suppliers, has been awarded funding by Innovate UK to deliver an AI platform that will overhaul retail supply chains.
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.
Sourcing Playground wins government grant to deliver pioneering AI platform for retail supply chains
Jun 30, 2020
Findologic introduces AI-powered virtual shopping assistant, Lisa
Jun 30, 2020
Findologic, the search and navigation platform, has announced the launch of Lisa, an AI-based virtual shopping assistant, which uses intent signals and discovery to power improved on-site search to enhance customer experience and drive conversions.
eCommerce sustainability: managing your responsibilities
Jun 30, 2020
Consumers are more conscious than ever about how their shopping habits affect the world at large.
6,000 new UK jobs as DPD scales-up to meet ‘new normal' demand from online retailers
Jun 24, 2020
Parcel delivery firm DPD has announced 6,000 new UK jobs and a major infrastructure investment in response to the unprecedented boom in online shopping caused by Covid-19.
CommerceHub’s record volume reveals promising trend as ecommerce proves essential to retail’s ‘new normal’
Jun 24, 2020
As the retail industry continues to experience the full impact of COVID-19, resulting in store closures and reduced distribution capacity, there are new, emerging signs that the industry is responding positively to this new normal, adapting their ways to meet the needs of consumers.
Breaking down internal barriers in companies crucial amid increasing digitisation, Accenture study finds
Jun 23, 2020
Many companies do not realise the full value of investing in digital projects due to a lack of collaboration among their critical business functions, according to a new study by Accenture (NYSE: ACN).
Multimodal 2020: On the move to March 2021, with continuity plan in place
Jun 23, 2020
As a result of the directions provided by both Public Health England and the UK government, the organisers of Multimodal have been obliged to reschedule the UK, Ireland, and Northern Europe’s premier freight transport, logistics and supply chain management event, until 23-25 March, 2021.
Kinaxis to acquire AI-based retail and CPG demand planning provider, Rubikloud
Jun 23, 2020
Kinaxis Inc.. an authority in driving agility for fast, confident decision-making in an unpredictable world, has signed a definitive agreement to acquire Toronto-based Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.
1.3 million UK consumers have bought a bike since COVID-19 hit, says GlobalData
Jun 23, 2020
Almost 5% of UK consumers have bought a bike since the beginning of the coronavirus crisis, encouraged by good weather, a desire to get outdoors to exercise as well as the government’s advice to avoid public transport*, says GlobalData, the data and analytics company.
Reducing returns abuse without sacrificing customer experience
Jun 17, 2020
For merchants, delivering a great customer experience (CX) has always been high on their list of priorities. It’s essential for fostering customer loyalty, and increasing top-line revenue.
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.
