By Harry Hanson-Smith, RVP at Dynamic Yield, a Mastercard company.
Many see Black Friday as the first real leap into holiday shopping, and with research showing that anticipation for the day starts in the UK as early as three months prior, it’s vital to understand the behavioural needs of different consumers.
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.
Moving from generalised discounting to personalised experiences this Black Friday
Nov 15, 2023
UK Shoppers have the lowest tolerance for bad e-commerce experiences compared to consumers globally, according to new study
Nov 15, 2023
More than one third of UK shoppers say they have a higher likelihood than the global average to find a different site when encountering checkout frustrations or barriers, according to new consumer research by e-commerce technology company Rokt and Harris Poll.
Change or fail – the choice isn’t yours
Nov 14, 2023
Innovation is now the business survival issue retailers can’t afford to ignore, explains Gary Whittemore, Co-Chair of the KPMG/RetailNext Retail Think Tank (RTT) and Head of Sales, EMEA & APAC for RetailNext.
SPAR presents MrBeast Feastables campaign winners with grand prizes
Nov 14, 2023
Spinner Winner, an online consumer competition campaign launched during the summer to support the convenience partnership between MrBeast Feastables chocolates and SPAR, has proven to be a success with SPAR shoppers.
Jimmy’s Iced Coffee initiates transition to zero tree packaging
Nov 13, 2023
Jimmy’s, the B-Corp certified Iced Coffee brand, has started trials on the latest packaging innovation made from crop waste. Switching from traditional wood fibre delivery boxes to RAW packaging boxes made from agricultural waste, aims to reduce the company’s carbon footprint and environmental impact.
Europe braces for parcel deluge: Online stores anticipate 79.4% surge in parcels
Nov 09, 2023
For retailers, the busiest season of the year is just around the corner. Online stores are gearing up for peak weeks, with a parcel volume surge of up to +79.4 percent.
5G routers keep the UK’s pop-up shops connected
Nov 08, 2023
On average, 36 shops close their doors across British high streets every week. However, many small business owners still bet on traditional retail, with an 18 per cent rise in pop-up shop openings in the past year.
9 in 10 IT leaders say their IT landscapes have become more complex to manage and maintain
Nov 08, 2023
New research from Daisy Corporate Services (Daisy) has revealed 90% of IT leaders at large UK organisations believe their IT landscape has become more complex to build, manage and maintain.
Smart Retail: Innovative Tech Solutions For Streamlined System Operations And Issue Resolution
Nov 07, 2023
By Andrew James, freelance writer.
The contemporary retail sector stands at the intersection of innovation and customer experience. In a landscape where real-time responses and seamless operations are no longer just desired but expected, retailers are seeking groundbreaking technological solutions to meet these demands.
XY Retail unveils XY Omni, elevating retail omnichannel fulfilment with live status updates
Nov 07, 2023
XY Retail, the provider of omnichannel retail solutions, has launched XY Omni, a solution designed to transform the way retailers approach the shopping experience.
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.
