By Marie-Christin Hansen-Oracle on Nov 27, 2014
Consumers today have more than one option in completing their shopping journey. With retailers increasing the number of touchpoints available to their customers, the importance of managing their supply chain simultaneously rises. Oracle Retail’s 2014 global consumer study, The New Retail Democracy, pointed to the fact that consumers are using new ways to shop, suggesting there is a growing understanding of the value of multiple touchpoints.
In the last year, 53% of respondents of the survey for the first time made a purchase on a PC or tablet and this figure is sure to continue to grow. Retailers now have no choice but to be ready for the influx of consumers that want to shop where they want and how they want. Hence, supply chain capabilities will play a key strategic role in meeting these increasingly diverse shopping habits. With greater visibility of their supply chain and improved analytics, retailers can ensure that a greater quantity of their stock is consistently available to targeted customers whilst decreasing spending on overstocks.
Managing inventory investment using science and optimisation increases customer satisfaction, organisational profit and results in a healthy cash flow. This type of precise management helps retailers better understand and manage their supply chain capacities and constraints, anticipating and eliminating potential disruptions.
For more information on the science of supply chain management click here.