Cutting-Edge SCM Solutions Unveiled to Drive Retail Supply Chain Efficiency and Boost Competitiveness

In this communiqué, retail and eCommerce consulting firm YRC highlights four progressive solutions for improving the supply chain efficiency and enhancing the competitiveness of retail brands and businesses.

Use of AI for Demand Forecasting

With abilities to process massive data volumes and derive complex trends and patterns, AI-powered analytics tools are taking demand forecasting to new levels. The self-learning ability makes AI far more agile to meet the dynamics of market demand. AI can also bring insights to micro levels which is very useful to study and predict the performance at the level of SKUs and improve personalisation.

Precision in Replenishment Decisions

One of the important aspects of supply chain efficiency is keeping inventory levels as close to the actual demand levels as possible. This takes attention to how inventory purchase or replenishment decisions are made by retail businesses and the quality of the implemented retail inventory control strategies. It has become necessary to make use of tech-aided demand forecasting tools that emphasise real-time data and are capable of making detailed assessments.

Working Closely with Suppliers

Although building strong collaborations with suppliers has always been a sound strategy it has regained emphasis in the contemporary retail and eCommerce landscape. The altered dynamics of today’s supply chains have necessitated revisiting how these collaborations are approached and implemented. While the nature of this approach may vary from business to business, for the implementation part, companies need to make use of technology and focus on improving supply chain visibility.

Review and Improvisation of Retail Supply Chain SOPs

Modern-day business operations have become very diverse and dynamic. It is becoming increasingly difficult to streamline and standardise business processes. For instance, localisation requires retail brands to make necessary adjustments to the operations of their individual stores. This means process definitions (SOPs) cannot be the same across all stores. On top of it, each store experiences fluctuations in its respective environment. In such a scenario, SOPs cannot remain fixated for too long. This applies to the SOPs for supply chain management as well.

About Your Retail Coach:

YRC is a retail and eCommerce consulting house with expertise in startups, management, transformation, and expansion solutions. With a scaling international footprint and over 10 years of demonstrated experience, YRC has worked with over 500 clients in 25+ sectors with a success rate of 95%.  

For expert solutions on supply chain management in the retail industry or to speak to one of YRC’s retail consultants & Get advise for E-commerce retail business : https://www.yourretailcoach.ae/contact-us/