Overview: The retail industry continues to evolve at a rapid clip. Consumers’ product preferences are shifting significantly. Their channel preferences are changing as well, with a continued step-change to omnichannel. Such transformational shifts in consumer behavior create extraordinary levels of variability, uncertainty, and complexity within supply chains. As such, retailers need to respond to these changes while maintaining margins, service, and efficiencies with optimal planning of inventory, transportation, sourcing, and fulfillment. Now is the time for retailers to challenge the status quo, level up their supply chain competencies, and successfully transform their businesses.
Speakers: Devan Thompson, VP Inventory Planning, Lands’ End; Matt Tull, VP Merchandising & Inventory management Support, Guitar Center; Brady Coady, Associate VP, Canadian Tire; Santiago Poveda, VP Retail, O9 Solutions
Parker Avery takeaways:
The focus must be on the customer’s journey and how retailers influence that journey while providing a seamless experience. This customer-centricity involves customizing and localizing the experience, as well as ensuring a flexible and adaptable supply chain to address customer needs and shopping behaviors.
There is no “one-size fits all” solution. Retailers should rethink the use of the assets and infrastructure they have in place today.
Physical stores, and how they are set up/prepared to adapt and deliver the multiple omnichannel models are critical to achieving the financial benefits of addressing ever-evolving consumer behavior. This evolving role of the store requires new skill sets, capabilities, and scheduling to support omnichannel fulfillment along with the in-store experience.
Retailers and consumer brands must understand the trade-offs and impacts of exposing all channel inventory, considering:
- Weighing the primary goal: Speed to the customer? Optimized cost?
- Find the correct balance when deciding on inventory exposure
Watch replay: https://events.hubilo.com/aim10xglobal2022/session/130290