For decades, pundits and tech journalists have been heralding the rise of intelligent machines and how they will revolutionize the way we live our lives. A big part of that shift involves “intelligent” software that will transform the modern workplace.
US businesses have $1.38 tied up in inventory for every $1 of sales, so it’s no wonder that exploring new initiatives for accurately right-sizing retail inventories is expected to be a top priority for CMOs in 2019. Whether you’re in apparel, footwear, FMCG, home products, or any other retail business, failure to predict quantities and assortments with high precision will take a big bite out of your bottom line.
Every business wants increased productivity, lower costs, improved accuracy, and the ultimate customer experience. However, meeting customers’ ever-increasing expectations means providing on-demand customer service and quick order fulfillment, which is a major challenge for business that still rely on manual processes. More and more businesses are turning to robotic process automation (RPA) to accelerate operations and provide the foundation for a competitive advantage.
In the era of the customer, shoppers dictate what they want and how they want it. Today’s customers are intelligent, more market-aware, and have higher expectations. Empowered by digital devices and social networks, these customers want the opportunity to participate in the design process of the products and services they wish to purchase.
Personalization is increasingly becoming an important part of the shopping experience. Customers who may have hesitated to provide their personal information in the past now appreciate customized product recommendations based on their engagement history with a brand. Brands feel the need to cater to this growing demand for personalization. If they can create value for customers on a personal level, they can then create meaningful connections and build a loyal customer base.
Within businesses, supply chain professionals are under constant pressure to improve efficiency. Competition continues to increase and customer expectations are at an all-time high. Previously, manufacturers focused on their product and its features, not on whether it was in sync with the needs of the consumer. With the rise of digital analytics, however, the consumer has taken the reins, changing the ballgame for companies that now have to change their product strategies so they’re more about us, the consumer, than them, the producer.
A recent article in Quartz highlighted the significance of social media for the Fashion & Apparel industry. As buyer demographics change, it is vital that fashion brands market their products to a more diverse audience. Instagram and other social media platforms, with their global ubiquity, form a whirlwind of diversity with virtually limitless reach.
Inefficient shipment processes pose a major supply chain challenge for retailers with high order volumes. Customer satisfaction hinges on your ability to fulfill orders quickly and accurately. Frequent delays in shipments, delivering the wrong items, or misplacing orders can significantly drive up costs and damage your customer relationships. Most of these issues stem from using manual procedures or standalone software to manage shipping.
This article discusses how robotic process automation (RPA) is a logical next step in a decades-long tradition of digital automation, and how it is a great way to quickly and effectively accelerate key supply chain functions, including partner onboarding, sales order generation, and order tracking.
One thing that every fashion and apparel business has in common is supply chain partners. Whether you’re an apparel manufacturer, retailer, or wholesaler, you’ll be communicating with a third party at some point in your supply chain.