Infographic by Elizabeth Chin, August 2019
The retail industry has undergone a noticeable transformation in the past few years and continues to take shape. Today’s consumer shopping is nowhere near a linear process. Consumer decisions are often made in a series of online searches which are increasingly ending with an online purchase and fading are the day’s that online research ends with a trip to the store. Competition between ecommerce leaders and traditional retail outlets is only getting more intense.
Moreover, the volatility and unpredictability of today’s global economic scene make traditional retailers rethink their systems for stronger supply chain management processes for their private brands. The massive number of new vendors needed raises questions about managing product development in conjunction with supplier and product quality and compliance data, which can only be addressed by upgrading retail business systems and internal processes.
In a recent independent survey conducted by the Global Sourcing Society Institute, over 400 retail professionals weigh in on the value of private brands, reveal the impacts of technology disruptions and uncover the sourcing challenges of globalization. Read the full white paper, Top 10 Sourcing & Supply Chain Challenges Facing Store Brands Today!