NACS 2022 is officially over and it was great! The NACS Show is the premier event for the convenience and fuel retailing industry. C-store corporate professionals came together for four days to learn, network, buy and sell, and have fun. 4R was an exhibitor, showcasing our suite of AI-powered supply chain optimization solutions and planning services, all designed to help clients grow their bottom line.
This year’s NACS Show focused on innovations in convenience store technology. The exhibition hall was a buzz about the “glue” that keeps customers coming back– a positive customer experience. The hall was loaded with products and services that enable c-stores to create positive customer experiences and keep their convenience promise– having items that customers want available when they want them. Innovations showcased included AI-powered tools like Minor Decliner, an age verification service, and AI/ML solutions for predictive demand planning, such as the 4R Intelligent Inventory Optimization Solutions.
It was clear that the pandemic has changed the convenience retailing industry. Companies are still adjusting to the new normal, which includes persistent supply chain issues. The people who stopped by our booth were looking for ways to manage through supply chain disruptions. Our advice on the best ways to manage the supply chain is three-fold. First, companies need to consider a much longer-range plan that anticipates supply chain interruptions. Second, knowledge is power—with good, integrated data from POS and other systems, companies can improve visibility into the supply chain. The data enables retailers to forecast better and plan inventory allocation, replenishment and pricing optimally. Third, continuous communication of the plan and feedback from vendors and across trading partners is the best tool for managing in these volatile times.
Finally, the 4R team found the international perspective very interesting. We learned about c-store industry challenges and trends from convenience store operators from the Philippines, Australia and Europe. Even though we think we are the only ones experiencing supply chain disruptions and staffing shortages, we’re not. These are common issues experienced globally.
We want to thank everyone who stopped by our booth. Anyone who didn’t get a chance to visit, our supply chain and inventory optimization experts are available. We invite you to reach out so we can discuss how 4R supports convenience store operators with making smarter inventory decisions to maximize profits.
Check out our Convenience Retail Inventory Optimization solution offering. Also, learn how our 4R Supply Chain Planning as a Service can help convenience retailers achieve positive results by building optimal demand plans within the organization and across trading partner channels and relationships.
E-Book: The New Diligence Against Supply Chain Disruption
We are still witnessing the largest global supply chain disruption in our time which has been accelerated by a global pandemic. These disruptions in the supply chain are caused by many factors, like raw material shortages, natural disasters and transportation failures. Currently, the labor shortage means businesses are unable to stock enough inventory to keep up with the high demand. To survive this surge in demand, businesses need strategies to improve supply resiliency and reduce the risks from future disruptions.
This E-Book provides three key inventory management strategies that anticipate and plan for disruptions.
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