The strongest supply chains have inherent weaknesses that can cause lost revenue or excessive markdowns.
“The only constant in life is change.” —Heraclitus
Refine Inventory Strategies
Revive the Customer Experience
If you want your business to grow, you will need to focus on building a positive customer experience (CX). Why? Providing a positive CX can directly increase your revenue in 2-3 years. A survey asked 1,920 business professionals to share their number one priority for the next 5 years. Creating a positive customer experience came in first, beating product and pricing.
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Regain Lost Revenues
With 2020 finally behind us, the future for retail is looking bright. Despite a global pandemic, total retail sales still performed well in 2020. The National Retail Federation (NRF) recently announced early findings show a 6.7 percent increase in retail sales from 2019 to $4.06 trillion, and they expect total retail sales to exceed $4.33 trillion in 2021. The BEA also reported consumer spending was up 2.4 percent already in January 2021, which is a great sign for overall economic growth.
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Refocus Your Supply Chain
To say COVID-19 was devastating for retail and convenience is an understatement. Supply chains weren’t just disrupted; they were thrown into complete chaos. The waves from the supply and demand ripple effects quickly grew, wreaking havoc on the already fragile infrastructure that is the modern-day global supply chain.
While the timeline for when supply chains will return to normal is uncertain, what we do know is that retailers, c-store operators, CPG, and brands have to continue adapting in order to move forward.
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