When it comes to your supply chain, there are often so many moving pieces that it’s dangerously easy to lose sight of the very details that can decide the long-term fate of your business. Which of these key performance indicators best illustrates the overall health of your supply chain is frequently up for debate and, quite likely, will change depending on who you ask. However, certain undeniable supply chain metrics tend to creep up now and again, thereby providing greater insight into just how essential they are in deciding the strategic direction of your supply chain. Here are some of the most important metrics to keep an eye on. Continue reading “Supply Chain Metrics That Matter”
No business is complete without an effective supply chain, but deciding on the right supply chain strategy to govern your business processes is far easier said than done. No matter what your product or service is, running a business is a complex endeavor fraught with as many pitfalls as opportunities. Continue reading “Characteristics of an Effective Supply Chain Strategy”
Managing your supply chain is vital to your eCommerce store’s success. Businesses ranging from basement Etsy endeavors to multinational conglomerates must continually revisit their supply chain strategy. No matter how efficiently you think your business is running, a few supply chain tweaks can feel like a revolution in efficiency. And an efficient eCommerce supply chain strategy is the key to more profits, greater opportunities for expansion, and less stress. Continue reading “5 Supply Chain Strategies Your eCommerce Store Can’t Be Without”
The eCommerce world has certainly evolved in recent years, as more sophisticated technology has brought upon the rise of new business models and a mountain of fresh ideas regarding how companies can get their products and services into the hands of their target markets. Continue reading “Supply Chain Strategies: Which One Delivers The Goods”
As common as eCommerce businesses have become, many in the industry still haven’t developed a full grasp of the distinct challenges that this specific business model entails. While the absence of a physical location is liberating to a certain degree, it also means that other aspects of an eCommerce business may be at risk of slipping off course over time. Continue reading “The Importance of a Supply Chain Strategy for eCommerce”
With so much data at your fingertips, your business is probably far more equipped for optimization than you may think. Case in point, most businesses have a broad array of distribution data at their disposal, and the proper application of such information can have a significant effect on your operating costs. Moreover, the power of data can help reduce costs and boost your company’s performance at the same time. Of course, this all depends on which data collection processes you have in place and how you decide to utilize the information to which your business is likely already producing but may not be accurately tracking.
At the rate that technology is currently changing, it’s no wonder that the retail space appears to be trapped in a perpetual transition period. From the decline of brick-and-mortar stores in recent years to the diverse options available to eCommerce retailers, having a multichannel marketplace — that is, one comprised of a combination of shopping cart systems, eCommerce marketplaces and brick-and-mortar stores — is fast becoming the norm. In fact, research shows that retailers selling on two marketplaces as well as its own shopping cart earn 120 percent more than businesses without that multichannel marketplace presence.
Whenever you run a product-based business, the concept of supply and demand immediately rises to the top of your growing list of concerns. After all, the efficiency of your business greatly hinges on your ability to plan for the uncertain future. To do this requires a deft handling of your supply chain and all that entails. In the world of eCommerce, it’s easy to get caught up on either the front and back ends of your software infrastructure. However, it is actually the middle in which you must focus your attention, as this is where supply chain forecasts enter.
The logic behind retail inventory management is straightforward—have enough stock to keep the supply-demand wheel turning.
If your business does well on national and global platforms, you’ll be housing a lot more products than you first started. Tracking what’s coming in and leaving your stock will be an insurmountable task in such a situation. And failure to manage and monitor this will eventually leave a gap in your inventory.
For many businesses, data analytics aren’t just useful tools to assess and shape the connection between a given company and its customer base. Rather, the information systems put in place to gather key figures and other salient reports are invaluable to the long-term success of a company. Fortunately, businesses within the online retail space are especially equipped to track and collect the data they need to optimize their business practices and foster growth. This is particularly true in regards to one of the most popular growing segments of data collection:inventory management.