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.