In our increasingly interconnected world, brands must operate on a global scale to remain competitive. For brands to successfully reach their customers, it is essential to form strong partnerships with retailers to collaborate seamlessly. Brands are spending valuable time and resources managing these relationships through multiple operations systems, leading to inefficient processes, slow communication, and a lack of visibility into their supply chain. We’ll explore the connectivity challenges faced by brands and retailers and provide insights on how technology can help streamline operations and improve collaboration – ultimately leading to a boosted bottom line.
Connecting with retailers through various platforms can present a multitude of challenges for brands. Currently, the cost of collaboration requires a brand to utilize up to five different systems to handle operations. Between payment processing, invoicing, EDI connection, ERP, and B2B operations, utilizing so many separate solutions becomes exceedingly expensive and presents additional inefficiencies. Let’s explore some of these subsequent pain points that brands commonly face.
1. Complex and time-consuming integrations: Connecting with retailers can be a time-consuming and complex process. Managing multiple connectivity platforms requires intricate integrations, is overwhelming, and results in tedious processes that consume valuable time and resources. With outdated operations systems, brands and retailers struggle to connect efficiently, resulting in hindered collaboration, and ultimately impacting the brand’s bottom line.
2. Lack of data visibility: Brands lack visibility into their retailers’ real-time data and inventory, forcing them to rely on outdated or inaccurate information. This affects decision-making and often leads to missed opportunities and sales.
3. Communication barriers: When brands use multiple operating systems, communication with retailers is sometimes difficult, resulting in slow or no responses to critical inquiries.
4. Manual processing: Manual processing, such as inputting data manually, increases errors, and results in lost time and money.
But wait! There are many innovative strategies that brands can adopt to streamline their operations, improve efficiency, and enhance relationships with their retailers:
1. Consolidate connectivity: Brands can minimize the time and effort required to do business if they consolidate their operating systems. The right B2B software solution can help brands unify and manage their entire supply chain easily, effectively, and efficiently.
2. Adopt automation: To eliminate time-consuming and resource-intensive processes, brands should look for a software solution that automates data entry and reporting. Through automation, brands can save time and reduce errors while gaining valuable insights into their supply chain and sales performance.
3. Streamline your data: Better data insights = higher sales. Access to inventory data analytics can help brands take immediate action to increase margins, reduce out-of-stock impact, and capture lost sales opportunities.
4. Develop strong relationships: Brands should invest in building strong relationships with their retailers. Fostering meaningful connection, clear communication, and encouraging collaboration boosts morale and leads to higher sell through rates.
By addressing the pain points and adopting the best practices listed above, brands can streamline their supply chain, increase data visibility, foster better relationships with retailers and ultimately boost their bottom line. Curious how to best implement these optimizations for your brand? Enter Fitted! Fitted is the one-stop software solution that streamlines all connectivity between a brand and its retailers by unlocking access to optimize inventory distribution, manage orders, and collect payments – all on a single platform. Rather than spending valuable time and resources managing the minutia of various software solutions, Fitted empowers brands to focus on delivering world-class products and experiences.
