10. Effective Vendor Relationships Management
The ability to analyse vendor performance across a range of metrics - including purchase order fulfillment and invoice discrepancies - lets retailers choose suppliers that add the most value to their business. Retailers can optimise replenishment and minimise disruptions to the sales cycle by establishing partnerships with high-performing vendors. With access to consolidated vendor comparison data, retailers can make better-informed procurement decisions, saving time and money while ensuring stringent quality control standards.
The current retail environment is becoming increasingly unpredictable, economically gloomy and globally competitive. Succeeding in such a challenging environment takes more than talented buyers and engaged store staff. Retailers must evolve to survive and to grow, and understanding customer behaviour, creating effective plans, quickly spotting trends, and having visibility throughout the supply chain is vital.
Towards this end, technology has become a driver of change and a facilitator for success. Retail business solutions such as Tectura's Retail Solutions give retailers the edge to overcome their multi-channel challenges and empower them to capitalise on cross-channel opportunities, and underline the increasingly important role that technology will play in retail businesses for years to come.
Vivien Chan is regional marketing director, Tectura ASEAN.
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