All tagged Fashion Retailers
Data is being created and transferred at an unprecedented rate, fuelling the growth in business intelligence and analytics BI&A. Primarily for the discovery of opportunities to optimise supply chain collaboration, improve supplier and customer ecosystems and the development of new product and services.
Potential buyers of retailer's data include direct suppliers, data aggregators, analytics service providers, and even competitors. Three major trends are enhancing the potential for data monetisation in the retail space, Big Data, BI&A, and the cloud.
One of the spillover effects of opacity within fashion retailers supply chain network is that fashion retailers and their suppliers may not share returns data. Leading to information distortion. And the emergence of one of the most intractable challenges, impacting the apparel industry, the “return’s process”.
According to KPMG, it costs UK retailers £6obn per annum. In the U.S. alone, Statista estimates return deliveries will cost $550 billion by 2020, 75.2% more than four years prior.
Data and information are the foundation of fast fashion agile supply chains. Hence the expeditious flows of accurate, timely, information. Facilitates accurate responses without waste.
Hence, the strategic objective of an organisation, in this context. Is the reduction of processes involved in the buying cycle and lead times for getting goods to market at peak consumer demand.
Supply chains are another facet of competition, and the success or failure of supply chains is ultimately determined in the marketplace by the consumer.
Getting the right product, to market, at the right price and the right time. To consumers across multiple time zones, and geographies is not only the lynch pin to competitive success, but is also the key to survival.
