How Retailers Can Mitigate Supply Chain Risk Ahead of the 2024 Holiday Season
Retailers face supply chain challenges despite increased sales. To navigate this, they can strengthen carrier relationships, use artificial intelligence and data analytics, invest in supply chain resilience, forecast complexity and assortment, and understand category nuances.
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Retailers preparing for a busy holiday season find themselves at a critical crossroads. Retail sales are up, but supply chain remains constrained, forcing retailers to choose between late-arrival markdowns or supply chain price increases. Fortunately, retailers can leverage several strategies (and technologies) to stay ahead during this uncertain time, especially factoring in their lack of pricing power.
Strategies for retailers’ consideration include:
- Strengthen relationships with carriers.
- Use artificial intelligence (AI) and data analytics to improve demand forecasting and inventory management.
- Invest in supply chain resilience.
- Forecast complexity and assortment strategies.
- Understand category nuances.
For more details on these strategies and putting them into action, read Chap Kistler and Zach Coles’ article in Chain Store Age.
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