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Rapid development of advanced planning and scheduling tools The COVID-19 pandemic didn’t just expose the vulnerabilities of physical supply chains; it also revealed the critical need for digital agility. At first, there was a surge in essential purchases as people stockpiled necessities like toilet paper.
That means fashion retailers must get returned products back in stores, or back into online inventories, as quickly as possible to capture the fleeting resale opportunity. While just 10% of in-store purchases are returned, the return rate rises to 26.4% According to Statista, the most returned online purchases in the U.S.
Letting consumers keep unwanted products, or sending billions of pounds of returned merchandise to landfills, doesnt seem like a smart solution. So whats the solution? By getting products back into available inventory as fast as possible, retailers can significantly increase the chance theyll sell at full price.
We heard about Saks deploying new LLM chatbot technology to act as a virtual sales assistant, and SharkNinjas CIO Velia Carboni said that while she acknowledged the huge productivity gains that AI solutions can offer in terms of doing our jobs more easily and focusing on value add, the more exciting part is the value added in CX.
Faced with an unknowable variable, companies have tended to focus on damage control rather than finding proactive solutions. Making the change requires powerful solutions and a philosophical change to efficiency. Making the change requires powerful solutions and a philosophical change to efficiency. The solution is easy to find.
They want accurate, on-demand availability information at the time of purchase and real-time tracking throughout the delivery process. From online car purchases and subscription models to direct-to-consumer (D2C) sales by manufacturers, the automotive industry is experiencing a similar revolution driven by evolving consumer expectations.
Finally, shoppers may make impulse purchases less frequently, use more coupons and purchase in bulk more often in their search for great value. Failing to move quickly in response to changes in demand means retailers risk ending up with excess inventory, unprofitable promotions and reduced customer loyalty.
There are just 4 million EVs in all of America but Chinese car buyers are purchasing a million EVs every month. Will Americans continue to purchase EVs, especially as inflation drives fuel costs higher? Will they stop purchasing cars altogether until financial markets stabilize? The solution? While the U.S.
The report is aimed at “provide[ing] an entry point in a company’s due diligence in looking for the application or suite of solutions that best suit their specific needs as they move toward this goal.” The IDC MarketScape report on Order Orchestration and Fulfillment evaluates 14 software vendors in this area.
Inventory control represents a huge challenge for any retailer. In fact, inaccurate inventory is the single biggest cause of poor customer experience, according to a new survey by Blue Yonder. How did the company overcome its inventory issues? Big Gains From AI Would The Source’s new AI-powered solution work?
How can retailers connect the two, so that inventory is optimally located for that final leg of the journey? Linking demand and fulfillment with inventory planning remains an underexplored advantage that will help combat consumer expectations that span not just speed and convenience, but sustainability too. In the U.S.,
But the truth is, using a traditional, monolithic ERP to manage inventory and order management for omni-channel and e-commerce is more difficult than your ERP salesperson may have led you to believe. There’s no reason to radically overhaul your existing systems and processes with a brand new ERP. You need Blue Yonder’s microservices.
Forbes data shows that 73% of consumers want seamless shopping between channels – which includes the freedom to research products online, compare prices, and even make purchases before heading to a physical store to try on or pick up their items. Delivering an omni-channel experience requires a high degree of integration between each channel.
IHL’s latest report on the future of grocery shows some hard lessons learned from the 2020 disruptions, especially when it comes to inventory accuracy. This helps ensure that available inventory is the right mix of high-demand items, without having too much stock. Let’s take a closer look at why these technologies matter.
The result is that companies are now taking measures to become more resilient in the future, such as more nearshoring, increased inventory levels and investments in digital solutions for better visibility in the supply chain. In the wake of COVID-19, the need for more resilience in the supply chain has become painfully clear.
If the start of global COVID-19 pandemic accelerated e-commerce growth with millions of consumers purchasing products online, pandemic fatigue is now driving many consumers, at least in the U.S., Given this shift in consumer behavior, it has become important for retailers to offer the best inventory and sourcing information to shoppers.
The solution: Simply, hyper-local personalization is now a must. Preference-driven assortment, through the filter of connected, AI-driven tools, can leverage customer data for personalized experiences and engagement. The solution: Online hasn’t quite taken over the world in the way that some predicted. The solution.
Meeting these requirements isn’t possible without rich data, and data isn’t useful without a robust data infrastructure, as well as the tools to use it. Inventory, transportation assets and store resources aren’t invested until plans are agreed on by all stakeholders.
As cars become more connected, autonomous, electric and configured to order, automotive manufacturers are increasingly becoming software companies. Software companies operate much differently than traditional manufacturers. Present-day consumers are increasingly seeking a B2C experience akin to Amazon.
In the current offering category, Blue Yonder received the highest scores possible in the criteria of enterprise inventory management, pre- and post-purchase experience, order orchestration rules, fulfillment automation, and scalability. It also provides strong pre- and post-purchase customer experience and order orchestration rules.
Market-based demand forecasting to help you predict localized demand and placement of inventory Retailers are facing increasing pressure to offer affordable, reliable, and frictionless customer experiences. Read on below for a Part 2 summary of the conversation and then go hear it straight from them on the Blue Yonder Live.
As the COVID-19 crisis continues to keep many brick-and-mortar retailers closed, the industry is finding itself with excess inventory in many areas. The mounting concern is that excess manufacturing is leading to increased inventory warehousing costs and is compounding the already-difficult financial situation.
In order for logistics, procurement and distribution to align with the general advancements of the industry itself, these critical areas must give in to a more comprehensive transformation. There is not yet a strong enough synchronization between planning and execution, with dedicated digital solutions as the middle filter connecting the two.
And if there is one thing we know for sure, companies selling and even renting hardline goods are looking for supply chain technology solutions that not only help them deliver customer-centric experiences but also help them streamline operations to improve the bottom line. They wanted to deliver an omni-channel experience to customers.
While many blogs, articles and websites talk frequently about the changing, evolving and ever-connected consumer, little focus seems to be paid to the practitioners (or end users) of the supply & demand chain software that drive the satisfaction of those end consumers. I feel the need, the need for speed.”.
In a series of blog articles, the Product/Solutions Marketing team explores new business challenges and innovation solutions to change the game and manage disruptions. In this Part 2 blog post, we will continue to explore how automotive manufacturers are carrying out effective supply chain initiatives and their innovative solutions.
6-8, among many others, in an effort to sell off their excess inventory. With Blue Yonder’s Luminate Lifecycle Pricing solution, retailers can still be strategic about how much they markdown products. Consumers still value flexibility for getting their purchases. Amazon hosted its Prime Early Access Sale from Oct.
It’s also hardly a revelation that retailers have responded by rethinking their strategies around inventory management and fulfillment options. It can be a costly exercise but is worth the outlay considering these channels will be the persuader of upfront investments and ultimate purchases. Step 5: Measuring Success.
Focus on warehouse automation has come full circle since the last big automation movement of the ‘90s, but today with a significantly better set of tools and technological improvements enabling more robust digital transformation and warehouse automation. Investments in Transportation solutions is imperative.
But this pivot has required investment in the right supply chain and commerce fulfillment solutions. Blue Yonder’s inventory availability microservice gives them a view of real-time inventory availability at enterprise and local levels to make real-time sourcing and order promising decisions that incent customers to buy.
On its own, introducing returns charges (or otherwise tightening returns policies) is a temporary solution that addresses the symptoms of high returns costs without fixing the root cause. To find out more about intelligent returns solutions, talk to our team today. The post Return Fees or Free Returns: Why Not Both?
Emotional Investment When a shopper returns something, they already have some skin in the game – they’ve purchased an item and committed to your brand, but for some reason are unhappy with their purchase and want a resolution. Let’s begin the conversation. Unsurprisingly, the experience also has a massive effect on customer loyalty.
Research by McKinsey shows that B2B buyers are typically using an average of 10 channels to conclude a purchase, and 70% of them are prepared to spend as much as $500,000 in a single online purchase. But, with the right solution, designing and executing a range of value-added services is not as difficult to achieve as one might think.
A modern supply chain is more than the efficient movement of optimized inventory downstream to meet forecasted customer demand. Each of the functional areas — inventory management, assortment and space and pricing — influences the other areas because they are all connected to customer demand. And completely the opposite of reality.
With inflation rates still above 8% at the end of September and excess inventory continuing to be an issue, Amazon has joined the trend of retailers offering early discounts to maximize the holiday shopping season. Not only did shoppers make holiday purchases, but they shared that it will impact their shopping for the rest of the year.
But it wasn’t until a recent incident with my 12-year-old son, Jeremy, where I fully understood how commerce solutions that include AI and ML can actually help make people’s lives better. Warmups were still going on, so Jeremy was able to play his last soccer match — and it was all thanks to inventory availability. It’s 9:30 a.m.
When it comes to merchandise operations management solutions, IDC research and market analysis indicates retailers need solutions that: help them serve customers better, are purpose built for the analytical and experiential requirements of today’s retail environment, future-proof their organizations, and have a high degree of automation.
Having a disjointed view of inventory and customer data across both physical and online channels is no longer an option for retailers. Implementing an OMS effectively can provide significant value to your commerce outlook, offering a centralized platform for managing orders, inventory and fulfillment across the omni-channel landscape.
But even the most unexpected of product arms – take snack foods and drinks for example – are now subject to consumer change, where brand preference, regular purchases or even subscription models are in demand. In fact, the e-commerce channel as a whole has yet to be exploited by many. The Task Ahead So, where to start?
evaluating the robustness of their inventory, order management and omni-channel fulfillment capabilities, especially as consumers embrace a hybrid shopping model. Let’s start with the advice regarding inventory management. But having an enterprise view of inventory can enable grocers to meet customer expectations.
Inaccurate inventory availability, delayed shipments, and incomplete or cancelled orders can drive customers to the competition. The solution leverages artificial intelligence (AI) and machine learning (ML) to deliver customer-centric experiences for inventory availability, order optimization, order orchestration, and fulfillment.
What’s the real cost of inaccurate inventory management? IHL Services, a global research and advisory firm, estimates that inventory distortion — the combined cost of lost sales from out-of-stocks, along with the deep discounts required to sell overstocks — will drive a $1.77 trillion problem of inventory distortion.
From a retailer’s perspective, adjusting your return policies is likely a sound business decision — maybe you already have excess inventory and don’t want to pay for additional product storage, or maybe you’re trying to recover some of the lost revenue associated with returns. Why Are Returns So Important To Retail Consumers?
But in today’s complex world, with increasing competition and so many external factors that impact the purchasing decision, how can convenience retailers predict the future with any degree of confidence? This powerful solution also protects C-store profit margins by enforcing the right pricing rules and policies.
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