The retail supply chain is complex, and sourcing great products at a low cost is tricky. To better understand how it could be improved, we conducted a survey of 250 retail and supply chain professionals, and asked them to give it to us straight: How could the sourcing process be more effective? As we expected, they had clear ideas about how to streamline the process and make it more effective – with the right technology.

 

Respondents expressed:

 

A need for speed

 

They put it like this:

• “Faster [supplier] onboarding time to minimize lost sales opportunities.”
• “Faster turnaround time from product to shelf.”
• “Shorter time between picking products and receiving new products.”
• “Less time from determining product need before its actually in the store.”
• “Faster response from innovation to product appearing on shelves.” 

A demand for integration

 

Here’s what they told us they want:

• “Integration is the key.”
• “Get everything from one platform.”
• “Some of the smaller companies move at a slower pace. They need to streamline and have newer systems in place to process faster.”
• “If there was one singular market for all retailers and vendors to do business.”
• “The sourcing process could be made more effective by streamlining the bureaucratic process and eliminating red tape.”

A mandate to communicate

 

They said it themselves:

• “Better and more timely communication through electronic means.”
• “Having everyone on the same communications platform, so that everyone’s job is easier.”
• “Better communication with suppliers.”
• “Better communications between all parties involved.”
• “Everyone using same means of communication.”
• “More effective communication.”

Their message came through loud and clear: Speed, integration and collaboration are the keys to more innovation, better products and faster timelines. However, retail and supply chain professionals also need those capabilities integrated into one end-to-end platform. Those in the retail community using Bamboo Rose are finding that they finally have that ability. Our digital B2B marketplace allows retailers and suppliers to discover, develop and deliver great products to diverse markets around the world.

 

Read the full report: Digital Sourcing in the New Retail Economy.