During the recent National Retail Federation’s NRF 2024: Retail’s Big Show, the CEO and President of a prominent delivery company emphasized the crucial role of intelligent supply chains and transparency in the fashion industry. With projections indicating that online retail sales could reach an annual total of $8 trillion by 2026, the CEO highlighted the urgency for fashion brands and retailers to optimize their supply chains and enhance communication with customers in order to secure a share of this expansive market.
The CEO stressed that in today’s landscape of ecommerce, providing transparency and real-time tracking of goods has transitioned from being a luxury to becoming a consumer expectation. To transform shoppers into loyal customers and distinguish themselves in the market, retailers must prioritize creating seamless and efficient supply chains.
It was pointed out that recent disruptions in global supply chains have reshaped the retail industry’s prerequisites for competitiveness, efficiency, and resilience. While physical networks remain pivotal, the importance of digital supply chains is evident in accelerating the journey, enhancing precision, and ensuring a smooth shopping experience.
The CEO underscored that the role of shopping now encompasses more than just shipping; it also includes aspects like demand, conversion, fulfillment, visibility, and returns. Presently, many companies rely on disparate solutions to manage these components of their ecommerce business, resulting in a disjointed customer experience and escalated operational costs.
Transparency emerged as a central theme, with data indicating that an overwhelming 94% of consumers expect companies to proactively inform them about any delays. Real-time tracking is now an expected standard, and customers are increasingly amenable to delayed deliveries if they are informed in advance. Leveraging data and predictive analytics enables companies to promptly notify customers about shipments at risk, granting them the ability to make informed decisions and explore alternative options.
Furthermore, the CEO emphasized the significance of offering easy returns policies, as a substantial 96% of consumers expressed their willingness to make repeat purchases with brands providing such hassle-free return options. Streamlined returns processes empower customers to shop with confidence and ensure the swift and efficient management of inventory.
In response to these challenges and opportunities, a new data-driven commerce platform is set to launch later this year. This platform aims to streamline the entire customer journey, facilitating demand growth, increased conversion rates, optimized fulfillment processes, and simplified returns. The vision is to equip fashion retailers with the tools and insights they need to thrive in the ever-evolving ecommerce landscape.
