Supply chain issues are the foremost concern for more than 50% of convenience store retailers and 15% of C-store suppliers and distributors. The other factors include new shopper demand patterns, lopsided replenishment planning, and warehouse and supplier stockouts.
As the convergence of new forces redefines ‘convenience retail’, a reimagining of supplier management and driving efficient collaboration becomes vital. What are the promised strategic imperatives of automated supplier management and is the ROI worth the hassle?
01 Integrated Platform for 360-Degree Supplier Collaboration
Up to 30% of data entries may contain inaccuracies when managed across disparate systems.
The supplier and distributor pool is constantly changing in the C-store ecosystem owing to quick product discontinuations and introductions. Data shared with suppliers on an ad-hoc basis makes it difficult to derive actionable insights.
Automated vendor and retailer collaboration platforms remove operational silos between vendors and retailers by automating and streamlining end-to-end operations via an integrated interface, thereby effectively reducing out-of-stocks caused by supplier issues that cost a staggering $4.5 million for the average retailer.
Limited inventory holding capacity in C-stores leads to frequent stock-outs and 26% of C-store industry stakeholders plan to reduce space allocated to fixed checkouts.
Automation-driven management capabilities offer real-time visibility of inventory and transactions at the store level. Features such as predictive OOS insights and real-time inventory visibility to suppliers can reduce stockouts by 30% and inventory carrying costs by 5%.
02 Real-Time Store-Level Inventory and Transaction Visibility
Only 38% of convenience industry executives are satisfied with their current speed and frequency of replenishment.
03 Digitized Supplier Onboarding for Agile Banner Expansion
A staggering 74% of C-store industry executives are dissatisfied with their banner's current ability to experiment quickly.
To stay afloat amid disruptions such as quick delivery services, m-commerce, and multi-format stores, C-stores must quickly innovate on assortment and strengthen their value proposition by constantly offering new products.
Digitized supplier management platforms with built-in automated workflows reduce supplier onboarding time, facilitate quicker and more reliable data sharing, and empower retailers with 40% faster new product introductions with collaborative launches.
Siloed supplier data and fragmented processes hinder C-store retailers from converting sizeable supplier-funded promotions into actual revenue.
Automation facilitates process and data collaboration for smart pricing, and managing promotions and rebates, across the entire supplier ecosystem. API- based automated price and promotion integration can boost the retailer revenue from supplier-funded promotions by up to 15%.
04 Effective Supplier Promotions Management
CPG companies spend approximately $225 billion annually on trade promotions
05 Efficient and Transparent Order-to-Pay Cycle
87% of suppliers consider invoice & PO automation pivotal for enhancing supplier-retailer relationships.
Ensuring efficient, accurate, and transparent Order-to-Pay cycles becomes a challenge with hundreds of truck stops and suppliers/vendors serving thousands of C-stores across hundreds of locations.
Automated supplier management solutions offer intelligent finance operations for 100% data accuracy on invoices and POs in ERP. Retailers can reduce PO cycle processing time by 60% and cost-per-invoice by 50% with 3-way reconciliation.
Take your replenishment planning to the next level with Order Right.
