Strategic collaboration is one of the biggest merits for success in the retail industry, especially between retailers and suppliers. Achieving “collaboration nirvana” is something most businesses strive for but are struggling to achieve due to the increasing demands of today’s consumers.
Whether it’s faster shipping, robust product descriptions or multiple product images, today’s consumers demand so much more than what they use to just five years ago. As a result, retailers and suppliers must achieve a perfect form of collaboration in order to keep pace with the demands of today’s consumer. Whether its Point of Sale data or real-time inventory lists, having the ability to make quick and actionable decisions based on data is vital for boosting profits.
This is where having innovative analytics software can help. Depending on the size and operation of the business, both retailer and supplier can achieve mutual benefits. Analytics software works by forming an expressway between retailer and supplier, ultimately speeding up the data interchange process while maintaining accuracy. As a result, collaboration is boosted to an all-time-high, yielding higher profits and smaller margins for miss opportunities.
SPS Commerce offers a wide selection of analytics tools designed for any size business across the entire retail spectrum. For more information about SPS’s analytics solutions, visit spscommerce.com
Author: Tia Wucher, SPS Commerce, Channel Marketing Manager