Retail, and procurement, are transforming, rapidly. Adding to the traditional challenges of the industry — high turnover of staff, pressure on prices, intense competition, etc. — technology has become a new challenge, empowering customers to be more demanding than ever.
An expanding, and increasingly complex, range of challenges are forcing retailers to reinvent their business and procurement models. Getting up to speed means adopting innovative new technologies to stay relevant and be compliant with the latest regulations.
Whether retail procurement organizations are centralized or decentralized, profitability depends on efficient supply chain management and effective merchandising and marketing.
Even more critical is the growing power — and fractionalization — of consumers. These channel-agnostic, empowered and demanding groups have little loyalty, switching from online to offline whenever and wherever to get what they want. From groceries to automobiles, apparel, electronics and more, the rules of retailing are changing every day.
Contracts, procurement, supplier management — in the retail industry, there is no room for error when margins are shrinking while competition is growing. Each of these activities can be leveraged through technology to meet the business needs of your retail organization.
Download Determine’s whitepaper The State of Procurement in Retail to learn why leading retailers rely on our Source-to-Pay solutions to stay ahead of competition.