With Black Friday only a little over a month away, supply chain managers need to make sure their procurement teams are ready to handle the hundreds of orders and shipments that are coming their way. According to data from IMB, in 2014, Thanksgiving Day and Black Friday experienced record online retail sales and strong mobile growth – with ecommerce spending climbing 32% on Thanksgiving to $1.01 billion, and increasing 26% to $1.5 billion on Black Friday.
As shown by last year’s numbers and the results of the 2015 Holiday Shipping Survey, supply chain managers will be facing even more complexity this year. Forty-one percent of survey respondents said they will shop from Thanksgiving through Cyber Monday, 26% said they will shop on Thanksgiving and Black Friday, and 17% identified they will shop on Cyber Monday. Throughout the entire holiday shopping season, nearly all consumers said they plan to shop both in-stores and online this holiday season, with 94% planning to shop from a computer and 49% planning to use a mobile device. Consumers are also expecting to have an array of preferences to choose from in terms of shopping, shipping and returns, and identified shipping and return options as important factors that influence their shopping habits.
In order to meet the significant number of purchases and shipments that will occur during Black Friday weekend, supply chain managers should have contingency plans in place and be well into planning their inventory deployment. With the prominence of smartphones and tablets, consumers have access to a plethora of information on the best deals and have high expectations for fulfilment. With that said, the stakes for product availability and deliver performance are higher than ever for retailers.
Supply management is an incredibly complex process, and there are many issues that can arise. If not properly resolved, these issues can impact your operations downstream, as well as customer satisfaction with your business. Procurement teams need to be able to identify their inventory and shipments in real-time and have access to immediate supply chain analytics to make sure they are making the most intelligent decisions and prioritizing the most critical orders.
To ensure your procurement team is ready for Black Friday and the holiday shopping season, utilize the OpsVeda Supply Management solution. OpsVeda Supply Management picks up on any inconsistencies in the supply chain and will predict the subsequent impact they will have. The solution’s decision support apps, trend trackers and threshold-based alerts are delivered right to your dashboard to simplify the decision making process. Your Supply Management dashboard will always be current, so there is no need to call for procurement. It provides real-time insights that allow users to erase time-to-market and win by having the fastest moving inventory in their segments.
Unlike other solutions, our supply management platform focuses on tactical operational problems. It helps resolve problems that have to be handled one transaction at a time, such as which alternate warehouse to ship from and whether the vendor should be asked to expedite a shipment at an additional cost. With our platform, you can resolve the multifaceted issues that are too complex for regular business intelligence systems with ease.
Gear up for Black Friday and the holiday shopping season with the OpsVeda Supply Management platform. For more information about our valuable platform, please watch below product 6.0 demo.