Introduction
Every customer needs a broad product line or portfolio at low rates, and accordingly, retailers are quite up to it. The supply chain process streamlines retail products for the customer. From raw material to the end consumer, the importance of supply chain has been justified with the perspective of both, customers and the company.
Importance of Supply Chain in Retail
The supply chain management is important because it reduces the lugging cost of inventory, which facilitates the company to present the goods at low prices. Furthermore, in the retail industry, retailers such as Target and Wal-Mart contain the immense range of products for customers (Banker, 2017). The management of these companies focuses on supply chain effectiveness to present an adequate and cheaper product mix. In the retail industry, effective delivery of a product to a customer ensures the success of supply chain management. Retail or wholesale supply chain management is essential due to the expansion in different countries, as through better execution of supply chain strategies, the management can enable the customer access to products and services (Banker, 2017).
Changes in Industry
There are many changes in the retail and wholesale industry, and therefore, the way of developing products is changing now. For Instance, big change in businesses is the digitization, and prominently, the company develops and deliverers products through the integrated system. In the product development process, the technology revolution enables the automation, which helps to develop the products rapidly. Due to the integrated supply chain and advancement of technology, the customers and management can track when delivering products to customers (Banker, 2017).
Conclusion
In the end, it is to mention that the supply chain process in the retail industry has been transformed by the passage of the time. The purpose is to enhance the visibility of product flow, efficiency, and effectiveness.
Reference
Banker, S. (2017, December 7). Supply Chain Trends To Watch In 2018. Retrieved from https://www.forbes.com/sites/stevebanker/2017/12/07/supply-chain-trends-to-watch-in-2018/#267b745f50fc
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