Experiential Retail and Experiential Supply Chain Management

A customer-focused type of retail marketing is experiential retailing, many may call it experiential commerce, but the meaning is the same. Now Retailers try to the best of their capabilities to provide customers with value when they visit their stores that go beyond the typical shopping experience. For instance, shoppers can explore and try on items in apparel stores, receive useful advice from the human sales team, and enjoy a smooth checkout process with automated cashiers. These are the most fundamental types of experiential retail, and many firms have invested significantly in their retail marketing using these techniques.

The main objective of this is to provide a never forgetting buying experience to the customer, period. 

Key Highlights

· Retail supply chain statistics

· How COVID change the retail sector

· What’s the challenge in retail supply chain management and how to finish it?

· Why stock and replenishment are important in the retail supply chain

· How AI changing the game every day in global logistics and warehouse management

· Benefits of hiring a logistics consultancy and warehousing provider

 But you must be wondering “wait! You said Experiential Retail and Experiential Supply Chain Management. What does a store have to do with logistics? To understand that let's look at a couple of numbers first.

· 84% of customers change brands in the next purchase if they have a bad delivery experience and are unlikely to return.

· 98.1% of purchasers’ brand loyalty is directly proportional to their delivery experience.

For merchants, the stakes are very high. The choice of whether a customer purchases from you or one of your rivals may depend on delivery time, cost, and pick-up alternatives. It is a crucial consideration in making a purchase that cannot be disregarded. That’s why the supply chain management is highly important in retail businesses.

Opportunity in Disaster

The retail industry confronted difficulties it had never encountered when the COVID-19 epidemic hit as a serious global humanitarian crisis. Along with other difficulties in the retail supply chain, the pandemic showed gaps in retailers' capacity to address supply chain imbalances and provide an omnichannel customer experience. The need for necessities increased tenfold, and consumer purchasing habits shifted almost immediately and probably for good.

Just One Hurdle in Retail Supply Chain Management.

Customers desire reasonable shipping costs, numerous shipping alternatives, and prompt delivery when it comes to shipping. And to have a good logistics service available not just for sending goods to buyers but receiving consignments from the manufacturer or importing raw material is a crucial thing. To meet consumer expectations and improve customer experiences in this new retail environment, you need real-time visibility across the supply chain. Smooth material flow through the faster logistics irrespective of the distances, thorough visibility, immediate bottleneck removal, and other factors are necessary to maintain consistency in the overall customer experience. To know what products to carry, how much to stock, and how to distribute them through various channels so that customers can easily and quickly access them, merchants must combine online and offline data and use data-driven retail supply chain procedures based on complete warehousing automation and updated logistics software. At AWL India, retail supply chain management is involved with robotics, artificial intelligence, a transparent single dashboard platform, machine learning and complete digitization throughout the logistics, warehousing, cold chain management, 3PL and 4PL processes.

Stock and Replenishment

Keeping track of their complex inventories presents significant difficulty for businesses. You need to be able to have end-to-end insight into your complete supply chain in addition to real-time inventory management if you want to stay competitive. You may greatly enhance your inventory replenishment tactics with accurate demand forecasts. Systems like AWL India’s warehousing automation WAAS (Warehouse As A Service) is a highly sophisticated WMS (Warehouse Management System) that is not just a technological innovation by AWL India but also includes robotics arms, artificial intelligence, drones and a fine-knitted matrix of the latest software. WASS single-handed tackles the complete inventory management system and gives every small piece of information about the stock and replenishment of the goods through a single dashboard. Businesses can view and track their inventory and get insight into the complete supply chain process. These insights can assist you in developing a special inventory profile for each item, calculating the best item allocation, and anticipating potential changes in demand. Utilize cutting-edge analytics to keep track of your raw materials from acquisition to disposal, enabling you to take quick decisions and hasten in-season replenishment.

You may make use of AI-powered supply chain intelligence to get complete visibility across your upstream and downstream activities. These can assist you in building a smart retail supply chain that helps you accomplish your business objectives, from increasing inventory turnover to lowering shipping costs and other expenses. This AI-powered software assists you in removing bottlenecks and boosting productivity and profits with capabilities like constraint management, demand sensing, financial management, capacity management, logistics management, and more. Or you can simply hire a logistics company like AWL India to provide you with AI-powered systems to have faster logistics and safe warehousing of your products.

You Need A Trustworthy Supply Chain Partner

Retailers can optimise their operations and make precise decisions based on real-time data with a fully integrated retail supply chain management solution. By defining the roadmap with a data-driven approach, these fully integrated supply chain solutions assist you in setting and achieving realistic logistics and warehousing targets. To keep ahead of problems, businesses also get a bird's-eye view with essential insights on a single platform and end-to-end chain visibility. Supply chain consultancies encourage you to classify and highlight out-of-control processes and improve the chain's efficiency. These solutions enable you to delve further into the underlying causes of issues using AI-powered data. As the system emphasises performance deviations, identifies fundamental causes, and suggests fixes, you can spot out-of-the-ordinary events in real-time.

Conclusion

The actual picking, packing, and shipping of the orders to the customers is the main thing in logistics. That’s why everybody says that the last mile is the most crucial stage of retail businesses. But, from the time an order is placed until it is dispatched and received, a lot may go wrong. In fact, all steps of supply chain management are important and difficult for many businesses. Merchants have the most room for improvement and the biggest inefficiencies in this sector. However, businesses should simply outsource their inbound and outbound shipping to a renowned logistics and warehousing firm like AWL India which has its functions in over 70 countries with 1700 locations in collaboration with more than 700 associates around the world. Businesses should only look for trouble-free logistics solutions so that they can focus on their core businesses. And in this regard, logistics service providers and warehouse management companies can offer great help.

Also Read: How Our Fashion Supply Chain Solutions Help Save Your Resources