Currently, innovations in the retail industry have brought about a transformation in the shopping patterns of the customers with the majority of the shopping activities happening through online channels. With the prominent retail stores shifting toward an omnichannel strategy, businesses have started streamlining their efforts to increase store activity, improve retailer profitability, and boost online sales. To improve profitability and achieve greater business efficiency, supplier selection becomes a major concern for retail stores. Supplier selection involves choosing the right suppliers from a pool of suppliers by considering factors such as the value for money, quality, and reliability. In this competitive supplier landscape, targeting the right suppliers involves building an understanding the business requirements and flaws in the supplier selection process to curb instances of poor supplier performance, supply disruption, and inefficiencies. Moreover, an efficient supplier selection process can help retail stores reduce the cost and time-to-market of the products offered and promise better quality products to the customers.
To identify the right supplier from a pool of suppliers and build an effective strategy for promoting the sale of products, leading retail stores are approaching renowned solution providers such as Infiniti. With years of expertise in offering a plethora of solutions, Infiniti’s supplier selection process focuses on lowering costs while delivering better quality in the products offered by the retail stores.
The Business Challenge
A leading retail store with a considerable number of outlets spread across Europe wanted to measure their supplier performance and understand the supplier’s strengths and weaknesses. With the help of a supplier selection process, the client wanted to categorize the level of risks and identify performance gaps to maximize product performance. Furthermore, the client wanted to maintain a stronger business partnership with the suppliers and limit production availability. The primary aim of the European retail client was to streamline their supplier selection process and communicate production delays in times of downtime. With the advent of new retail stores in the market, the client wanted to develop an effective quality management program to build a strong relationship with reliable suppliers.
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To meet the demand for better quality products and regulatory standards, Infiniti’s supplier selection experts carried out extensive interviews and discussions with leading stakeholders in the retail industry. To help the client boost efficiency in their supplier selection process, Infiniti’s retail industry experts also compiled information from a wide array of proprietary sources such industry forums, paid industry databases, and company presentation.
Benefits of Supplier Selection Process
With the help of Infiniti’s scrupulous supplier selection process, the retail store was able to profile the most suitable supplier and assess the performance of the suppliers through useful metrics. The engagement also focused on delivering an accurate and actionable understanding of the suppliers’ behavior and monitored the suppliers’ standards. The engagement also focused on offering strategic insights that would help the client develop a better relationship with the suppliers and promote their business outcomes in Europe. The client was also able to invest sufficient time and refine their existing strategies to gain better visibility into the supply chain process.
Additional Benefits Offered by Infiniti Include:
- Maintained consistent quality of the products offered and improved reliability and quality from the suppliers
- Optimized their communication channels and met the deliverables of the consumers
- Built a strong partnership with the suppliers and curtailed the time-to-market for the products offered