As consumers grow more demanding, retailers need to ensure products are available at the right time, through the right channel and at the right price. While it seems collaboration between retailers and suppliers has existed forever, it has become more essential for success.
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The concept of SRM or “Supplier Relationship Management” is being increasingly evoked within companies. In today’s day and age, suppliers have an increasingly vital role in the development of new products and for the smooth functioning of companies.
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To overcome today’s challenges, smart retailers are taking a more focused look at collaborating with their supplier, seeing them as partners. A successful retailer-supplier collaboration can help smooth pressures along the product lifecycle. A strong partnership brings products to market faster, reduce costs, increase sales and market share, while maximizing ROI for both parties.
Main reasons to improve collaboration are:
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