You may be familiar with the concept of the network effect. Used to describe the upward trajectory of popular movies, startups and other trending phenomena, the idea is that the more people talk about something, the more valuable it becomes. Bamboo Rose’s intelligent platform builds on that same principle by bringing together all members of the supply chain – from sourcers, merchandisers, and retailers – to build the best possible product for consumers. One area where this digitization is having a major impact on the retail industry is in sourcing.
Sourcing has always been a manual process, and while digital sourcing won’t entirely eliminate the necessity for a level of hands-on interaction, it will speed up processes, allowing you to bring products to market faster. Sourcing professionals like having the ability to touch and feel products, and they’ll travel around the world to evaluate one silk, teak or leather over another. However, as important as that process is, it’s also inefficient – a sourcing professional can take five overseas trips and evaluate 50,000 samples, most of which they aren’t even remotely interested in using for a product. Now you can eliminate this inefficiency without compromising the ability to physically see products through digital sourcing.
In our most recent webinar, we talked about the benefits of bringing digital sourcing to the retail industry with Victoria Brown, Senior Research Analyst at IDC Retail Insights. She brought up some interesting points:
- For the last 10 years, cost was the top priority in the supply chain. Today, it’s quality. It’s no longer just a race to the bottom.
- While buying trips are still important, digital sourcing helps make them more efficient. By narrowing your focus through digital sourcing, you can cut six weeks from the buying cycle and sample 85 percent fewer products.
- Digital sourcing gives retailers the ability to forecast markets, and have the right products in the right place at the right time.
Interested in hearing more of the key takeaways from our webinar? We recorded the conversation, and it’s available now for download: The Hidden Costs of the Need for Speed