The need to bring high quality products to market faster and more effectively is more pressing than ever before. With disruptive trends including fast fashion and increased globalization, as well as changing consumer tastes, established retail brands in every sector are scaling back and reinventing themselves in order to survive the retail revolution. A drive to increase innovation, speed and productivity within the already complicated retail supply chain is becoming difficult, causing many retailers to turn to digital sourcing to ease the burden.
In a recent survey of 250 retail and supply chain professionals, 93 percent noted they work with at least one new supplier each year, and more than half said they work with five or more. The larger the company and the more parties involved, the more complicated the retail supply chain gets. The effort required to get a new supplier up to speed – from vetting and bid processing, to selection and onboarding – all take time and money, which are better spent running a competitive retail brand.
Our survey reveals that retailers want faster, more streamlined sourcing, better tools and improved communication within their supply chain. With digital sourcing, retailers can address these needs and improve the process to increase innovation, create better products and speed product timelines. Digital sourcing platforms make shopping more efficient, effective and fun, bringing the passion back into retail.
By communicating with the entire community from the start, retailers can avoid future issues and reduce the amount of time and money spent throughout the product lifecycle. See how Bamboo Rose’s digital B2B marketplace allows retailers and suppliers to collaborate in the full survey report, Digital Sourcing in the New Retail Economy.