The future of retail supply chains is evolving rapidly. Eric Linxwiler, SVP of Retail Solutions at Tradebeyond, shared key insights on The Retail Podcast.
Regulatory Challenges in Future Retail Supply Chains
Linxwiler highlights a significant shift in the future of retail supply chains: “We’ve gone into a time of high regulation through legislation as it relates to the retail supply chain.” This increased scrutiny is driving executives to focus on governance, finance, and compliance to ensure smooth operations.
“What becomes law becomes…action,” Linxwiler emphasizes.
Digital Transformation: The Future of Retail Supply Chains
A key aspect of the future of retail supply chains is creating “digital chains of custody” for merchandise. This digital transformation is crucial for meeting regulatory requirements and consumer expectations in the evolving retail landscape.
Sustainability: A Core Component of Future Retail Supply Chains
Sustainability is no longer optional in the future of retail supply chains. Linxwiler notes, “The leaders in the apparel space are helping each other to realize goals and targets around sustainability.”
Circularity is gaining traction in the future of retail supply chains, with retailers incorporating customer feedback and product lifecycle data into new product development.
Visibility in Future Retail Supply Chains
Surprisingly, some large retailers still rely on outdated methods. Linxwiler reveals, “You’d be surprised to walk into a $100 billion retailer and see how much they do on sticky notes.” This underscores the urgent need for digital transformation in future retail supply chains.
AI and Machine Learning: Shaping the Future of Retail Supply Chains
Looking ahead, Linxwiler sees AI and machine learning as crucial to the future of retail supply chains:
- Automating partner onboarding
- Predicting product performance
- Optimizing sourcing costs
- Enhancing traceability in labor practices
While AI’s full potential in the future of retail supply chains is yet to be realized, practical applications are emerging rapidly.
Conclusion: Embracing the Future of Retail Supply Chains
As the retail industry navigates these complex challenges, success in the future of retail supply chains lies in embracing digital transformation, prioritizing sustainability, and leveraging emerging technologies. Retailers who can adapt quickly and build resilient, transparent supply chains will be well-positioned to thrive in the evolving marketplace.
“The future is bright,” Linxwiler affirms.
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