This is an announcement placeholder
This is an announcement placeholder
Supply chain issues are the foremost concern for more than 50% of convenience store retailers and 15% of C-store suppliers and distributors. The other factors include new shopper demand patterns, lopsided replenishment planning, and warehouse and supplier stockouts.
As the convergence of new forces redefines ‘convenience retail’, a reimagining of supplier management and driving efficient collaboration becomes vital. What are the promised strategic imperatives of automated supplier management and is the ROI worth the hassle?
Up to 30% of data entries may contain inaccuracies when managed across disparate systems.
The supplier and distributor pool is constantly changing in the C-store ecosystem owing to quick product discontinuations and introductions. Data shared with suppliers on an ad-hoc basis makes it difficult to derive actionable insights.
Automated vendor and retailer collaboration platforms remove operational silos between vendors and retailers by automating and streamlining end-to-end operations via an integrated interface, thereby effectively reducing out-of-stocks caused by supplier issues that cost a staggering $4.5 million for the average retailer.
Only 38% of convenience industry executives are satisfied with their current speed and frequency of replenishment.
Limited inventory holding capacity in C-stores leads to frequent stock-outs and 26% of C-store industry stakeholders plan to reduce space allocated to fixed checkouts.
Automation-driven management capabilities offer real-time visibility of inventory and transactions at the store level. Features such as predictive OOS insights and real-time inventory visibility to suppliers can reduce stockouts by 30% and inventory carrying costs by 5%.
A staggering 74% of C-store industry executives are dissatisfied with their banner’s current ability to experiment quickly.
To stay afloat amid disruptions such as quick delivery services, m-commerce, and multi-format stores, C-stores must quickly innovate on assortment and strengthen their value proposition by constantly offering new products.
Digitized supplier management platforms with built-in automated workflows reduce supplier onboarding time, facilitate quicker and more reliable data sharing, and empower retailers with 40% faster new product introductions with collaborative launches.
CPG companies spend approximately $225 billion annually on trade promotions
Siloed supplier data and fragmented processes hinder C-store retailers from converting sizeable supplier-funded promotions into actual revenue.
Automation facilitates process and data collaboration for smart pricing, and managing promotions and rebates, across the entire supplier ecosystem. API- based automated price and promotion integration can boost the retailer revenue from supplier-funded promotions by up to 15%.
87% of suppliers consider invoice & PO automation pivotal for enhancing supplier-retailer relationships.
Ensuring efficient, accurate, and transparent Order-to-Pay cycles becomes a challenge with hundreds of truck stops and suppliers/vendors serving thousands of C-stores across hundreds of locations.
Automated supplier management solutions offer intelligent finance operations for 100% data accuracy on invoices and POs in ERP. Retailers can reduce PO cycle processing time by 60% and cost-per-invoice by 50% with 3-way reconciliation.
