The retailer-supplier relationship is one of the most important ones in the retail industry. It can affect profitability, customer satisfaction and daily operations. Without the right supplies and inventory, retail stores struggle to function and do business efficiently. This makes finding the right supplier key. Read on to learn what retail businesses need from suppliers.
Quality and Reliability
At its core, consistent products and reliable deliveries enhance customer satisfaction. Reliable delivery timelines reduce delays and stockouts, allowing retailers to get their customers what they need in a timely manner. During peak seasons or promotions, this reliability is especially important. Without quality and reliability in a supplier, retailers lack what they need for their operations to run smoothly, and the relationship between retailers and their customers suffers.
Budget Management
In retail, budgeting is crucial. When retailers save money on procurement, they can pass those savings along to their customers, which improves the relationship and the brand’s reputation. Retailers depend on stable pricing to meet their budgets and improve their margins. Platforms from suppliers that provide retailers with valuable tools to track expenses and reduce costs are extremely beneficial. It’s even more beneficial when those platforms include automated inventory management systems, which help retailers reduce waste, prevent overstocking or understocking, and avoid unnecessary expenses.
Communication and Support
There’s more to procurement than placing orders. Much of a successful retailer-supplier relationship depends on communication. Suppliers should be ready to support retailers by providing clear communication about product changes, backorders, delays, recalls, or anything else that may cause disruptions in the supply chain. Suppliers should also have dedicated account managers and support teams to assist retailers if they run into an issue at any phase of the procurement process.
Scalability
No retail business, or any business for that matter, is looking simply to maintain its cash flow; it’s looking to grow. Retailers need suppliers that can support them as they scale their business, meaning they must have the ability to handle growing order volumes as the business expands. Retailers in this growth phase will need suppliers with wide product ranges and consistent stock availability, as well as the flexibility to match increasing seasonal and multi-location demand.
Sustainability
The demand from consumers for businesses to practice sustainability is growing. And with ever-changing regulations and standards, retailers must keep up in order to stay compliant. This doesn’t just take place in stores but also in the supply chain. Suppliers should offer eco-friendly packaging solutions and green cleaning programs while helping retailers reduce waste and their carbon footprint when it comes to shipping. Sustainability is a collaborative effort, and retailers need suppliers that prioritize it and will help them implement more environmentally responsible practices.
As a retailer, you need a supplier that can support the growth and success of your business at every level. Several factors contribute to an efficient procurement process, and choosing a supplier that understands these factors is essential. Veritiv Pollock has been supporting retail businesses for a century, providing all the essentials and solutions they need to thrive. Learn more about how we can support your retail business as a single-source supplier by visiting our website.
