How retailers are using digital platforms to meet consumer demands
It seems that the COVID-19 pandemic has impacted just about every aspect of our lives. However, after a year of continuous change, finding ways to create an adaptable and flexible business model means the difference between growing your business and struggling to maintain operations. While many industries are still facing uphill battles towards recovery, one industry has found a way to regain some footing that was lost over the last year. While initially hit hard, the retail industry has the opportunity to expand its operations, but it will take embracing some changes. Below we discuss how retailers and grocers can lean into e-commerce and digital tools to keep up with the increasing consumer demands.
The rise of e-commerce
At the beginning of 2020, workplaces, cities, and countries locked down and stayed inside to help slow the spread of COVID-19. For many organizations, this meant that operations were halted, and cash flow was significantly reduced. However, while many businesses faced challenges adapting their processes to fit a remote format, one industry found its footing rather quickly by embracing e-commerce.
Grocery stores were some of the few businesses allowed to remain open throughout the various lockdowns countries implemented. While many grocers kept their doors open for traditional brick-and-mortar shopping, online grocery shopping swiftly rose in popularity. People appreciated the ability to shop from the comfort of their homes. With the grab-and-go pickup, a chore typically seen as unexciting and tedious became simple and efficient. However, the rise in e-commerce forced grocers and retailers to rethink their supply chains to create a platform that was effective, insightful, and enjoyable. The answer to these challenges? Implementing a digital platform that built resiliency into their existing operations.
Using tech to optimize your supply chain
With business being conducted virtually and many people moving towards online grocery shopping, grocers needed to find tech solutions that supported their increased demands. Retailers need access to real-time data to make informed decisions such as replenishing stock, increasing the lines of communication with their customers and employees, and weave flexibility into their business model. Having a platform that allows you to pivot and change focus at a moment’s notice means your organization can better fit the needs of your community. Digital tools also help retailers and grocers to shorten the release cycle of products. This means that organizations can better understand and fulfill the needs of their customers.
Grocers have been utilizing technology to help their employees develop and further refine their skills. To succeed, grocers need to ensure they have the right supply and the right talent for the job. With tools and resources to assist with learning and reskilling, grocers can rely on their existing talent to fill the gaps in their organization. By embracing digital tools and platforms, organizations can make it easier for leaders and workers to manage their shifts and tasks while also prioritizing employee health and safety.
How Tradeshift offers retailers flexibility
As software built for adaptability, Tradeshift grows alongside your organization. Our Tradeshift network is filled with pre-vetter buyers and suppliers, helping you to source the products you need in a safe, efficient manner. In addition, our platform offers a centralized location for consolidating and storing communication records with buyers and suppliers. Acting as a one-stop-shop, Tradeshift makes sure that you have access to the information you need to grow your business.
Keeping up with the demands of your customers and ensuring your store is well-stocked can be a difficult task. With enhanced AI automation capabilities, our platform can take the tedious, time-consuming work off your shoulders, leaving you more time to act strategically within your role and create an enjoyable shopping experience for your customers. Additionally, our platform is built for transparency. When you use the Tradeshift network, you can rely on an honest and insightful view of every invoice and transaction you process. At Tradeshift, we help you become continuously adaptable—no matter the pace of change.
As businesses and countries open back up, retailers and grocers need to continue to embrace the support of digital tools and platforms. E-commerce is likely to remain a popular choice for many individuals, meaning your organization needs to have the right tools in place to support an increase in online transactions. With proper preparation, your business can stay ahead of the curve by creating a adaptable and efficient process. For more information about how Tradeshift offers support for the retail industry, reach out to one of our experts and start making shifts in your business today.