The past three years have been a whirlwind for retailers and CPG companies. Pandemic-driven shopping trends led to a surge in new challenges, from increased online returns to the rise of curbside pickup and supply chain delays. Now, the landscape is shifting once again, bringing forth new hurdles.
New Trends and Challenges
Supply chain issues have eased, providing an opportunity to strengthen long-term resilience. However, the current labor shortage challenges redefining roles and communicating with employees. Retail and CPG leaders must reassess their business operations to excel in this evolving context.
Here’s where to start:
Creating Solutions for Permanent Changes in Customer Expectations
As the pandemic compelled retailers and CPG companies to accelerate the adoption of omnichannel strategies, their supply chain processes became more intricate. The post-pandemic period is an opportunity to reevaluate how these processes have evolved since 2020 and determine if there are opportunities for optimization. By analyzing how newer service offerings impact operations across the business, leaders can gain unique insights and capture tremendous value.
Maximizing Efficiency to Minimize Waste
Minor process inefficiencies can quickly add to millions in wasted expenses for retailers and consumer goods companies operating at scale. These dollars matter more than ever with ongoing cost pressures and consumer belt-tightening. In this new environment, leaders who can reduce waste and increase cash flow will be the heroes of their organizations.
Improving Human Processes to Boost Productivity
Another key area for retailers and CPG companies to reevaluate is people operations. Both industries are still struggling to fill open roles and are working to better manage their employees on payroll.
Research from Celonis and Everest analysts found that over 67% of retailers and 60% of CPG companies are implementing people engagement survey initiatives. 74% of CPG companies and 64% of retailers are redefining roles and job requirements, and more than 60% of companies in both industries are implementing change management and employee training initiatives.
Conclusions
Amid economic volatility, retailers and CPG companies must have more precise control over their operations. Technologies like FrogmiⓇ, through its App, assist retailers and CPG companies in optimizing operational processes, improving communication between point of sales and HQ, providing real-time visibility and actionability, unlocking improvement opportunities.
Source: www.retailtouchpoints.com
