How to Navigate the Future of Retail Supply Chains
Tradebeyond SVP Eric Linxwiler asserts that heightened regulation, digital transformation, and AI adoption are critical for retail supply chains, with some "$100 billion retailers" still using outdated methods.
- 1Retailers face increased regulatory scrutiny, necessitating robust governance and digital chains of custody for merchandise to ensure compliance and operational fluidity.
- 2Sustainability and circularity are non-negotiable, with industry leaders collaborating on goals, even as some large retailers
- 3'''$100 billion retailers'''
The future of retail supply chains is evolving rapidly. Eric Linxwiler, SVP of Retail Solutions at Tradebeyond, shared key insights on The Retail Podcast.
Navigating Regulatory and Digital Transformations
Linxwiler highlights a significant shift: "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.
A key aspect 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.
The Rise of Sustainability and Visibility
Sustainability is no longer optional. Linxwiler notes, "The leaders in the apparel space are helping each other to realize goals and targets around sustainability."
Circularity is gaining traction, with retailers incorporating customer feedback and product lifecycle data into new product development.
Surprisingly, some large retailers still rely on outdated methods.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.
Leveraging AI and Machine Learning for Future Growth
Looking ahead, Linxwiler sees AI and machine learning as crucial:
- Automating partner onboarding
- Predicting product performance
- Optimizing sourcing costs
- Enhancing traceability in labor practices
While AI's full potential is yet to be realized, practical applications are emerging rapidly.
Conclusion
As the retail industry navigates these complex challenges, success 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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