CHARMING INSIGHTS

If the global pandemic has taught businesses anything, it’s that supply chain resilience is critical to future-proofing brand and business operations. Global sourcing and manufacturing are increasingly critical to meeting evolving consumer demands and sustainability requirements. And at the epicenter of that evolution is nearshoring.

According to the National Retail Federation (NRF) US retailers lose an estimated $61.7 billion per year from shoplifting, employee or vendor theft, and administrative error. These losses average at 1.4% of retail sales but can be greater than 2% in some apparel and cosmetics categories—a huge potential loss when looking at billion dollar companies.

It’s not news that the retail landscape is now driven by the digital-savvy who seemingly have limitless shopping and buying opportunities at their fingertips. The way they discover, find and receive products has been evolving at a rapid pace in the last decade.  According to a 2019 BRP Consumer Engagement Study, 87% of customers are interested in a personalized and consistent experience across all channels and 68% of customers would choose a store that offers personalized promotions/discounts over a store that doesn’t offer them.  While the answer to this seems simple with the latest in ecommerce tools, one critical consideration is often overlooked -- having the inventory visibility to pay off those preferences and get product in the hands of your consumers.