Supply Chain Transparency
In the retail industry, supply chain transparency used to be an afterthought, if thought about at all. Consumers didn’t question where their products came from, so retailers didn’t either. This is all changing, and very rapidly. Consumers, governments, and retailers are putting supply chain transparency at the forefront.
What is Supply Chain Transparency?
Supply chain transparency refers to the visibility of a brand or retailer's production process. It refers to the disclosure of information in relation to how a business procures their products. This doesn’t just relate back to the suppliers that a retailer uses to source their merchandise, but their supplier’s suppliers, all the way back to the beginning. An increase in supply chain transparency refers to an increase in the visibility and communication of this information.
Why is Supply Chain Transparency at the Forefront?
The internet has allowed consumers to become more aware of the manufacturing process. They are now able to do their own research about the different products and services available. Online research is key to the consumer's, particularly younger consumers, buying process. When major corporations, or even smaller retailers, are dealing in unethical or unsustainable practices, it is picked up and shared widely, quickly, and accessibly.
Want are the Benefits to Supply Chain Transparency?
Supply chain transparency is often seen as an effort or a risk to retail professionals but on the contrary, it can be very advantageous to the retailer or brand in the know. Increasing supply chain transparency builds trust with your customers and gives you the ability to react to a problem faster and more effectively. Some 70% of organisations experienced at least one supply chain disruption in 2016, so increasing supply chain transparency can decrease this. It is also a valuable asset to help you identify cost saving opportunities.
Supply Chain Transparency creates an appeal around the company, and gives you the confidence to market yourself as an honest and ethical brand. It also halts any possible legal issues down the line and ensures that your brand and products meet regulations.
This September at Autumn Fair, hundreds of suppliers from around the world will be visiting the NEC to give brands and retailers a chance to meet with them in person without having to travel abroad. Meeting with your suppliers in person is vital for increasing your supply chain transparency, along with giving you the option to touch and feel the products in person. Get your free ticket here.