5 Strategies to adapt your business

Five strategies to adapt your business to the future of retail

Learn how you can align business operations with your goals for a better, more efficient way of doing business.

Retail moves fast, and suppliers must adapt to keep pace.

According to a survey of over 1,000 supply chain and manufacturing leaders referenced in the MHI 2022 Annual Report, around 74% plan to invest in inventory and network optimization tools over the next year. At least 66% of respondents will spend more than $1 million over the next two years on these and other supply chain technologies. Within that group, 41% are planning to spend over $5 million and 18% say they’ll spend more than $10 million.

You may feel you’re too busy just staying on top of orders to make innovative changes in your business—which is exactly why those changes are necessary. A good plan to optimize your supply chain operations can ease today’s challenges while preparing your business for the future of retail.

5 Strategies Spending Chart

How can I adapt my business to consumer demands?

Today’s consumer can find whatever they want, wherever they want. With so much choice and flexibility available in the supply chain, suppliers need to fight to stay relevant and profitable.

How do I leverage data to optimize my inventory?

Suppliers need to optimize their inventory in order to keep pace with evolving consumer trends. Accurate, comprehensive sales data can help prevent stockouts and overstocks.

How can automation strengthen my omnichannel strategy?

Shoppers want a seamless experience across multiple channels. Without workflow automation, suppliers become bogged down by manual processes, which leave ample room for errors.