The pandemic has transformed work patterns across all industries in India. No industry has remained unaffected by the crisis; more so the retail industry. Overnight, Indian retailers were forced to redefine their supply chains as a contactless process. They had to move inventory from centralized warehouses to local stores, says a Economic Times report. Fashion retailers, in particular, had to pivot their entire operations to online platforms and transform their stores into micro-fulfillment centres.
This led to the rise of a new retail in India as the industry began to embrace new technologies. Retailers no longer rely on outdated data to predict future trends. They are adopting new tools like AI and machines to improve their relationships with suppliers. ServiceNow’s Now Platform helps these retailers maximize visibility across supply chain through intelligent workflows.
Ensures clarity of expectations
Retailers are benefiting from digitization as it helps them onboard new suppliers besides ensuring clarity of expectations in terms of product deliveries. Digitization also helps suppliers connect with vendors and monitor their performance regularly. This further helps control costs, alleviate risks, drive continuous improvement and boost customer satisfaction. Retailers can also measure the impact of vendors on their operations with information on service management information assessments and reports.
Rising consumer expectations has made it crucial for retailers to identify and mitigate pain points across supply chain. They need to be equipped to identify flaws immediately in supplies for downstream stakeholders to respond and front-end agents to access accurate information.
Reduction in production and supply costs
The pandemic has also reemphasized the importance of maintaining a healthy retail supply chain. Digitization can help retailers manage operational risks through only a clik of a button. Digitization has helped ServiceNow customers reduce production and supply chains costs by around 10-20 per cent. Retailers have been able to reduce their working capital costs by around 15 per cent while increasing revenues by 6 per cent. They are reporting more inclusive growth by enrolling kiranas and MSMEs into their supply chain. ServiceNow’s industry-wide digital transformation helps these retailers smoothen their workflows across India.