What Verte Took Away from the Lead Innovation Summit
Today’s retailers and brands are experiencing major disruptions in their supply chains. As an industry, it is important that we are looking to solve these challenges in order to meet the growing needs and desires of consumers. At Verte, we value continued learning in addition to the opportunity to collaborate with experts to share keen insights, knowledge, and best practices with brands and retailers. We want to ensure that we are always up to date with the latest knowledge and industry changes, so we can provide our customers with the best foot forward to navigate their shifting supply chain needs.
Recently, Verte team members traveled to New York for The Lead Innovation Summit, an event that brings together brands, retailers, and technology companies to network and learn from each other about the consumer industry. We took away a lot of knowledge, especially regarding the key trends to look out for in direct-to-consumer brands. Here were our crucial takeaways to look out for in the retail and supply chain landscape moving forward:
Brands’ core values must remain consistent
As Carolyn Pollack, CMO of Tailored Brands remarked during her speech, consumer emotion is vital. In order to thrive in a crowded retail landscape, brands must remain consistent with their values and ethics, especially regarding how they communicate those ethos to their customers. Tailored Brands knows what they’re talking about, too; they own companies such as Men’s Warehouse and Jos. A. Bank, both of which have stayed relevant for decades.
Connecting the front-end to the back-end
More and more retail companies are creating their own technology to help integrate their sales and marketing across brands. Meera Bhatia, COO of Fabletics and president of TechStyle OS, spoke about how TechStyle Fashion Group had created their own operating system, incorporating data science, supply chain management, and fulfillment. This kind of visibility is key for retailers, especially companies that own multiple brands. Though many larger brands have the capabilities to create their own systems, others are looking to move to a single platform with unified visibility across all their channels. A unified view of a company’s operating systems, including their order management system and integrations manager, is vital for brands hoping to have a more seamless delivery journey for their products. This kind of transparency informs the front end’s decision-making and ensures that there are no discrepancies between what customers actually want and need versus an organization’s operations at the backend.
Don’t wait for 100% data accuracy
“If you wait until your data is 100% accurate, you will fall behind,” was the main takeaway from Saadia Group Chief Growth and Innovation officer Nick Kaplan’s remarks. Though focusing on optimization through data analytics is vital for any successful brand, waiting until your data is perfect will only hinder your growth. If you can see general trends, act on that as quickly as possible, and leverage that information to inform your back-end. Kaplan also mentioned that retails should rely not only on hard data, but also online searches that actually correlate with customer trends and can more closely predict or identify consumer behavior. Visibility into every part of the supply chain chain is crucial for brands and retailers, especially given current supply chain disruptions. Good data procurement, under a unified system, can help alleviate bottlenecks, overstock, under-stocking, and more, ensuring operational efficiency and satisfied customers who get exactly what they need in a timely manner.
Let’s stop the “Aparcelypse”
That term was coined by American Eagle EVP, Chief Supply Chain Officer, Shekar Natarajan, to describe what could happen in the supply chain industry. With the trillions spent maintaining a global supply chain, industrial warehouses could take over residential communities, culminating in every street being cluttered by delivery trucks. So how can we stop this doomsday-like future? The supply chain industry struggles with consolidating services, but in order to stop an “aparcelypse,” supply chain professionals must begin utilizing a shared economy, to better the environment and decrease the cost of doing business.
Thank you to the Lead for providing us with such important information. We are excited to continue learning from industry partners and seeing how technology and retail grow together, creating inspiring new solutions to supply chain predicaments. We can’t wait to return next year!
Want to learn more about how transparent data can help your company? Check out our blog Using Data to Reduce Returns, Retain Customers, and Improve Margins.
Or download our ebook Guide to Consumer Experience Via Warehouse Operations to learn more about how your business’s backend affects your customers!