In today’s market, businesses need to make the most of every competitive advantage that they have. Supply chain is typically viewed as a simple operational department; one that is necessary but not always flexible. However, changing the way that you view your supply chain will allow you to add in things that set your company apart. You can actually explore your supply chain and find ways to add value – for your staff, for your customers, and for your overall brand. Here are 3 powerful ways to add value within your supply chain.
Expand Product Offerings
Customers today are savvier than ever, and the demand for a better experience has never been more apparent. Fortunately your supply chain offers a few different areas where you can add value for your customers. One of the best initial ways to add value in your supply chain is by increasing your product offerings without adding new product lines. Consider your offerings and how you can provide more customizations and more convenience to end-users. While products are being packaged, can you create different combinations like special gift baskets or creating twin-packs? Look for different ways to give customers more buying choices. Additionally, personalization is a key trend right now. How can you offer different choices, from embroidering apparel to letting customers pick from different templates for printed items? If you already offer some level of customization, it may not be that difficult to add more options or customization in other areas. Look for things that you are already doing as part of your supply chain. What can be added that a customer would find valuable?
Ensure Continuous Improvement
Supply chain is one area where you can actually make changes as you find ways to improve. A thoughtfully created continuous improvement strategy maximizes efficiency, generates higher productivity, and improves the customer experience. Continuous improvement within the supply chain is a process; one that is driven by focused and incremental solutions. It’s important not to make changes just for the sake of change, but rather to resolve issues in as few steps as possible. From planning all the way through execution, supply chain leaders can take a look at identifying any issues that are hurting the bottom line or preventing the business from growing. You can speak to stakeholders across each stage to get a feel for all the current “bottle-necks”. Then, build a plan for resolution of these issues that prioritizes tasks resulting in a clear return on investment. Chances are you won’t be able to do everything you want to make improvements, but if you can even enhance one or two areas, you’ll be in better shape than you are now.
Get More from Your Partners
Your partners, vendors, and suppliers are valuable pieces of your overall supply chain. Of course they already provide some element of value – that’s why you work with them – but what if you could enhance the relationship to get even more? By working closely together, companies and their logistics partners can create highly competitive supply chains that add to the bottom line. For example, a high-quality 3PL partner can help you to make sure that customers get the right product at the right time – which keeps them coming back.
According to a 2021 study by Penske, 88% of shippers say that “ the use of 3PLs has contributed to improving service to the customer.” Furthermore, 76% of the respondents said that “3PLs provide new and innovative ways to improve logistics effectiveness”. Companies of every type and size can leverage a 3PL partner to improve their customer experiences. Consider the following ways that your preferred partner can add value:
- Access to the best shipping rates – Since they work with large networks of freight carriers, 3PLs are able to leverage relationships and make use of bulk discounts. This allows merchants to make the most of their budget and choose more options that are optimal for them, as well as control costs.
- A customer service ally – By partnering with a 3PL, you’ll have more flexibility and a better ability to scale. You’ll also be more prepared for supply chain disruptions and hiccups in the process. A valued partner will help you to navigate potential challenges, such as a problem with a carrier or a sudden demand spike.
- Technology that leads to faster delivery times – 3PLs have invested in advanced technology that makes shipping quicker and easier. Additionally, many 3PLs have a powerful transportation management system, automated warehouse solutions, and more. 3PLs have invested in technology systems so that business owners don’t have to.
- Additional value-added services – A strong 3PL will offer the flexibility and resources to accommodate unique requirements, seasonal fluctuations, and business growth. You can also ask about services like price marking, tagging, and display building which help to streamline the process of getting products on store shelves. Talk to a fulfillment center about new aspects they can take on that will save steps throughout the process.
Approach your partnerships with a spirit of collaboration. Don’t be afraid to ask about ala carte services – you never know what your partner might be able to provide that can streamline your overall supply chain and improve efficiency. Here at Taylored, we pride ourselves on offering best-in-class support to help our customers succeed in every way. Our award-winning, multi-channel fulfillment services have helped retail operations deliver superior customer outcomes for decades.