Collaboration between grocery retailers and suppliers has improved in recent years, according to a study from Coresight Research and Precima, reports Food Business News. The improvement in collaboration directly influences 20 percent of total revenue, with lower supply chain costs and increased effienencies in operations.
However, there are still pain points, including a lack of trust and communication, limited product assortment, and a lack of data transparency. About two-thirds of retailers said they were satisfied with their access to data and insights from suppliers, but only half of suppliers indicated that they were satisfied with their access to data and insights from retailers.
“In an environment where consumer demand is changing by the hour, and with the high potential upside affecting up to one-fifth of overall revenue, it’s critical for retailers and suppliers to identify ways they can further strengthen their lines of communication,” said Deborah Weinswig, chief executive officer of Coresight Research and author of the report.
“Survey responses suggest that building responsive supply chains and servicing customer demand quickly are priorities for both retailers and suppliers,” Weinswig continued. “Both could leverage predictive analytics coupled with improved data sharing to meet these priorities.” Full Story
Related: Survey: Food Manufacturers will Emerge Stronger; Report: Consumers Are More Hopeful, Plan to Support Small Business.
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