Retailers are in the midst of an unprecedented period of change, precipitated by dynamic consumer buying behavior, competition from next day delivery competitors, increasing exposure to supplier and other risks and the related delivery expectations and price pressures that these challenges bring.
With the advent of omni-channel and the always-on economy, consumers now order goods through a host of channels, expect next day or two-day delivery options, and are price sensitive. They also want the ability to adjust an order that has been placed any time up until delivery. By applying advanced technologies and business processes, and vertically integrating, Amazon is pushing the pace of play. Increasingly, the company is introducing more private label brands, and using its supply chain as a weapon to grow market share.
Lacking the significant supply chain innovation budget of an Amazon, and already behind in the race, most retailers are looking for new ways to compete. Retailers have determined that their supply chains must be more agile, real-time and predictive. Paralleling and driving these market changes have been technology advances. Two of them—real-time big data from the Internet of Things (IoT) and machine learning algorithms—are enabling innovative retailers and suppliers to successfully adapt to these drastic market changes. TransVoyant is the answer.