Customer centricity has quickly become the name of the game for e-commerce companies as they look for ways to find competitive advantages in a crowded marketplace. From AI customer service bots to interactive product tours, businesses are meeting customer needs in increasingly sophisticated ways.
But the real key to success lies in successful supply chain management — and this requires much more than just a warehouse and good inventory planning. To deliver the seamless, high-quality delivery experience customers expect in 2023, e-commerce companies need to go beyond the basics if they are to continue to thrive.
Overcoming the Fragility of Global Supply Chains
It’s safe to say Covid-19 well and truly proved just how fragile global supply chains can be. And with a recession looking like a foregone conclusion in the coming year, it seems as though many companies are about to head out of the frying pan and into the fire.
With this in mind, here are five supply chain tips to ensure your e-commerce supply chain and delivery systems are up to the challenge.
Supply Chain Tips For Smooth E-commerce Delivery
1. Increase Supply Chain Visibility
Knowing where your goods are at all times is essential if you want to avoid unplanned disruptions. After all, how can you expect to keep customers informed of delays if you don’t even know where the goods are?
When you consider the sheer variety of carriers, subcontractors, and suppliers involved in most supply chains today, it’s easy to see why visibility is such an important issue. However, only 6% of companies report having full visibility into their supply chain, leading to a whole host of inefficiencies and missed performance objectives.
Fortunately, there are a handful of simple solutions that companies can implement to achieve the visibility they need. For example, investing in a smart tracking system can help to keep your supply chain in check and go a long way to improving real-time tracking and inventory management.
This is especially effective when combined with automated supply chain analytics and AI-enabled insights, which can help companies better identify areas of inefficiency, as well as where additional investments may be needed.
2. Improve Cash Flow
Supply chains often need to be supported by cash flow, and this can be difficult for small businesses in particular. One way to mitigate this issue is by developing a strong relationship with creditors and lenders who can provide funding when needed.
However, bank loans are not always the best solution since they require collateral and often come with hefty interest rates – not to mention the time it takes to secure the funding.
Fortunately, there are various alternative financing solutions, such as e-commerce-specific funding platforms like 8fig, that offer e-commerce stores access to the funds they need to keep their supply chains running smoothly and deliveries on time in the unpredictable economic climate of 2023.