Shifting towards recovery: Tradeshift and the retail industry

May 4, 2021 Nate Kearse

Over a year after the pandemic began, retailers are still struggling to cope with the impact of COVID-19 on their business. Supply chains slowed, profits dwindled, and many organizations were forced to make tough decisions to stay afloat. In a recent study, 88% of retail executives surveyed reported that the ongoing pandemic had at least a moderately negative impact on their profitability. As businesses begin preparing for growth and returning to normalcy, finding software solutions that meet retailers’ needs will be crucial for success.

 

The retail industry faced unprecedented disruption

The retail industry faced unprecedented disruption. Cash flows halted, and many non-essential businesses were forced to make budget decisions and operating cuts. While the economy is starting to show signs of growth, retailers are taking the time to evaluate their supply chain and identify weak points in their processes. Today’s modern retail supply chain faces troubles in 3 key areas:

Difficulties With Scheduling and Organizing Deliveries.

Without the support of an intelligent software solution, your supply chain can quickly become complex. Leaders in the retail industry need a solution that helps them organize their scheduling and track their order progress. 

Troubles With Managing Multiple Orders.

As production scales up and recovery begins, retailers will need a robust and resilient supply chain to handle the influx of orders. COVID-19 put enormous pressure on eCommerce, leaving retailers in a rush to meet changing consumer behaviors and demands. As we approach a return to normalcy, retailers need the confidence of knowing their supply chain can scale to meet an uptake in operations.

A Lack of Transparency and Visibility in Communication Leads to Confusion.

With large numbers of partners, buyers, and suppliers, it is easy to lose track of communication. Modern retail leaders need a platform that facilitates open communication and archives and stores transcripts for future reference. Your communication strategies directly influence the customer experience and brand image. With a robust networking platform, retailers can consolidate their communications and ensure inquiries are handled promptly. 

 

Solutions Tailored to the Retail Industry’s Needs. 

As the economy starts to recover and retailers ramp up their operations, their supply chain needs will continue to evolve. Tradeshift understands that as your organization grows, so does your demand for supplier relationship management. When you utilize Tradeshift’s software solutions, you embrace a personalized approach to managing your supply chain relationships. You only need one trade technology platform to build a resilient supply chain, and Tradeshit’s digital processes allow you to scale without limits.

 

A Robust Network of Vendors. 

Our Tradeshift network is stocked full of pre-vetted vendors, ensuring your employees can easily make the purchases they need. With thousands of products and offers with negotiated pricing available on our B2B marketplace, Tradeshift Buy’s easy-to-use interface creates a cost-efficient and easy way to conduct B2B shopping. 

Automation Capabilities. 

Tradeshift Pay’s artificial intelligence handles time-consuming and tedious tasks. With the automation dashboard, you can customize your processes, enabling you to scale functions as needed. Our robust digital tools support a paperless order-to-pay cycle that pleases suppliers, protects your bottom line, and keeps executive leadership happy. 

Create Value From Day One.

Instill value in your supplier partnerships from day one. With Tradeshift Engage’s dynamic and personalized onboarding processes, sellers get real value from their first contact. Tradeshift Engage gives you access to enhanced collaboration capabilities and powerful digital tools to help you improve your processes.

Get paid quicker.

Tradeshift Cash provides faster financing on qualified invoices. And, with 24/7 accessibility, you can rest assured that your supply chain won’t face any further disruptions. Retailers can use Tradeshift Cash to supplement their existing early payment solutions or use our service in place of their existing solutions. 

 

Supporting your supply chain needs

Tradeshift is built for adaptability. Regardless of your industry, Tradeshift offers you an opportunity to evolve and grow. Empowering your modern team with software designed for people, Tradeshift creates an enjoyable experience for suppliers and buyers alike. Users gain access to better data, more intelligent AI, improved efficiency, and an increasingly resilient supply ecosystem.

To learn more about how Tradeshift can support your supply chain as your organization grows and evolves, reach out to our team of experts and start making shift happen today