Build Healthy Relationships with Your Retailers
In the world of food retail, shelf space is valuable real estate. A retailer that has the right mix of products on their shelves benefits from increased curb appeal and shopper satisfaction. Retailers are eager to build relationships with brands that can consistently offer products consumers are looking for on their shelves. As partners, retailers and suppliers can provide the greatest value to consumers. Healthy trading partnerships allow both parties opportunities to collaboratively leverage their expertise, leading to increased sales and maximized profits.
As you begin to nurture your partnerships with retailers, here are three key benefits you can expect over time:
-
Accelerated Supply Chain Flow
Strategic alliances between suppliers and retailers accelerate flow times associated with complicated supply chain systems. Strategizing together on delivery channels, sharing access to each side’s technology and consumer data makes way for faster-to-market products. Automated practices bring about greater response to consumer demand.
-
Greater Efficiencies
Developing a cooperative system tightens the belt on process inefficiencies by eliminating surplus inventory and duplicate actions. Also, when you and your retailers invest time in determining systems that work for both of you, your retailer will gain confidence in the consistency of your product’s availability. As you strengthen the trust, you wiill surely entice them to reward you with greater shelf space and visibility options for your brand.
-
Increased Sales Volume
Positive collaboration with your retailer partners will yield all-around benefits as you cut unnecessary costs and retailers can trust your trading processes. As a result, you can expect to see a measurable increase in your sales. A trusting relationship between suppliers and retailers is a win for both.
Here are some steps you can take to build trust with your retailers:
As a FMI Emerge subscriber, you will have access to many lessons and content in the areas of distribution, financing, E-Commerce, product innovation, sales management, supply chain management and more.
Subscribe today!