News • 10.08.2018

Collaboration opportunities between retailers and suppliers

Retail Collaboration Survey results 2018 by Trace One

Handshake; copyright: panthermedia.net / kantver
Source: panthermedia.net / kantver

Trace One, the world’s largest collaborative retail business network for private label, released the results of its 2018 Retail Collaboration Survey. Surveying 385 grocery retailers and consumer goods suppliers across North America and Europe, the study explores collaboration between retailers and suppliers and highlights opportunities for improvement to boost private label success.

“Private label market share is booming worldwide, but retailers are facing tremendous pressure to stay connected to consumers and ahead of intense competition,” said Kelly Thompson Kell, Subject Matter Expert North America, Trace One. “This survey puts a spotlight on the opportunity for retailers and suppliers to adjust their collaboration strategies and partner network to bring new products to market faster, minimize risk and stay up-to-date with industry regulations.”

New products differentiate retail companies

Ninety percent of retailers feel that sourcing new products is an opportunity to gain a competitive edge, while 55 percent feel it’s time consuming. These statistics align with Trace One’s Consumer Confidence in Private Label Report, which found that 72 percent of consumers shop at a specific retailer more than once per month because of its private label products.

Managing new suppliers is complex

To sell on-trend products and seize new opportunities, many retailers need to change suppliers but find the change management process daunting. The survey revealed that 47.5 percent of retailers find it hard to achieve expected benefits and improved product quality; 35 percent find it time consuming; 30 percent find it difficult to build a trusting relationship and 27.5 percent find it risky to adapt overseas suppliers due to cultural differences and exchange rates. To avoid these pitfalls and limit risk, leading retailers should streamline compliance management processes and assess supplier performance on a regular basis.

Retailers use diverse methods to source new products

The survey also revealed trends in product sourcing. Fifty-seven percent of retailers conduct market research and reviews, 52.5 percent of retailers attend tradeshows and read trade publications and 47.5 percent of retailers rely on proactive pitching from suppliers. Further, there is a rise in new channels such as online marketplaces (9 percent). Online networks and marketplaces enable quick product discovery. These channels can provide global sales opportunities as B2B e-commerce continues to mature.

“Retailers and suppliers have the potential to streamline efforts to capitalize on private label’s popularity. Working alone is no longer an option,” added Thompson Kell. “By improving collaboration strategies and tuning into retail communities both domestically and globally, retailers can stay ahead of emerging trends and bring unique, new products to shelf.“

Source: Trace One

related articles:

popular articles:

Thumbnail-Photo: PANORAMA Berlin January 15-17, 2019
19.12.2018   #event #fashion

PANORAMA Berlin January 15-17, 2019

The largest fashion marketplace in Europe

True to the meaning of the word panorama, PANORAMA BERLIN offers a broad overview of national and international mens and womenswear collections. Thereby, it enriches the international trade fair landscape consistently with strong and relevant new ...

Thumbnail-Photo: I see augmented reality leading the way in the store...
17.10.2018   #virtual reality #augmented reality

"I see augmented reality leading the way in the store"

Augmented and virtual reality shopping

Not only do augmented reality (AR) and virtual reality (VR) promise an exhilarating entertainment experience, they are also already practically applied in several industry sectors. What opportunities do they offer retailers and customers? What are ...

Thumbnail-Photo: City management fights vacant storefronts and supports retailers...
21.11.2018   #consulting #brick and mortar retail

City management fights vacant storefronts and supports retailers

Insights from city manager Nicole Halves-Volmer from Delmenhorst

Modern city management always includes cooperation with the retailers of a city. The charismatic city manager Nicole Halves-Volmer works with passion for the city of Delmenhorst and talks in the interview about campaigns with and for ...

Thumbnail-Photo: Retailer app identifies counterfeit products and strengthens customer...
21.01.2019   #app #labels

Retailer app identifies counterfeit products and strengthens customer relationships

Secure barcodes on paper labels offer retailers and customers many benefits

Counterfeit goods prompt harmful financial losses due to a loss of sales and profits, decreased tax revenues and by threatening jobs – and this doesn’t just impact retailers and manufacturers. According to EUIPO (The European Union ...

Thumbnail-Photo: A beacon for a shopping mall
28.09.2018   #digital signage #led lighting

A beacon for a shopping mall

Digital signage: outdoor LED screen in Mexico

On the premises of a shopping center in Cuernavaca, near Mexico City, a digital signage project attracts attention. The elevated tank, rising high above the ground on a structure, serves as an eyecatcher. The shopping mall Forum hopes to attract ...

Thumbnail-Photo: Digital Sales Summit in Hannover
08.01.2019   #e-commerce #digitization

Digital Sales Summit in Hannover

The E-Commerce Event

The Digital Sales Summit will be held for the first time in Hanover on 21 February.An extraordinary location and a LineUp which you have never seen before in the eCommerce industry, this is the easiest way to describe the Digital Sales Summit.In his ...

Thumbnail-Photo: Achieving goals with the right attitude
12.12.2018   #personnel management #security management

Achieving goals with the right attitude

Corporate health management is a process, not a one-time event

Employee satisfaction/engagement is critical to the success of any business, big or small. Customers notice if employees are dissatisfied with their jobs.Customer satisfaction, employee recruitment and hiring, employee retention and increasing sales ...

Thumbnail-Photo: Companies lose customers during online holiday promotions...
02.01.2019   #data management #customer relationship management

Companies lose customers during online holiday promotions

Bad preference management equals frustrated customers

A recent survey from PossibleNOW uncovered that as many as 36 percent of businesses are not actively collecting customer preference data. Additionally, another 31 percent aren’t sure if they’re collecting this data. Many retailers will ...