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: I see augmented reality leading the way in the store...
Interview • 17.10.2018

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

Augmented and virtual reality shopping

Thumbnail: Photo: Virtual commerce: shopping in a different reality...
Virtual reality • 14.09.2018

Virtual commerce: shopping in a different reality

What we can expect from virtual reality in retail

Thumbnail: Photo: Tariffs remain a threat
News • 30.08.2018

Tariffs remain a threat

National retail federation upgrades 2018 economic forecast

Thumbnail: Photo: Digital sporting goods retailers: Decathlon and Intersport push ahead...
Report • 31.08.2018

Digital sporting goods retailers: Decathlon and Intersport push ahead

Of virtual tents and 3D foot analysis

Thumbnail: Photo: “Differentiation remains the key to growth”...
News • 09.08.2018

“Differentiation remains the key to growth”

Poundworld’s failure to differentiate from other discounters led to demise

Thumbnail: Photo: A beacon for a shopping mall
News • 28.09.2018

A beacon for a shopping mall

Digital signage: outdoor LED screen in Mexico

Thumbnail: Photo: Costly online out-of-stock problems for consumer goods...
News • 13.08.2018

Costly online out-of-stock problems for consumer goods

GMA report: Potential lost sales could reach 17 billion dollars

Thumbnail: Photo: Permaplay POS-TOUCH
Company News • 24.07.2018

Permaplay POS-TOUCH

The new Touch and Content Manager Software

Thumbnail: Photo: Click & collect promotes cross selling
News • 15.08.2018

Click & collect promotes cross selling

Research: Many click & collect shoppers made additional in-store purchases

Supplier

Permaplay Media Solutions GmbH
Permaplay Media Solutions GmbH
Aschmattstr. 8
76532 Baden-Baden