Collaboration: The New Business Imperative for Retailers & Vendors -RISE 2017 held at EROS Hotel, Nehru Place, New Delhi on 31st August.
The consumers of today have evolved to a level where retailers constantly have to keep on their toes to assess and meet not only the demand for quality merchandise at competitive prices but to provide a superior overall shopping experience – whether at the stores or on online mediums such as mobile internet apps. Towards this retailers must constantly hone their competence and resources to meet deadlines, besides investing significantly. Retailers have to be agile and foster strategic partnerships which will assist them in delivering the required merchandise at the right time and place. Thus, collaboration with vendors has come up as a new business imperative in today’s organized retail industry.
Moreover, to break into new markets collaboration and trust form the key factors for any retailer apart from exhaustive market surveys. Both parties must endeavor to be flexible in their association with the end goal of tapping into and satisfying a diverse range of customers and reaping profits.
A healthy, strategic partnership between the two would lead to cost reduction, better stability, assured supply of quality merchandise and exploring new avenues of sales, not to mention sharing of best business practices.