Four Sourcing Strategies to Prepare for in 2018January 16, 2018
It’s the beginning of a new year, which means it’s time for brands and retailers to evaluate industry landscape and set themselves up for sourcing success. 2018 is looking to be a good year for the apparel market, with innovative technology creating new opportunities. However, retailers must remain competitive to stay ahead of the game. In 2018, we’re predicting four key sourcing strategies apparel retailers and brands should watch out for:
Speed to Market Is Critical
A new report conducted by WWD states that 64% of c-level executives rate improving speed-to-market and supply-chain efficiency as a top priority. Now, customer demand will be higher than ever, and retailers must prepare to get products to consumers’ hands even faster in 2018. As consumers push for instant gratification, retailers must shorten lead times to meet this critical demand.
Innovation Is Key
In order to achieve speed to market, retailers must constantly embrace technology and digitalization. Advances in technology are changing both retailers’ and consumers’ behaviors, and companies who are willing to change and invest in innovative technology will have a competitive advantage in today’s tough business climate.
Sustainability Is a Priority
According to USFIA’s 2017 benchmarking study, 87% of companies said social compliance and sustainability issues are more important to their decisions now than they were five years ago. As consumers’ attention over sustainability issues rise, companies are realizing the importance of improving transparency and finding opportunities to make these initiatives a priority throughout the entire supply chain.
The Digital Supply Chain Will Be Embraced
We’ve said it before, and we’ll say it again! The Digital Supply Chain is necessary for retailers and fashion brands if they want to thrive in today’s tough business climate. A study from McKinsey found that more than 80% of CPOs surveyed expect digitized end-to-end management in the next five years. By enabling the Digital Supply Chain, fashion brands and retailers can embrace key business transformation.
Ring in the New Year with NGC
NGC’s Andromeda Cloud Platform enables apparel brands and retailers to prepare for the challenges and opportunities that will come with 2018. With NGC’s innovative technology, businesses can bring together all departments into a single cloud-based solution that connects vendors, suppliers, and other providers with the Digital Supply Chain, optimizing lead times and improving transparency.
To learn more about how NGC Software can help your fashion and apparel business in 2018, request a demo today.