Scan-based trading (SBT) has received a lot of positive press for its benefits to retailers, and rightly so. It’s easy to see why the precise inventory control provided by this technology helps retailers right-size their stock and fine-tune their relationships with suppliers. However, it is important to emphasize that without proper management, the benefits of SBT for suppliers can often go unrealized.
Here are five ways supplier partners can profit from Nexxus Group iSBT implementation:
Better Sales Visibility
If reduced shrinkage counts as SBT’s number-one benefit to suppliers, then visibility of sales at the store level undoubtedly occupies the number-two spot. Nexxus iSBT generates valuable insights for suppliers in both standard and customized reports, such as the ability to better manage replenishment routes, save on unnecessary travel to stores, understand velocity of sales, and know exactly when to restock. The suppliers access these reports either through the Nexxhub portal or via email subscription.
Inventory and invoicing errors can cause numerous headaches, not just for retailers but also for suppliers. Nexxus iSBT’s synchronization of supplier and retailer data helps to eliminate many errors by catching and reconciling them automatically — without requiring any special attention on the supplier’s part.
Bare store shelves represent a wasteland of lost opportunity for suppliers. When you implement SBT, however, you can take advantage of near real-time inventory monitoring. You’ll see the same up-to-date inventory balances and product line information that your retailers see, helping you avoid costly out-of-stock scenarios.
Suppliers can easily get bogged down when they have to map each retailer’s data and payment requirements. This challenge can prove especially limiting and intimidating for smaller suppliers who want to grow but don’t have a satisfactory solution to the ever-growing mountain of data involved. Nexxus iSBT greatly simplifies this task. A single Nexxus Group connection offers access to over 100 retail partners simultaneously.
The more data you receive about retail purchases, the more smoothly, easily, and effectively you can move selected stock and forecast demand. You can actually use this information to help guide retailers in their product selection, assortment, and promotion. This wealth of data also helps you anticipate future retailer needs. The more clearly you can see and understand the demand chain, the more effectively you can keep your products from going obsolete on the shelves.
If you’re a supplier, it should be clear just how powerfully scan-based trading might revolutionize your own business. You can’t really benefit from SBT’s many advantages, however, until you’ve got the whole sales and distribution chain involved. Are all of your retailers using our state-of-the-art iSBT services? Contact the Nexxus Group today to be sure.