While the economy hasn't been exactly fruitful in the last decade or so, it seems as though the page is finally turning in favor of industry growth. Last week, The Retail Industry Leaders Association (RILA) released its annual State of the Retail Supply Chain Report, which revealed that retailers and supply chain management executives are finally changing their focus from staying within their budget by making cuts to expanding.
The report, which was conducted in partnership with Auburn University and sponsored by global management consulting firm Accenture, discussed what retailers are doing to handle amplified demand from consumers for products that come from multiple sources, according to RetailCustomerExperience.com.
"This study will be essential reading for a wide cross-section of retail supply chain executives seeking insights into the key supply chain trends taking place in retail, including multi-channel operations," Accenture's retail practice senior executive Parag Jategaonkar told the website. "Accenture's own experience with clients indicates an increasing focus amongst retailers on developing their supply chains to more effectively deliver a compelling customer experience, regardless of the channel."
This is going to be necessary especially for businesses that sell their products online and through mobile devices if the results yielded from the 199 retail supply chain executive respondents are any indication of what's to come. E-commerce sales saw more than 15 percent growth last year to a total of $35.3 billion. While in the previous year's report, the same industry only grew by 4.1 percent.
With new legislation and mandated industry regulations, RILA said in a statement that the respondents' overall attitude going forth is cautiously optimistic. Organizations in the labeling and supply management industries should be prepared to adjust to the changing economy, since increased emphasis on multi-channel retailing will likely reflect on labeling trends.