How Consumers Are Transforming Supply Chain
Newer, modern technology is shaping the future of the supply chain, and it’s all down to consumers.
With advanced ways to shop online, consumers expect transparency now more than ever. The rise in online shopping has customer expectations at an all time high, and they are expecting instant gratification. Now that you can buy goods from so many different platforms at a click of a button, consumer behaviour is changing and the supply chain needs to respond.
With a greater favour for online shopping, the expectations of consumers continue to push businesses to rethink their supply chain. Before the times of clothing stores selling products exclusively online, such as Boohoo, e-commerce shopping was certainly not as established as it is now.
The ‘online’ consumer expects a more advanced experience that is quick, fault-proof and at a great value. A study from Dyn states that nearly 65% of all consumers surveyed are not willing to wait more than three seconds for a website to load and of those, half expect websites to load instantly.
It is important that businesses keep this in mind to keep loyal customers and an efficient reputation. Start with shipping, the one obstacle that wouldn’t stop a customer buying products from a physical store. Offering cost effective, or, even free shipping will keep a business on top of the supply chain. Read our previous blog on how to improve your order fulfilment services.
The expectation of instant satisfaction is a big part of the ever-transforming supply chain. This could include offering PayPal integration, next day delivery, or even just the simple process of promptly removing stock online that has sold out to prevent customer confusion. Keeping up with the latest payment technology and speedy delivery times will help improve supply chain and customer satisfaction.
Multiple Platforms for Shopping
These days, you can purchase a product from almost anywhere, and customer loyalty is only going to stay as long as the offering provides them with a high-quality and easy service that meets their need.
Something simple like groceries can be fulfilled in store, online on a computer or an app on a mobile device. The limits are endless. The ability to shop across multiple platforms increases standards of the product, the service and the experience. These are all subjects that businesses must adhere to if they want to succeed above competitors.
The Obvious – Social Media
Social media is at the forefront of B2C businesses. A survey conducted by Yotpo reveals that 65% of people in the UK use social media to research products before buying online! Millions are communicating on social media to discuss their opinions on brands and products every day. Thus the use of social media channels and their increasing capabilities is causing massive changes in the supply chain.
A negative review or comment can affect your business and the way your consumers see you as a brand. However, you can’t please everyone. All businesses will receive a bad review at some point. It’s how you acknowledge and improve the situation that counts. A quick response, an apology and offering will do the trick as well as making sure that it can’t happen again.
On the flip side, social media is a great opportunity to receive instant feedback. A glance at a retailer’s Facebook or Twitter could make or break a customer’s decision to buy from you. A positive review could persuade them to purchase from you. Did you know 1 in 10 people will not shop without consulting Facebook?
Social media has intensified the transparency of the industry. Customers are taking full advantage of social platforms to connect with their favourite brands. Who then provide them with daily valuable content. Content such as product reveals, behind the scenes or simply using the platform as a way of enhancing the customer experience. As a business that uses social media, you can gain insight into consumer behaviour by analysing your activity and the results it produces. With growth, social media will soon become part of the supply chain and how it evolves in the future.
Embrace The Transformation
A customer-driven supply chain gives businesses opportunity to adapt and improve. Just by listening to what consumers want. It’s the perfect recipe for success if you can keep track of the ever-changing supply chain transformations! A study from ‘Explore WMS‘ states that 79% of companies with high-performing supply chains achieve revenue growth greater than the average within their industries. It’s time to listen to your consumers!