How to remain relevant in the midst of a consumer revolution
Growing consumer confidence and disruptive fast-fashion brands are stacking the odds against traditional, globally-stretched fashion, apparel, and footwear supply chains. Meeting the new generation of consumer demands means placing a high priority on product availability, novelty, quality, and ethical sourcing. Manifesting these values on the operational side only is an uphill battle. Optimizing inventory requires advanced analytics forecasting and unified automated planning.
Fashion, Apparel & Footwear: Planning for tomorrow
The economy is booming and consumers are ready to shop. This is great news for retailers and private label brands alike. It also means supply chains have to produce quality goods quickly to keep up with the demand. The onus is on demand planners to anticipate and respond to the ebbs and flows of consumer preference.
Follow industry trends: Seasonality and patterned buying habits dictate the landscape for most fashion, apparel, and footwear manufacturers. Predictive and prescriptive analytics allow planners to separate buying trends from other “noise” in historical data to forecast future demand with superb accuracy.
Launch more products: Consumers want more looks, available faster. With runway fashion leading the way, all garment companies are expected to release style collections regularly and phase out last season’s looks without much ado. Vanguard’s Product Lifecycle Management capabilities help planners phase styles in and out, effortlessly and accurately predicting demand for new goods.
Omnichannel presence: Coordinating omnichannel sales data is difficult enough, but presenting a unified front to consumers is the holy grail. Vanguard’s Integrated Business Planning is meant to align functional departments, loop in suppliers and buyers, and allow harmonious, goal-based decision-making across the enterprise; values that shine through from planning organizations to the consumer, whether they’re buying from your DtC arm, an e-tail site, or one of your brick and mortar resellers.
Offer great deals: Promotions and marketing events drive brand loyalty and spark buying action. But, you have to incorporate these sales boosters into your supply chain plans so you can deliver on your promises. Using a unified planning platform allows promotional data to be accounted for in the demand plan ensuring your deals make it into consumers homes, instead of on their wish lists.
Making Supply Chains Agile and Responsive
CPG companies of all kinds have to contend with demanding customers, long lead times, capacity constraints, and disruptive competitors, such as Zara and H&M. To cope with all this, optimize your supply chain as follows:
- Improve the demand signal
- Generate a baseline statistical forecast with advanced analytics
- Include valuable team insight into the plan
- Account for any upcoming Sales or Marketing activities
- Remain resilient to uncertainty by using probabilistic forecasts and plans
- Unify Planning
- Collaborate on a real-time, unified data model
- Envision a single version of the truth
- Engage demand-driven supply planning
- Rebalance inventories at each meaningful juncture
- Reduce the time needed to forecast, plan, design, produce, and deliver the latest trends to consumers
Brands can build loyalty and drive profitability by planning for future demand with advanced analytics forecasting and a unified planning platform.