5 Top Tips for Successful Supplier and Retailer Collaboration

Tip 1: Implement Tools for Successful Supplier and Retailer Collaboration

Relationships between suppliers and retailers have become more complex over time. Supplier and retailer collaboration can be challenging, from the increasing number of teams and growing use cases to address to the rising need to provide information quickly. 

And these complexities result in relationships that are sometimes fraught.

"Suppliers don't like to do business with us because it's too difficult to share data."

Does this sentence sound familiar?

While this problem may seem to be worsening, building stronger collaboration between suppliers and retailers can allow for easier data exchange, resulting in lasting success for all parties.

Tip 2: Streamline the Product Data-Collection Process

Suppliers must be able to provide high-quality product data to retailers promptly for effective collaboration, but many retailers still require complicated processes for submission.

Complex data-collection processes cause frustration for suppliers who then must enter the same data multiple times for different retailers — often using spreadsheets that change frequently. And retailers are frustrated by the large teams required to collect this data, validate it, and sometimes convert it into a different format.

Avoid these inefficiencies by implementing processes and tools that allow for efficient collaboration, which will, in turn, reduce the cost and complexity of gathering required product data.

Tip 3: Equip Teams To Quickly Meet Changes and Regulatory Requirements

From prioritizing innovation and addressing new use cases to providing new services to customers and ensuring compliance with regulatory requirements, retailers have a long list of needs.

But the challenge lies in getting this data from suppliers quickly and easily — for all of the different use cases — while meeting both business and regulatory needs. Additionally, noncompliance with many of these factors could result in fines or loss of business.

It’s simple: Retailers can’t afford incomplete or incorrect data, so teams must be equipped with processes and tools required to act on these quickly changing variables.

Tip 4: Onboard New Suppliers With Speed and Ease

From large organizations with established systems to small local suppliers with little-to-no IT knowledge, retailers work with a broad range and number of suppliers.

But success for all involved parties relies on successful supplier onboarding, including a standardized data-collection process for suppliers.

Teams must have the tools and processes needed to onboard suppliers, regardless of size or maturity level, with speed and ease.

Tip 5: Provide Necessary Companywide Visibility

For suppliers and retailers, measuring the success of these relationships can be a challenge. However, there are three essential pieces for building necessary visibility into performance at your organization:

1. Establish measurable digital shelf metrics and indicators to help teams understand how well the business is running.
2. Equip teams with the resources and rolls required to quickly and easily spot issues and address problems.
3. Ensure teams can track performance against contractual obligations with suppliers, ensuring they’re met and measured on an ongoing basis.

Retailers must ensure that teams have the necessary visibility into the organization to ensure the success of retailer and supplier relationships.