Shoppable social media platforms will inspire impulse purchases that lead to more returns, according to Advanced Supply Chain Group research. "This is supercharged window shopping ... it's something retailers need to embrace," says Ben Balfour of Advanced Supply Chain Group.
Systemax has overhauled its Global Industrial e-commerce site, including improved experiences for online purchasing and product returns, says Chief Information Officer Manoj Shetty. Systemax has streamlined product reordering, introduced a chatbot and improved tracking for orders and returns.
Distributors should improve delivery, returns and other processes when attempting to optimize the customer experience, writes ActVantage co-founder Pradip Krishnadevarajan. For best results, categorize customers according to factors such as cost and profitability to determine which relationships should be prioritized.
American households throw out almost one-third of the food they purchase, costing $1,900 per household per year on average, according to a study in the American Journal of Agricultural Economics. More affluent households tended to waste more food than less affluent ones.
Retailers can reduce returns and "create a better selling situation" by using data to analyze purchases and identify problems early on, says Mark Lightbody of Newmine, which offers returns reduction technology. Newmine founder and CEO Navjit Bhasin says retailers should also have policies to discourage excessive or inappropriate returns.
Kraft Heinz Global Chief Information Officer Corrado Azzarita says that data analytics "can help optimize the business" by facilitating recipe changes and price modifications. The company is using data to reduce operational costs and drive revenue in sales and marketing functions, writes Samantha Ann Schwartz.
At least five oil and gas organizations were recently attacked with Ryuk ransomware in what may have been a coordinated campaign, according to ThreatGen founder and CEO Clint Bodungen. At one facility, a phishing email link sparked "a disruption of the entire corporate IT network (beyond the footprint of the facility), disruption of camera and physical access control systems, and loss of critical process control monitoring systems," the Coast Guard said.
Supply chain executives say artificial intelligence helps lower costs and increase revenue, and AI is particularly suited to manage product portfolios and supply chain systems, writes Joe McKendrick. Arnaud Morvan of Aera Technology lists four benefits of using AI as cognitive automation, including end-to-end visibility and less manual work for employees.
Consultants often recommend software that is too cumbersome and expensive for manufacturers' needs, according to a survey by Plant Services and Leading2Lean. Manufacturers should instead seek out vendors and developers who "are in step with technology advances and understand the manufacturing industry," writes Bob Argyle of L2L.
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