Strategic Sourcing in Retail: Responding to Crisis

With operational restrictions and uncertain consumer demand, many brick-and-mortar retailers have been forced to shutter their stores, resulting in a staggering 8.7% dip in revenue in March 2020.1 To combat these losses, businesses are pivoting operations and embracing creative solutions like online ordering and curb-side order pick-up. Others, like Sleep Number, are partnering with suppliers to create and distribute face masks to local hospitals in need.

Innovative procurement teams in Retail are leveraging software solutions to respond to the current crisis as well as align themselves with the business for a stronger recovery. With collaborative tools to manage suppliers and provide real- time information to business partners, sourcing teams have the agility to weather current uncertainties as well as the visibility to plan strategically for the future.

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