Gaining clarity on vendor terms, service provider contracts, partner integration opportunities and more can help retailers both streamline and ease their operations, overhead and overall spend. The challenge to this, however, is taking the time to get these connections made. Allocating time, however, is what will make a difference.
To help identify the time and actions you need to reconnect with industry partners, identify the following:
- Who are your current partners for inventory management? Shipping? CRM? Packaging? E-commerce? Parcel auditing? Vendors?
- Who are your contacts at each?
- When was the last time your contracts were reviewed?
- What updated features do your partners now offer in response to COVID-19?
- How may these updates benefit you?
Reach out to your partners, then proactively identify ways you can reduce your overhead with each of them without eliminating their value or services. For vendors, this may mean adjusting ship dates or canceling items. For solution providers, it may mean welcoming new integrations into your strategies to help ease expenses and introduce selling opportunities. The key is taking the time to identify how each partner can bring you added benefits to your business. Ask them –point blank – the following to get the opportunities rolling
- What updated features or services does your company offer in response to COVID-19?
- How can I reduce my spend with your business without compromising your services /inventory?
- Are there opportunities to enhance my business I may not be familiar with?
- What new integrations have you introduced to your company that I should be familiar with?
- What other ways can you support me?