Authored by Bob McKee
We are living in the era of Consumernomics. Consumers control the economics of the industry as never before. Consumers lead the way; brand owners, retailers, distributors, manufacturers and supply chain partners have to keep up.
The winning business models build in ways to enhance consumer intimacy. The opportunities are bigger than ever before, but so are the risks. Get it right and you can rapidly take market leadership. Get it badly wrong and you could be out of the game. This industry perspective looks at the planning assumptions that will help your business take advantage of the opportunities and buffer the risk of Consumernomics.
We believe time is of the essence and here we show 6 of the top 12 things you should be considering today:
- Shorten time to market and planning horizon.
- Manage inventory as a central pool.
- Get visibility across all committed inventory.
- Cultivate and integrate the supply chain.
- Be ready to modify styles quickly.
- Follow the consumer.
It has been said that change is your friend. While changes underway in the apparel, footwear, accessories and home textiles industries open up many new opportunities for customer acquisition, sales growth, lower costs and improved margins, they also create some new challenges including:
- Omnichannel sales and distribution
- The changing consumer buying behaviors
- The networked world
- Social media trends
- Consumer choice and desires
- Delivering inventory right place, right time
Complete the form opposite to download our industry perspective: Consumernomics – The plan is there is no plan