CBX Software is Helping Retailers Adapt to Shifting Trends Within the Industry With Improved Digital Capabilities
Thirty-four percent of U.S. consumers spent more on private label products during the pandemic. CBX is critical to retailers and their ability to scale, manage, and automate private label sales.
CBX software helps to equip businesses with the tools they need to scale accordingly through supply chain automation and cloud solutions. With buyers typically dealing with sometimes hundreds of suppliers, they need the tools and support to quickly and easily handle and manage larger and larger data sets. CBX Software easily integrates into existing workflows, helping to lower costs through its system that allows for streamlined supplier onboarding, vendor relationship management, and market analysis.
The effects of COVID-19 have resulted in a rapid shift in trends within the retail industry. According to data from Nielsen and the Private Label Manufacturer Association (PLMA), in all U.S. retail outlets, private brands increased 14.6% in dollar volume and 12.8% in unit volume. As consumers turn to more private label sales to seek more value, retailers are following suit, scaling their businesses to meet the growing demand for private label products.
While decisions about where to source, lead times, inventory and forecasting were critical before, in the new retail landscape they are even more important. It’s key for businesses to be flexible, adaptable, customer service oriented and willing to experiment with new product development, logistics, marketing, supplier management, inventory management, supply chain and for their entire operations to meet the shifting needs of consumers.
Retailers that hope to survive and thrive in the post-COVID retail reality must focus on delivering value-based products as quickly and as efficiently as possible to cut costs and maximize profits.
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