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Retail Intelligence

Providers to Partners

By February 7, 2024April 3rd, 2024No Comments

Retailers can benefit by adopting a mindset of “From Providers to Partners.”

The intention is to transform relationships. This applies to both internal relationships (within the organization) and external ones (factories and vendor partners).

For internal relationships, product development teams can reduce significant amounts of failure work if functions like Sourcing and Materials are actively involved during proto review. For external relationships, vendors/factories can be incorporated into the retail op model.

Three criteria are required for a true partnership to exist: Communication, Collaboration, and Trust.

But, if all three are not present, there are consequences.

  1. Communication + Collaboration = No comfort with one another.

  2. Communication + Trust = Working in isolation.

  3. Collaboration + Trust = Key information is lost.

Shifting from providers to partners is a crucial change that retailers need to embrace. Doing so means unlocking gains in speed, innovation and profitability.