Much of Target’s Canadian failure has been attributed to supply chain issues. All fulfillment companies can learn from Target and use the following checklist to ensure they are utilizing their supply chain services correctly:
1. Do You Have the Proper Software?
The media has noted that Target Canada didn’t have the proper software management services to link the retailer with its supply chain companies, something a business cannot let happen. While it’s true that technology can be frustrating and hard to keep up with, you have to make sure that your supply chain software is working in order to handle orders quickly.
2. Do You Keep the Right Stock?
It was also said that Target Canada didn’t stock their shelves properly. Having taken over from previous retailer Zellers, Target did not pay attention to what items the old chain’s clients bought–and that’s for the products they actually had. Making sure your supply chains can get you the right stock is imperative; if yours fails, find another that can.
3. Do You Stay Client-Focused?
Making the above mistakes insults your clients and shows a lack of respect for them. You have to work in conjunction with supply chains to determine what clients want and then keep those items in stock while also finding new products they might be interested in.
4. Do You Ensure the Best Pricing?
Target Canada made a mistake in regards to their pricing by having it fail to beat those of competitors, even during holiday seasons, when they could have offered promotions or discounts to move more stock. The prices both you and your suppliers set are a key indicator of how enthusiastic you are that the public buy from you. As such, you’ll want to keep an eye on your pricing and change it when the need arises.
5. Do You Keep Clients Engaged?
Finally, Target did not succeed at engaging consumers. Offering assembly services on larger products, setting up a special buyers’ club with your suppliers, and offering online exhibitions of new products through e-newsletters are just some ways you can avoid making this mistake.
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