With an 8.5% inflation rate (as of July 2022), it’s no surprise that consumers are reducing their spend and looking to cut costs where they can. But retailers have to do the same if they are going to compete for the customers’ business who are looking for the best price, the best value, or the best service.
There are a number of things retailers can do to reduce their spend. Even though some cost-reduction measures may include an upfront investment, the end payoff will be worth it.
Here are a few strategies retailers can adopt to save money and win over customers even in an inflationary period.
With inflation rates still well above average, retailers need to implement these cost-cutting strategies now if they want to compete and win with the leading big-box retailers. It will help keep costs in check while still delivering a great customer experience.
Partnering with an end-to-end logistics provider, like Fillogic, takes a lot of the pressure off of retailers, allowing them to focus on delivering that exceptional customer service.
Fillogic is a logistics-as-a-service provider that transforms underutilized retail space into micro distribution hubs that operate with its own proprietary software. Their services help retailers increase cost savings and efficiency while also reducing transit times and carbon emissions.
Through the Fillogic Hub Network, the company has the ability to intelligently forward-deploy inventory, fulfill orders (DTC and B2B), provide returns/reverse logistics, and optimize transportation across all service levels. It also has a proprietary multi-carrier network and sort/seg solution in its Delivery Marketplace. This end-to-end approach allows retail partners to reduce transit time and costs up to 65% from when the order is placed to when it reaches its final destination, reducingcarbon emissions by up to 80%.
Fillogic helps retailers improve service levels, reduce costs, and optimize asset utilization by enhancing their middle and last mile delivery experience to meet the growing demand and expectations of modern consumers through: