In the past decade, supply chain management has skyrocketed across verticals. With e-commerce becoming a critical economy booster, its success depends heavily on an efficient decision-making platform. With advanced technology solutions making steady inroads into businesses every day, the era of supply chain management has evolved. Several companies are thriving today as they capitalize on a robust technology architecture to support large-scale supply chain operations, and are providing analytical insights on route optimization freight tracking and analytics, sales beat optimization. Locus is a state-of-the-art decision-making platform for logistics, optimizing a range of operations to provide consistency, efficiency & transparency.
Remember those times when we had to stand in a long queue to pay our utility bills? I clearly remember those odd times when we would have to wait for hours if we wanted to make an international call from a PCO. The case was almost similar when we needed to ship things from one part of the country to another. Except for, in the latter case, it was until very recently. But today, with the advent of technology and its roots spreading across various verticals, our life has been simplified.
The global health crisis accelerated the adoption of omnichannel shopping and fulfillment. Consumers spent $861.12 billion online with US merchants in 2020, up an incredible 44% compared to the previous year, which marks the highest annual growth in U.S. e-commerce in at least two decades. To keep up pace with this shift and more effectively sell, businesses have substantially moved investments to online infrastructures, such as e-commerce platforms, inventory management, product recommendations and chatbots and delivery. On one hand, setting up e-commerce sites and/or optimizing online stores means increased sales and market penetration; on the other, these benefits are potentially outweighed by the increased costs as retailers essentially shift a part of their business to logistics and fulfillment. As businesses make the transition to online retailers, they will have to focus on these four key customer areas to ensure profitability: fraud, delivery theft, returns and customer service.
When we think of events that cause a sharp spike in e-commerce revenues, occasions like Cyber Monday and Black Friday come to our mind. An often overlooked event that creates a massive boom for e-commerce companies in China and SE Asia is Single's Day. Showcasing the pride of being single, in 2018, the festival grossed for over $30 billion worth of products sold by Alibaba on the day of the event (as compared to Cyber Monday – $7.9 Billion and Black Friday – $6.22 billion), making it the single largest day from an e-commerce standpoint. Started from China, the event has become quite popular in SE Asia over the years. With more and more ASEAN population tuning into e-commerce, the online marketplaces prove to be the best real-time rescues for all the retailers and help them cover huge customer-base.