How should brands choose new technologies in 2023?

Challenges Facing Retailers Today

Retailers and brands face a number of challenges in 2023, particularly in the realm of e-commerce and supply chain management. Online shoppers expect free and fast shipping, which can be a challenge for retailers and brands, especially when shipping products from far-off locations. Additionally, e-commerce is becoming more expensive considering the rising costs of fulfillment, shipping, and returns. Retailers and brands must find ways to minimize these costs while still delivering exceptional customer service and also  maintaining product quality and integrity. With the rise of e-commerce, retailers and brands must ensure that products remain in good condition during shipping and storage. Businesses must also be able to track products throughout the supply chain to ensure that items are of the highest quality.

If taking care of shipping, high costs, and quality weren’t enough, brands and retailers must also keep up with shifting customer preferences and behaviors. Online shoppers are constantly changing the way they shop, and retailers and brands must be able to keep up with these changes. These shifts include adapting to new technologies and channels, as well as always-evolving customer proclivities.

Another challenge that retailers and brands face in 2023 is the economic uncertainty created by inflation and job loss. With many people losing their jobs and the cost of goods increasing, consumers are becoming more cautious with their spending. This can lead to a reduction in consumer demand, which can make it harder for retailers and brands to sell their products.

Additionally, market stability is also a concern, as fluctuations can lead to changes in consumer behavior and demand for products. Retailers and brands must possess agile supply chains and e-commerce systems that can quickly adapt to changes in the market.

Technology is the Answer

 So how can brands and retailers solve these challenges? Investing in new technologies is of paramount importance. Artificial intelligence (AI) and machine learning (ML) can help retailers and brands automate processes, reduce costs, and improve customer experiences. For example, AI and ML can be used to optimize shipping routes and delivery times, as well as predict demand for products and manage inventory levels more effectively.

Blockchain technology can also be an asset This tech can help ensure the authenticity and integrity of products, as well as to improve transparency and accountability throughout the supply chain. By using blockchain, retailers and brands can track products from the point of origin to the final customer, making it easier to identify and resolve issues.

Another cutting-edge technology to invest in is robotic process automation.  RPA can automate repetitive and time-consuming tasks, freeing up employees to focus on more strategic and customer-focused initiatives. For example, RPA can be used to automate the process of handling returns and managing inventory levels.

Finally, cloud-based solutions can help retailers and brands scale their operations, reduce costs, and improve efficiency. For example, retailers can use cloud-based solutions to manage their e-commerce platforms and supply chain systems.

By investing in these technologies, retailers and brands can overcome the challenges in 2023 and beyond, while delivering a better customer experience and improving their bottom line.

To better adapt to change and new technologies, retailers should:

• Stay informed: Retailers should regularly stay up-to-date with the latest trends and developments in e-commerce and supply chain technologies. This goal can be achieved by attending conferences and events, reading industry publications, and following thought leaders in the field.
•  Embrace a culture of innovation: Retailers should cultivate a culture of innovation and experimentation, encouraging employees to explore new technologies and ideas that can improve the business.
• Invest in training: Retailers should invest in training programs to help employees understand and adopt new technologies. This can help employees to feel confident and comfortable using new systems and tools, improving overall efficiency and effectiveness.
• Collaborate with technology partners: Retailers can work with technology partners, such as software providers and integrators, to ensure that they have access to the latest technologies and can implement them quickly and effectively.

By taking these steps, retailers can overcome the obstacles of adapting to new technologies and stay ahead of the curve in the rapidly evolving world of e-commerce and supply chain management .

How to Choose New Technology

When beginning to look for new technologies, brands should start by identifying the specific challenges and pain points that they face in their supply chain, such as inventory management, shipping and delivery, and product tracking. Then, brands should assess the technology they are currently using, considering the efficiency and effectiveness of their current systems, and identify areas for improvement. Company leaders must prioritize robust research into available technologies that can help solve their specific challenges.

Before deciding on a software, brands should consider the reputation of technology vendors and their customer feedback, evaluating their level of customer support, reliability, and trustworthiness. Additionally, brands must take into account the cost of implementing the technology, considering the long-term benefits and potential ROI, to ensure that the investment is worth it. Once they’ve decided on technology, brands should test and pilot the it in a controlled environment, evaluating its effectiveness and making any necessary adjustments before rolling it out on a larger scale.

By taking these steps, brands can find the right technology for their supply chain and ensure that they are investing in a solution that will improve their efficiency, effectiveness, and bottom line. The right technology can help brands overcome the challenges of e-commerce and supply chain management, and drive long-term success. By researching and evaluating available technologies, brands can find the best solution for their specific needs and improve their competitiveness in the market.

In addition to finding compatible technology, retailers and brands must find ways to make their products more affordable and accessible to consumers, while still maintaining their quality and customer service. For example, retailers can implement more flexible pricing strategies, such as dynamic pricing (a flexible pricing approach that allows companies to adjust prices frequently and in response to changes in market conditions), to ensure that their products remain competitive in the market. Brands can also explore alternative sales channels, such as omnichannel retail, to reach a wider audience and improve their chances of success.

The challenges faced by retailers and brands in 2023 are numerous, but with the right approach, they can overcome these obstacles and deliver a better customer experience, improve their bottom line, and ensure long-term success. By investing in the right technologies, embracing a culture of innovation, and staying informed about the latest trends and developments, retailers can stay ahead of the curve and thrive in the rapidly evolving world of e-commerce and supply chain management.

Osa Commerce is an innovative technology company that powers the supply chains of retailers, brands, and 3PLs with our cloud-based, tech-agnostic unified commerce platform.  We help supply chain businesses sell wherever their customers are so they can focus on scalable growth—and be one step ahead.