Key Takeaways from The LEAD 2023

The Osa team was thrilled to attend and be an official sponsor for The LEAD 2023. Industry experts and professionals in retail gathered at the event to discuss the latest trends, challenges, and innovations shaping the landscape. With insightful discussions and thought-provoking sessions, the event shed light on crucial aspects of the retail industry. Our own CGO and co-founder Yifat Baror, spoke during the session “Enabling the Next Evolution in Digital Commerce,” all about how building a strong ecosystem with technology partners helps to solve communication breakdowns between channels, manufacturers, and even customers. So, what else did our team learn about new transformations in retail, and how technologies can help solve them?

The Need for a Connected Ecosystem

Our senior account executive Aaron Waters discovered that retailers have an immense need for a connected ecosystem to effectively grow their businesses. “Retailers have probably the biggest need for a connected ecosystem to truly control their business and scale,” he remarked. The ability to share data instantly across the supply chain is crucial for making informed decisions that positively impact revenue and profitability. This need highlights the importance of streamlining technology and taking control of the entire ecosystem to ensure seamless operations.

In terms of new technology, Aaron mentioned Outerspace as an organization to watch. Outerspace is a new 3PL company that is changing the game by redesigning each of their warehouse processes to be truly brand-first.

Unified, Real-Time Reporting is Vital

Our Vice President of Marketing Chelsea Mori was surprised to learn that many retailers still heavily rely on 3PLs and outdated technology to manage product journeys. This struggle hampers their ability to control the customer experience and regain lost business. The lack of real-time reporting from supply chain partners was a significant pain point for brands, with the need to log into multiple systems for channel reporting. However, there is a glimmer of hope, as there are new solutions that enable real-time data sharing and reporting to overcome inventory challenges.

After discussing this issue with a number of retailers, Chelsea learned that “when 3PLs are unable to share real-time reporting, many brands are reliant on puzzle piece reporting methods. I heard one person share how they log into six systems to receive channel reporting from a single 3PL.” The need for a single source of truth is integral for these growing brands. 

Returns and Sustainability

Returns and sustainability emerged as top priorities and ongoing challenges for retailers. Numerous brands are struggling to access accurate inventory data and effectively communicate their needs with manufacturers and other supply chain partners. This emphasizes the importance of efficient data management and collaboration within the supply chain to optimize decision-making and enhance sustainability efforts.

Organizational Interconnectedness

Enterprise account executive Cris Lauer noticed a significant gap in organizational interconnectedness within brands and retailers’ own companies. Cris noted that “They have little understanding of how their success is shared within the supply chain and how the supply chain touches everything.” Attendees primarily focused on external presence and communication, with little understanding of how supply chain operations impact overall success. This insight underscores the need for increased collaboration and awareness across departments, recognizing that the supply chain plays a crucial role in shaping the customer experience and overall business performance.

The LEAD ultimately provided valuable insights into the challenges and opportunities facing the retail industry. It emphasized the necessity of a connected ecosystem, streamlined technology, and real-time data sharing for retailers to scale and thrive. The event also highlighted the importance of addressing returns, enhancing sustainability efforts, and fostering connections with organizations. As the industry continues to evolve, it is essential for retailers to leverage innovative solutions and prioritize collaboration across the supply chain to meet the changing demands of customers and drive business growth.