As per the statistics for the year 2022, it is said that – the supply chain industry is expected to generate revenue of about $15 trillion in the coming year from 2023 to 2025.
Supply chain – the main purpose of utilizing this system is to improve the customer’s experience, bring more conversions and reduce the cost of spending irrelevant funds. So if you are not aware of this then we are sharing the 7Rs of supply chain management and hoping to enjoy reading about this.
Let’s Learn About The Following 7R’s Of Supply Chain Management
Right product –
In business, choosing the right product is the fundamental priority because it could make or break the brand. The reason is – if the target audience doesn’t feel the need for any such kind of product then they will not buy and the brand will not earn anything. Before manufacturing the product, research the market and the rate of purchase of any product. Also, analyze the preferences of the customer that assist the brand with data, and statistics based on gender, interest, and age.
Right Quantity –
Minimum is always best not excess of any stuff. In the food and pharma-based companies – this is required to use the right quantity, especially minimum quantity to maintain its quality. If we talk about facial product-based companies, especially for serums and sunscreen – there is an instruction to not ignore the quantity while using the product. The quantity would be minimum than expected because these products hold value, goodness, and richness of natural ingredients. Excess of the quantity could display adverse effects or not as per the desire. Similarly, the same thing happens with the other products in the market. But the thing that every brand owner shouldn’t forget is – quality, make it first.
Right condition –
Right condition is another effective strategy that you couldn’t ignore. Suppose, there is a season of rain and you are selling umbrellas, then this is a cherry on the top of the cake. Overall this is a favorable condition and it could generate more revenue than expected because every individual is looking for a thing to protect themselves from rain. Another situation is when the market price goes down then it is the best time for the investors to buy the stocks so that they can sell at a higher price when the market would be at a peak. That is why it is crucial to prefer the right condition and time over anything else, don’t do anything in hurry. Think before taking any action and speak when it is necessary.
Right place –
Research the place or location where you are going to start the business. The place where the majority of the target customer is more would be the best option to choose for a permanent setup. Don’t roam here and there after a particular time because this will not let the audience remember your brand. Decide one but that one should be perfect and this whole thing happens when you plan everything in the right direction.
Right customer –
Find the best niche which would be suitable for your brand. Ask yourself these questions – what is the purpose/vision/ mission and the product which you are selling today? Serve to those who are mentioned in the “perfect niche list”, offering help to everyone would be the waste of time. Make a community of loyal customers and please them with the best services of a brand.
Right time –
Brand should be disciplined and respect the value of time. In this world, there is only a time when if lost then we couldn’t find it back. A time could make or break the reputation of the brand. If delivery is not possible at a right time or if a brand is not allowed to complete the stocks at a right time then it could ruin the reputation. Because customer never waits for anything, they need everything instant and now. If you are not available then anyone else would satisfy their need.
Right price –
If you are selling the product at a higher price but it is not that much value and does not even hold the quality. Then soon no one would purchase that product and the rate of purchase will down. Brands should remember to not give any single chance to their customer that they start losing interest in their brand.
Wrapping up –
The supply chain plays an important role in business and that is why the supply chain manager doesn’t take any risk to lose any single opportunity to impress the customers. These are 7Rs of supply chain management that are pillars to lay a great foundation for business.