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The Future of Retail Supply Chains: Summary

Core Content

This document outlines the key strategies and considerations for retailers aiming to transform their supply chains to meet the demands of the future. It highlights the importance of aligning supply chain operations with evolving consumer expectations, technological advancements, and global economic and regulatory changes. The report, produced by KPMG and HSBC, is based on insights from senior executives in the retail and supply chain sectors.

Main Points and Key Information

1. Create a Responsive and Demand-Driven Supply Chain (DDSC)

• Shift from On-Shelf to On-Demand Availability: Retailers will move away from traditional inventory models to ensure 100% product availability at the point of delivery, regardless of location or time.
• Big Data and Predictive Analytics: Leading retailers will leverage big data to better predict customer behavior, optimize product mix, and reduce inventory costs.
• Operational Efficiency: DDSCs will allow retailers to respond swiftly to changes in demand and manage the complexities of multi-channel fulfillment.
• Collaborative Networks: A shared supply chain platform will facilitate collaboration across the network, enabling real-time data sharing and better decision-making.

2. Evaluate Total Cost Sourcing

• Beyond Cost: Retailers must evaluate the total cost of sourcing, including logistics, taxes, duties, and customs fees, in addition to product costs.
• Emergence of New Sourcing Destinations: Countries like Vietnam, Myanmar, and Bangladesh are emerging as viable alternatives to China, which is losing its dominance due to rising labor costs.
• Government Support in China: China’s "Go West" policy and potential extension of the retirement age aim to address labor shortages and maintain the country's sourcing competitiveness.
• Supplier Clusters in China: The presence of supplier clusters in China supports efficient and cost-effective sourcing strategies, reducing supply chain complexity.

3. Enhance Supply Chain Financing

• Infrastructure for Efficiency: Supply chain finance is evolving into a strategic infrastructure that enhances operational efficiency and strengthens buyer-supplier relationships.
• Focus on Stability and Transparency: The primary motivation now is to ensure suppliers have access to affordable working capital and maintain financial stability, especially for smaller businesses.
• Benefits for All Parties: Transparent financing processes improve cash flow forecasting for suppliers and reduce financial risks for buyers, while also supporting corporate social responsibility (CSR) initiatives.

4. Adopt a Greener Focus

• Environmental Awareness: Consumers are increasingly concerned about the environmental impact of products, including carbon footprint and recyclability.
• Ethical Considerations: Retailers are expected to review the ethical aspects of their supply chain, such as worker safety and labor rights.
• Regulatory Pressures: New regulations are targeting issues like child labor and low pay, increasing the need for sustainable and ethical supply chain practices.
• ESG Risk Management: Cross-border sourcing and technology-driven expansion increase environmental, social, and governance (ESG) risks, which must be managed to avoid reputational and financial damage.

5. Develop a Proactive Tax Strategy

• BEPS Reforms: The OECD's Base Erosion and Profit Shifting (BEPS) initiatives are reshaping how MNCs structure their supply chains and manage tax risks.
• Integrated Approach: Tax planning must be integrated with sourcing, supply chain, and sales tax strategies to align with business value drivers.
• Transfer Pricing and Intangibles: BEPS emphasizes the alignment of transfer pricing with value creation and the proper allocation of profits based on risk and capital management.
• Compliance and Risk: MNCs must reorganize their structures to comply with new tax rules and manage increased tax risk effectively.

Planning for the Future

• Collaboration is Key: Retailers need to work closely with suppliers and internal teams to build agile, efficient, and responsive supply chains.
• Adaptation is Necessary: The supply chain of 2020 will be significantly different from today's models, requiring proactive planning and investment in technology and data analytics.
• No One-Size-Fits-All Strategy: Each retailer must tailor their approach to balance consumer demand, financial goals, and operational efficiency.
• Invest in Data and Technology: Leading retailers will invest in Chief Data Officers and data scientists to harness big data for better decision-making and supply chain optimization.

Conclusion

To thrive in the evolving retail landscape, companies must adopt a demand-driven, transparent, and sustainable approach to supply chain management. This involves leveraging technology, rethinking sourcing strategies, improving financing models, and aligning with global tax and environmental regulations. The future belongs to those who can adapt quickly and effectively to meet the needs of today’s discerning consumers.