The UK online retail industry is estimated to be worth £91bn, that’s 21% of the total UK retail market, according to IMR. It is predicted that in the next five years, online sales will grow by more than 100%. We kick off our supply chain blog series by taking a look at the key trends and innovations likely to affect the sector in 2015.
As published in Retail Week & DWF Supply Chain: Trends and Innovations in Retail 2014-15 report
Meeting consumer expectations and demands has never been more important or challenging and retailers now stand or fall by the strength of their supply chain. Out of this demanding retail environment, the three core priorities of cost efficiency, agility and shorter lead times are occupying the time and minds of supply chain heads like never before.
As the directors who took part in our research with Retail Week have shown, 2014 has been a year of pinpointing what the customer wants regarding the immediacy, time precision or destination of deliveries. In the coming year, supply chain bosses will turn their attention to tightening up all the nuts and bolts, so these services are the best they can possibly be.
Ensuring that the key aspects of the supply chain are underpinned by robust but flexible legal platforms is crucial to getting supply chain issues right and, ultimately, meeting consumers’ needs. There is no doubt that consumers’ expectations are high – retailers are, rightly or wrongly, viewed as the custodians of their safety and ethical expectations. Ensuring agility and performance security in your contracts can future-proof your supply chain, which is essential in such a fast-paced and evolving environment.
Watch out for our next blog post which will include an infographic of the key issues and priorities for supply chain professionals based on our recent research of some of the UK’s top retailers with Retail Week.
If you have any questions or would like more information, please contact Hilary Ross Partner & Head of Retail, Food & Hospitality sector.This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.