Universal Insights for a better FMCG Retailer-Supplier Engagement
Strong supplier relationships are pivotal for retail success globally, including in the GCC countries where the retail landscape is very competitive. Being "best-in-class" (BIC) as perceived by suppliers is essential for retailers aiming for sustainable success. This status makes them preferred partners for suppliers' strategic initiatives, enabling them to get first access to key initiatives driven by suppliers.
Drawing insights from the 2023 #AdvantageReport, which reflects supplier perspectives across eight European countries, we find practices and attributes that are universally applicable, including in the #GCC's dynamic retail environment. This analysis, enriched by AI-driven feedback, outlines what makes a retailer stand out as BIC in the eyes of suppliers.
Core Strengths: Expert program execution, deep expertise, and an efficient supply chain are foundational for robust supplier relationships.
Trust and Collaboration: Key to standing out as BIC, suppliers value trustworthy, joint-profitable relationships emphasizing JBP and category growth focus. True Partnership with shared profitability, shared selection of key growth initiatives and a relentless focus on a highly compliant execution.
Pillars of Engagement:
#Partnership: Collaborative planning and streamlined business processes are vital.
#Execution: A track record of efficient program implementation and supply management distinguishes BIC retailers.
#Reputation: Trust, backed by proven capability and experience, lays the groundwork for sustainable partnerships.
#Vision: A clear strategy, particularly in omnichannel engagement, resonates well, underlining the importance of innovation and clear communication in the GCC's rapidly evolving retail market.
The insights underscore the significance of strategic collaboration, clear communication, sustainability focus, and digital innovation as cornerstones for becoming a supplier's first choice.
These principles are particularly pertinent in the GCC, aligning with the region's push for innovative retail experiences and sustainable business practices. Adopting these strategies can help regional retailers enhance their supplier relationships, ensuring long-term success and positioning themselves at the forefront of the industry.
#advantagesurvey Advantage Group International #saudiretail #uaeretail #fmcg
