CARGOCONNECT-MAY23 - Flipbook - Page 36
COVERSTORY
APPAREL SUPPLY CHAIN
ABHAY BATRA
CLOVIA
CO-FOUNDER AND CFO
THE RESURGENCE OF
OMNICHANNEL DRIVE
AMONG COMPANIES
IS PUSHING THE NEED
FOR SUPPLY CHAIN
AGILITY
T
he Indian lingerie
industry is one
of the few at the
forefront of the
omnichannel
model
In today’s post-pandemic times,
where most offline brands have
embraced digital to reach their
consumers, digital-first brands
are leveraging the latest technologies like big data, analytics and AI
to make the consumer experience
as seamless as ever. Advanced
tech adaptation is the only way
to address the vast length and
breadth of the country that the
brand caters to. For instance, at
Clovia, we use data to improve
our products, supply chain, distribution as well as post-purchase
customer services.
Most significantly, with a
recent resurgence of omnichannel drive among companies, the
e-commerce industry is building
further focus on technology for a
better experience. This trend is
pushing the need for supply chain
agility, as businesses need to be
able to quickly adapt to changing
demand patterns and deliver
products through multiple channels. The Indian lingerie industry
is one of the few at the forefront
of the omnichannel model.
We use smart technology
and big data analytics for
36 | CARGOCONNECT MAY 2023
smart management of inventory which ensures we have
the industry best inventory
holding
Now, in 2023, higher interest
rates and material prices threaten
to increase inventory carrying
costs, adding to the pressure on
both supply chain and finance
leaders to protect margins. And
as markets shift, companies must
find new ways to quickly reduce
costs everywhere they can, and
ultimately do more with less.
Accurate, long-term forecasting is crucial to efficient
supply chain management and
driving down costs. But, supply
chain professionals today also
require the means to understand
short-term demand to help make
faster decisions based on what
happened days – or even hours
– ago. And this can’t be done
manually with high volumes of
SKUs and vendors in the mix,
combined with the complexities
of global trade.
We have built a proprietary
technology engine known as ReX
(or ReqS) i.e. Requirement Simulator. We have patent-pending
algorithms that help us gauge
the customer purchase pattern
through our sales channels and
track their feedback fast. It helps
us know which product, design,
colour is being purchased more
and also more importantly, which