Why Are Vendor Portals Crucial to Retailers?
18 months after its US launch, online product discovery platform RangeMe is adding 1,000 new CPG suppliers a week as more high-profile retailers use it to identify and compare new products. Designed in part to level the playing field for SMEs by getting them in front of buyers that may not have otherwise have noticed them, RangeMe is now used by a wide variety of retailers which now asks all prospective Vendors to make their approach via RangeMe.
The platform – which now features 45,000 suppliers representing 170,000+ products – offers buyers (who are inundated with unsolicited approaches from suppliers via online forms, email, social media, and phone calls) a more efficient way to manage these approaches, while vendor information is presented in a consistent format that allows users to rapidly find and compare new products.
These online platforms support innovation and growth in the digital space and smooth out the market fragmentation and the differences between various national and local rules. Retail buyers have the unique opportunity to meet up directly with suppliers in the digital world and discover exciting new products that might have otherwise been difficult to find. With a few clicks, they can compare and analyze different vendors and decide which is the best assortment of brands for their customers.
Rich Information Onboarding
Generally speaking, some companies might be reluctant to collaborate with an online platform to find new suppliers. One sure way to create trust and get over this hurdle is to provide rich and accurate data that is valuable to the retailer during their decision-making process. For example, RangeMe vendors submit a product image, description and key metrics, such as gross margin, MSRP, full year sales, current retail customers, distributors, certifications (eg. USDA organic, Non-GMO Project Verified), social media followers and other information buyers are looking for.
Riversand’s Vendor Portal allows retailers to integrate with data from multiple vendors to help you better manage vendor on-boarded data and ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of information. Retailers can benefit from the latest technologies to clean up their current files and implement strong supplier master file governance and control policies. With our Vendor Portal, retailers can establish product hierarchies, category attributes (common and mandatory), and product variants. One of the most important feature is that Vendors cannot onboard data without populating critical attribute fields. This makes it extremely valuable if you are looking to get rid of errors and duplicate information.
Vendor Portal integrates with our PIM solution, thereby establishing governed vendor on-boarded data across your organization and has the added benefit of harmonizing and consolidating heterogeneous information across multiple ERPs. Our portal incorporates specific workflows and clear sets of data governance and security rules to help you eliminate the need for a custom-made system to manage your Vendor data. Do you want to manage one-time vendors separately or remove idle vendors from your list? Riversand’s Vendor Portal can help you set-up an automated process to deal with all these issues and much more.
Read Riversand’s case study on how a Global Musical Instrument Retailer boosted sales through Riversand’s Vendor Portal solution.
Read the full article about Rangeme at : www.foodnavigator-usa.com
image credit @nathan_prikle @unsplash