With an extensive implementation of digital transformation trends and digital technologies, e-commerce has grown rapidly. The way in which organizations do business is greatly influenced by the growth of e-commerce.
Supplier on-boarding is one of the major factors in the e-commerce segment that demands digital modernization. Supplier on-boarding is the process in which the suppliers possess the required knowledge and behavior, for becoming a part of an organizations supply chain. This makes sure that the suppliers are well aware of the organizations expectations. Due to technological advancements, the process of supplier on-boarding has become easier, time saving and more easier through supplier portals. Now you may ask How is digital modernization important in e-commerce supplier on-boarding? What are the opportunities related to it? Read on for the answers to these questions.
Nowadays, the importance of e-commerce is increasing continually, and wide-ranging set of products and portfolio are important to fulfill the growing demands of a Utopian customer. In order to get this variety in their products, e-commerce companies have to on-board additional suppliers, which helps to maximize the likelihood of attracting a consumer. Today, those online retailers who are not able to digitize their supplier on-boarding process, struggle for success. This is because the time required to on-board the same supplier is more than that of a contender. This also results in delayed launch of new products, which in turn causes loss of sales.
In case of Small and Medium enterprises (SMEs), it is hard to understand all the checks for conformity for on-boarding. In some instances, it can also lead to lost interest.
Besides this, in the on-boarding activities, both the e-commerce retailer as well as the supplier have to invest a lot of manual effort in organizational activities. It is also required to manage a huge data that can lead to disengagement. A lot of time of on-boarding is mainly spent on managing the supplier data since it is fragmented. In some cases, although e-commerce companies put in numerous efforts for vendor on-boarding, in the end it results in confusions regarding procedures and standards.
(Also read 7 BENEFITS OF INTEGRATING E-COMMERCE WITH ERP)
When you ask your partners or vendors to modify their processes, there can be an opposition or doubt, but a few simple steps can help make the process of supplier on-boarding easy and hassle-free. By this, you can escalate the number of suppliers, thereby increasing the whole efficiency of the collaboration ecosystem. These simple steps are as follows:
Step 1: Be proactive
Step 2: Prioritize suppliers to on-board
Step 3: Plan how your suppliers will connect
Step 4: Make registration of individual suppliers and users easy as possible
Step 5: Plan for future growth
Step 6: Prioritize processes to implement
Step 7: Plan to provide supplier training
A self-service supplier portal can essentially address the problems related to the seller on-boarding in e-commerce. It programs a mainly paper intensive activity, and this helps in speeding up the on-boarding process. It also helps the suppliers in managing their product directory and get insights on how their target audience finds them. This enables the analysis of current strategies, and thus employing innovative strategies to attract more and more customers. Uploading more products can help increase the number of options for the consumers using the eCommerce site. The more number of products available, the more are the chances that customers will look through and buy.
Real time validation options for compliance checking and seller verification that are available in the self-service portal accelerates the process of on-boarding. Also, this reduces the number of forms that the supplier might otherwise need to maintain. This has helped several e-commerce retailers in increasing the number of suppliers on-board every month.
Supplier data management is indeed a challenge that is faced by several e-commerce companies due to the amount of paperwork involved in seller on-boarding and fragmented data collection. Nonetheless, digital modernization enables the storage of information in a consolidated location helps to seamlessly manage the supplier data.
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