Economics Practices in Supply Chain Collaboration †MyAssignmenthelp

Question: Discuss about the Economics Practices in Supply Chain Collaboration. Answer: Introduction: As a future retail store, Woolworths has launched a loyalty program, which will enable customers to redeem cash discounts, redeem gifts on selected items. The Loyalty program is a marketing tool that rewards members with the purchase incentives. To promote the store, customers are notified about various schemes like seasonal discounts and loyalty card membership offers from time to time basis. This loyalty program is launched with the main motive of repeat shopping at the store, So that shoppers become a frequent visitor to the store. More the consumer shops, the more is received in return(Tennent, 2013). The urge of collecting the points may stick the shopper to the same brand. As a growing retail store, it offers the card in which these points gets collect and the shopper can avail after a specific number of points collected or after a particular span of time. Fuel discounts and gift cards are also rewarded in this loyalty program, to make the members shopping addict of the retaile r(theconversation.com, 2017). Membership to these cards keeps the shoppers engage in more shopping, and the store is adding the valuable data to keep itself in good profit. To compete with other competitors, retailers can track and target customers through loyalty card usage and with the modern technique is known as credit card and Woolworths money (Visa),particular paying option in the todays competitive world. As the article defines the future of retail store, it depends on the faculties and the scheme offered by the retailers in this competitive world. In the past few years, mobile technology has changed the facet of life. Woolworths has come with an innovative way to retain the customers and making shopping easy through a service Click and collect (heraldsun.com.au, 2017). Woolworths by this takes the advantage as an emerging trend for shoppers. This service is backed by employees picking and packing groceries in stores for the Shoppers. Delivery of the items is also option to customers at the selected location .The Customer can even monitor orders through the particular app, which will notify the retailer when will be customer approaching the store to collect the order. And even the app is sending a notification to the customer that order is ready. The Customer can even collect through drive -thru service, hence saving the shoppers time and making shopping easy and comfortable without w asting time. Future retail stores are mainly working on this motive of making the shopping easy and time -saving for the customer, so that customers stick to the particular brands and products. For facilitating customers, retailers also allow returning their online purchase in store if they are not satisfied by the product. References Arli, V., Dylke, S., Burgess, R., Campus, R. and Soldo, E. (2013). woolworths australia and walmart us: best practices in supply chain collaboration.Journal of Economics, Business, and Accountancy | Ventura, 16(1). heraldsun.com.au. (2017).Pick Up: Woolworths rolls out national click-and-collect service. Tennent, K. (2013). When the shopping was good: Woolworths and the Irish main street.Business History, 56(5), pp.855-857. theconversation.com. (2017).Woolies new loyalty program offers a glimpse into the future.