New RVCF White Paper Reveals Keys to Compliance Performance Improvement
by Susan Haupt, RVCF
Retailers and merchandise suppliers both reap the financial rewards of optimal compliance performance. More importantly, compliance performance improvement results in a better customer experience, both online and in-store. The key is to understand and implement internal and external strategies that drive those improvements and avoid the obstacles that get in the way.
The new RVCF white paper, Improving Compliance Performance, is based on a survey of 14 retailers and 36 suppliers. We asked about the effectiveness of “carrots” (positive motivators) and “sticks” (negative motivators), as well as areas in which alignment and disconnects exist between trading partners. We also encouraged survey participants to speak freely about various issues to provide additional context to their responses. A number of direct quotes are included in the white paper.
Overall, retailers and suppliers are in general agreement about how to improve compliance performance, recognizing that collaboration is the foundation for real progress. However, both sides recognize that internal collaboration, not just external collaboration, is a must. In fact, failure to achieve internal alignment often has a negative impact on external collaborative efforts.
In this white paper, we also explore:
- The benefits of having a retailer assign an individual to work with a specific supplier.
- The disconnect between retailers and suppliers on the value of chargebacks.
- The difference between what retailers hear from suppliers and what suppliers are actually saying.
- The importance of accurate forecasts and data sharing.
- Internal obstacles to compliance performance faced by both retailers and suppliers.
Generally, participants in our survey from both sides understand what needs to be done to boost compliance performance. The key is to develop and commit to a strategy and take action.
We will continue to discuss these issues with retailers and suppliers during the RVCF Spring Conference and throughout 2019 to get clarification on certain responses and prove or disprove assumptions. The findings of our survey, along with deeper insights gained through ongoing research and deeper conversations with RVCF members, will be shared during a special session at the Spring Conference.
Click here to visit the RVCF Thought Leadership Stores and download the new RVCF white paper, Improving Compliance Performance.
The 2019 RVCF Spring Conference will be held May 5-8, 2019 at the Teaneck Marriott at Glenpointe in Teaneck, NJ, just minutes from New York City. For more information, contact Susan Haupt at 646-442-3433 or firstname.lastname@example.org.