10 Best Practices for Mastering Retail Compliance

    Posted by Janae Smith on Jan 30, 2017 9:54:04 AM

    Avoid Unnecessary Chargebacks and become a preferred vendor for retailers.

    If you are a supplier to large retailers, you have likely incurred some form of chargeback due to non-compliance event like an incorrect ASN. Perhaps this is a recurring problem for your business, something that’s driving down margins and negatively impacting your scorecard with your most important accounts. You know you need to improve to keep your existing customers happy and to grow your business. However, that’s no small task.

    This is hardly a unique problem. Compliance is an area where most suppliers struggle to be consistently successful and it’s only becoming more difficult as e-tailers and omnichannel retail giants become increasingly demanding. 

    Why should you be a master of retail compliance?

    Above all, improving retail compliance is significant due to the financial impact that is has on the business. Non-compliance can severely cut into a company’s bottom line, given the unbudgeted costs offsets that are incurred for non-performance. Even if a company budgets for these seemingly inevitable charges, the margins become thinner.

    At the end of the day, the best partners will rise to the top. Suppliers that do not comply with requirements will not have future opportunities with their retail partners.

    Get access to this best practices guide that was developed for suppliers that are either new to retail compliance or are struggling to consistently satisfy compliance requirements. It addresses the compliance issues your organization faces with these 10 steps you can take to minimize chargebacks and establish lasting partnerships with key retailers:

    1. Develop and maintain a thorough understanding of vendor compliance requirements
    2. Be versatile by establishing cross-functional teams
    3. Make compliance practices part of the process
    4. Leverage retail compliance as a continuous process improvement tool
    5. Track compliance effectiveness
    6. Embrace institutionalized retail business practices
    7. Implement business systems up to the challenge
    8. Attend vendor compliance workshops
    9. Establish regular communication with retail partners
    10. Educate the sales team