Posted by: Megan Castillo
Are you thinking about making resolutions in 2015 to get healthier? Well, if you’re a nutraceuticals retailer, you’re counting on it. Consumers across all age groups are continually seeking ways to maintain and improve their health. This trend, coupled with increasing health care costs, an aging Baby Boomer population and a rising interest in health and wellness through diet has fueled the growth in the nutraceuticals market.
Consumers are looking for innovative products that deliver wellness benefits to help them lead more healthy and active lifestyles. As people are striving to be as healthy as possible to get the most out of life, the use of nutraceuticals to achieve desirable health outcomes has seen tremendous growth and financial success.
The nutraceuticals market has become very competitive with price, safety, efficacy, supply and packaging all playing a role in a retailer’s ability to succeed. Merchandising, inventory management and sourcing are keys to success as large, multi-channel chains with private-label brands, pharmaceutical companies, small local suppliers and retailers compete for business. Getting physician and health care provider buy in along with regulatory support can definitely help to promote your products.
The right technology can help you understand and respond to consumer demands. Technology can you immediate access to data across the entire operation so you can streamline business operations, and gain a competitive edge.
To reach the largest number of potential consumers, you need to be visible across multiple channels. The Internet continues to be an important tool for opening new – and expanding existing –business channels. What is essential at the retail level is coordination, integration and accurate information management to operate successfully.
Nutraceuticals management often requires lot control and a full history of tracking to record when and where lots are shipped for research or for the unthinkable, a recall situation. For such an extreme situation, you’ll need to track all inventory by lot and serial number and be able to trace the lots back to the suppliers through outsourcers or contract manufacturers. You may also need to trace this to individual customers thus needing to capture this data on an ongoing basis to be able to respond without hesitation. Certain products may require temperature-controlled storage and retailers must be able to recognize and stock these items accordingly.
With visibility and control of inventory, you’ll have better control over order response time, you can better manage inventory allocation and you can create a seamless process for order fulfillment ensuring that you have the right products, at the right time, ready to ship to meet customer expectations.
So, while consumers resolve to get healthy in 2015, you can get your business health on track with the right technology to drive success.
Read more about best practices for nutraceuticals retailers in this eBook: “Growing a Health & Wellness Business.”
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