The cosmetic industry was valued at $532 billion in sales in 2017, according to Globe News Wire. It is projected to $863 billion globally by 2024. This upward trend proves cosmetic companies are generating great demand for their products. The challenge in the health & beauty supply chain is to produce and provide the supply when and where it is needed. As companies compete for this growing revenue stream, product fulfillment management is separating itself as a strategic advantage.
Managing high volumes of product, understanding handling, packaging, and temperature restrictions, hazardous goods processing and managing small parcel shipping costs are all complex variables that require high levels of process visibility. Storage and B2B and B2C fulfillment strategies that align to bring products to the point of sale efficiently can be enhanced with access to the right information.
End-to-end visibility into logistical and transportation operations can be challenging. As stated earlier, health & beauty companies and their growing revenues show that demand is being generated, typically through new products, consumer trends and celebrity influencers. Due to the rapid pace of this industry, getting feedback from these various sales channels can be an obstacle to growth. Negotiating these obstacles begins by understanding the process before attempting to improve it.
Leveraging technology and partnerships to keep each element of your health & beauty supply chain in sync and while providing real-time data analytics is vital to capitalizing in this prospering sector. The ability to monitor, recognize and act on real-time data can not only create opportunities but stem problems as well. At Barrett Distribution Centers, technology and process visibility is a major element of supply chain management.