According to a recent article in BusinessInsider.com, mega retailer, Target, has big plans to speed up the supply chain so they can stay competitive with the likes of Walmart and Amazon.
This means that things are about to get tougher for vendors.
WHEN WILL THIS HAPPEN?
Effective May 30, Target plans to:
- Tighten delivery deadlines
- Increase late delivery fines
- Assess product information inaccuracy penalties up to $10,000 (they’re still finalizing this plan)
Suppliers have been notified of the new rules, which will be rolled out over the next 60-90 days. The upside is that the ultimate goal is to “keep products stocked to lower missed sales” for Target and suppliers. The downside? You’ll likely need to update your maps and processes.
Worried that you’ll miss one of Target’s required updates? We’re always here to help you.