Research On Retailers' Ordering Strategies Based On Supply Chain Finance Under The Multi-channel

As an important part of national economic development,small and mmediumenterprises(SMEs)play an increasingly important role in creating employed positions,increasing market efficiency,promoting technological innovation,transforming economic developing mode and maintaining stable development of the society.According to relevant statistics,the number of SMEs in China has accounted for more than 99% of the total number of our Enterprises,The value of the final products and services they created have counted for about 60% of the total domestic GDP.However,due to a series of reasons such as less core competitiveness,its small asset scale,the small amount of guarantee assets,the low credit rating,high regulatory costs and high capital risks,the financial services of SMEs seriously mismatch with SMEs strategic position and its economic contribution.funding has become a constraint to its development.Under the newnormal,how to solve the capital constraints of SMEs has become an important research topic.Supply chain finance,as a new financing mode,provides an effective financing solution by using the business credit of the core companies in the supply chain as a guarantee.In addition,the competitive relationship between the current enterprises has been transformed into a supply chain and a supply chain,rather than a separate competition of members of the previous levels.The core enterprises of the supply chain are closely related to the upper and lower enterprises,and the financial pressure of SMEs will be a serious impact on the operation of the entire supply chain.Through the supply chain financial financing model,it can not only break through the financial dilemma of SMEs,but also improve the overall operational efficiency of the supply chain and enhance the comprehensive competitiveness of supply chain.In addition,with the rapid development and rapid popularization of technologies such as Internet,e-commerce and online payment in recent years,e-commerce has become another important driving force for economic development.In order to increase market share,expand sales size,enhance profitability,and start to deploy or increase online direct sales channel,most enterprises open up new ways based on traditional offline sales channels and form a multi-channel distribution supply chain system.In fact,enterprises will face capital shortages due to increased capital expenditures for increasing new channel demand.Based on the above background and reasons,this paper conducts two aspects of research on the financial constraints of small and medium-sized retailers in the supply chain.The first part: For the traditional offline sales channel,we firstly build a secondary supply chain system consisting of core suppliers and retailers.Under the condition of random market demand,we establish a basic Newsvendor model without financing,and analyze retailer's optimal order quantity and maximum expected profit;we further propose an ordering model for supply chain financial financing when retailers have capital constraints.At the same time,in the process of establishing the full-text model,this paper also introduces cash management factors such as retailer's own investment fund,financing interest and guarantee fees into the model,making it closer to the reality.The second part: we consider the situation of suppliers' self-built network direct marketing channel,and establish a multichannels supply chain system consisting of direct marketing channel and offline channel,and form a vertical Stackelberg game between suppliers and retailers.Firstly,the optimal decision is made only when the retailer has financial constraints.Then,we modelled according to the shortage of funds due to the construction of direct sales channels by suppliers,and suppliers offer early payment discounts to motivate retailers who have received supply chain financing to pay in advance,and we discussed the strategy choices in this scenario.At the same time,in the process of establishing the above model,this paper also introduces cash management factors such as retailer's own investment income,financing interest and guarantee fees into the model,making it closer to the reality.The second part: we consider the situation of suppliers' self-built network direct marketing channel,and establish a multi-channels supply chain system consisting of direct marketing channel and offline channel,and it forms a vertical Stackelberg game between suppliers and retailers.Firstly,the optimal decision is made only when the retailer has financial constraints.Then,we model according to the shortage of funds due to the construction of direct marketing channel by suppliers,and suppliers offer early payment discounts to motivate retailers who have received supply chain financing to pay in advance,and we discussed the strategy choices in this scenario.Through mathematical modeling and numerical examples,this paper draws a series of useful conclusions.The main conclusions are as follows:(1)When the retailer's initial capital is not enough,the order quantity and expected profits are significantly improved after using the supply chain financial financing,so supply chain financial services can create value for underfinanced supply chains;(2)Due to the significant reduction in the order quantity for capital-constrained retailers,resulting in lower sales of core suppliers,and indirectly reducing their market share,Therefore,suppliers have incentives to support retailer's financing;(3)when retailers have financial constraints,regardless of whether the initial capital of suppliers is short or not,there are optimal decisions in multi-channels supply chain systems in different modes;(4)The retailer's own funds investment income is independent of the optimal decision in the multi-channels supply chain system,but it can affect the retailer's maximum sales profit.(5)the retailer's capital shortage will have an impact on the optimal decision,which is related to factors such as loan interest and guarantee fees;(6)In the early payment discount mode,both the supplier and the retailer's optimal decision price are significantly improved,but this will directly affect the enthusiasm of the consumer,resulting in a decrease in total market demand.Finally,in order to simulate and display the above model and optimal decision in different scenarios and different examples,this paper builds a real-time interactive visual numerical simulation system based on the "R language + Shiny + Shiny dashboard" framework.In summary,this paper takes the retailers with shortage of funds in the multi-channels supply chain as the research object,conducts in-depth discussions,explores the financing decision optimization problem in the supply chain,and draws a series of useful conclusions.At the same time,the models and conclusions we studied also provide a way for SMEs to obtain funds and strategic optimization ideas.