UNIVERSITY OF ECONOMICS
THE UNIVERSITY OF DANANG
REPORT
Group:
Instructor:
Class:
Members:
Danang, 2022
TABLE OF CONTENTS
I. Introduction of the company...............................................................................1
1. About Nike, Inc.................................................................................................1
2. Products and Services.......................................................................................2
3. Operations.........................................................................................................2
4. Nike’s Markets..................................................................................................3
a. UNITED STATES MARKET......................................................................3
b. INTERNATIONAL MARKETS..................................................................4
II. Logistic practice...................................................................................................5
1. Procurement......................................................................................................5
a. Theory of Procurement.................................................................................5
b. Procurement practices of Nike.....................................................................5
2. Distribution........................................................................................................9
a. Theory of distribution...................................................................................9
b. Distribution practices of Nike.....................................................................10
III. Inventory decision..............................................................................................15
1. Procurement practices influence the inventory decisions of Nike...............15
2. Distribution practices influence the inventory decisions of Nike.................16
IV. REFERENCES..................................................................................................21
List of images
Figure 1. Information About Nike.............................................................................1
Figure 2. Nike's US Retail Stores...............................................................................3
Figure 3. Nike's Non-US Retail Stores.......................................................................5
Figure 4. Nike's Supply Chain Model........................................................................6
Figure 5. Nike's Outsourcing Facilities Worldwide..................................................7
Figure 6. Nike's Revenue Worldwide From The Fiscal Years Of 2016 To 2022, By
Sales Channel(In Million U.S. Dollars) - Statista 2022...........................................10
Figure 7. E-Commerce Net Sales of Nike.com From 2014 To 2022.......................12
Figure 8. Total Nike Retail Stores Worldwide From 2009 To 2022 - Statista 2022
.................................................................................................................................... 13
Figure 9.Nike Days Inventory Outstanding Compared To Industry Average.....19
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1. INTRODUCTION OF THE COMPANY
2. About Nike, Inc
Nike, Inc. is an American multinational corporation that is engaged in the
design, development, manufacturing, and worldwide marketing and sales of footwear,
apparel, equipment, accessories, and services.
NIKE is the world's largest athletic footwear and apparel seller and
headquartered near Beaverton, Oregon. The company sponsors many high-profile
athletes and sports teams around the world, with the highly recognized trademarks of
"Just Do It" and the Swoosh logo.
It was originally known as Blue Ribbon Sports (BRS), and was founded by
University of Oregon track athlete Phil Knight and his coach, Bill BoNIKErman, on
January 25, 1964.
The company initially operated in Eugene, Oregon as a distributor for Japanese
shoe maker Onitsuka Tiger. Throughout the 1980s, Nike expanded its product line to
encompass many sports and regions worldwide.
Figure 1. Information About Nike
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3. Products and Services
NIKE Brand product offerings are aligned around our consumer construct
focused on Men’s, Women’s, and Kids’. NIKE also designs products specifically for
the Jordan Brand and Converse
NIKE’s athletic footwear products are designed primarily for specific athletic
use, although a large percentage of the products are worn for casual or leisure
purposes.
NIKE also sells sports apparel, which features the same trademarks and is sold
predominantly through the same marketing and distribution channels as athletic
footwear.
NIKE sells a line of performance equipment and accessories under the NIKE
Brand name, including bags, socks, sport balls, eyewear, timepieces, digital devices,
bats, gloves, protective equipment and other equipment designed for sports activities.
In addition to the products NIKE sells to wholesale customers and directly to
consumers through NIKE Direct operations, NIKE has also entered into license
agreements that permit unaffiliated parties to manufacture and sell, using NIKE-
owned trademarks, certain apparel, digital devices and applications and other
equipment designed for sports activities.
NIKE also offers interactive consumer services and experiences as well as digital
products through digital platforms, including fitness and activity apps; sport, fitness
and wellness content; and digital services and features in retail stores that enhance the
consumer experience.
4. Operations
NIKE sells products through Direct operations, which are comprised of both
NIKE-owned retail stores and sales through NIKE digital platforms (also referred to
as "NIKE Brand Digital"), to retail accounts and to a mix of independent distributors,
licensees, and sales representatives in virtually all countries around the world.
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NIKE also offers interactive consumer services and experiences through our
digital platforms.
Virtually all of its products are manufactured by independent contractors. Nearly
all footwear and apparel products are manufactured outside the United States, while
equipment products are manufactured both in the US and abroad.
5. Nike’s Markets
6. UNITED STATES MARKET
For fiscal 2022, NIKE Brand and Converse sales in the US accounted for
approximately 40% of total revenues.
The company sells NIKE Brand, Jordan Brand and Converse products to
thousands of retail accounts in the United States, including a mix of footwear stores,
sporting goods stores, athletic specialty stores, department stores, skate, tennis and
golf shops and other retail accounts.
In the United States, NIKE utilizes sales offices to solicit such sales. During
fiscal 2022, its three largest United States customers accounted for approximately
22% of sales in the United States.
NIKE Direct and Converse direct-to-consumer operations sell NIKE Brand,
Jordan Brand and Converse products to consumers through various digital platforms.
In addition, its operations also sell products through the following number of retail
stores in the US:
Figure 2. Nike's US Retail Stores
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In the United States, NIKE has eight significant distribution centers.
- Five are located in or near Memphis, Tennessee, two of which are owned
and three of which are leased.
- Two other distribution centers: one located in Indianapolis, Indiana and one
located in Dayton, Tennessee, are leased and operated by third-party logistics
providers.
- One distribution center for Converse is located in Ontario, California, which
is leased.
There are other smaller distribution facilities located in various parts of the
United States, some of which are leased or operated by third parties.
7. INTERNATIONAL MARKETS
For fiscal 2022, non-U.S. NIKE Brand and Converse sales accounted for
approximately 60% of total revenues.
NIKE sells our products to retail accounts through its own Direct operations and
through a mix of independent distributors, licensees and sales representatives around
the world.
The company sell to thousands of retail accounts and ship products from 72
distribution centers outside of the United States.
During fiscal 2022, NIKE's three largest customers outside of the United States
accounted for approximately 14% of total non-U.S. sales.
In addition to NIKE-owned and Converse-owned digital commerce platforms in
over 45 countries, NIKE Direct and Converse direct-to-consumer businesses operate
the following number of retail stores outside the United States:
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Figure 3. Nike's Non-US Retail Stores
8. LOGISTIC PRACTICE
1. Procurement
a. Theory of Procurement
According to Kappauf et al. (2011), procurement logistics is a segment of
logistics spanning business processes from goods procurement to the transport of
materials to a receiving storage location or production site. It connects the distribution
logistics of the external supplier with the production logistics of one’s own company.
And its primary tasks within the framework of need-based procurement are to make
available all goods and services necessary for planned operational performance
processes in the correct type, quality and quantity.
In logistics, the decision maker has to elaborate a purchasing plan deciding what
to buy and from which supplier to satisfy products internal demand, while minimizing
the procurement costs. (Manerba, 2015).
2. Procurement practices of Nike
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Figure 4. Nike's Supply Chain Model
Nike employs an outsourcing strategy using outsourcing facilities located around
the world. The strategy adopted have some benefits that permit Nike to concentrate on
the core competencies as the tedious and much involving production part isleft to the
outsourcing partners. Nike’s strong existing relationship with the suppliers canbe
argued to be behind the company’s success since high quality products can be
produced at low costs within the stipulated time frame.The key suppliers of Nike are
primarily headquartered in East and Southeast Asian countries especially operated in
Vietnam, Indonesia, and China. However, Nike controls a list of suppliers to manage
price and quality of the materials. Nike only participates in researching, prototyping
products, promoting, and distributing products to consumers.
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Figure 5. Nike's Outsourcing Facilities Worldwide
In the procurement process, Nike completely relies on external sources for raw
materials and manufacturing. As almost all of its products are manufactured by
independent contractors, it needs to have a broader base of suppliers which supports
its business and growth. Therefore, the successful business model of Nike mainly
depends on its good supply chain management and procurement process. Therefore, in
Nike, procurement is treated as a strategic function.
The principal materials used in Nike’s footwear products are natural and
synthetic rubber, plastic compounds, foam cushioning materials, natural and synthetic
leather, nylon, polyester and canvas, as well as polyurethane films used to make NIKE
Air-Sole cushioning components. During fiscal 2021, Air Manufacturing Innovation, a
wholly-owned subsidiary, with facilities near Beaverton, Oregon, in Dong Nai
Province, Vietnam, and St. Charles, Missouri, as well as independent contractors in
China and Vietnam, were Nike’s suppliers of materials and cushioning components
used in footwear.
NIKE's independent contractors and suppliers buy raw materials for the
manufacturing of our footwear, apparel and equipment products. Most raw materials
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are available and purchased by independent contractors and suppliers in the countries
where manufacturing takes place. NIKE's independent contractors and suppliers have
thus far experienced little difficulty in satisfying raw material requirements for the
production of our products.
Quality is a very important concern in the supply chain of Nike. So it maintains
great caution regarding the selection of raw materials and its suppliers. As a strategic
function, Nike has employed a global procurement team to obtain and purchase raw
materials. It takes care of the entire procurement process from selection to contracting
with the right suppliers to get the right products and services. For instance, when a
shoe model is designed, Nike will deliver the shoe model to a factory for sample
production. If the sample product meets the standards, Nike will sign a contract with
the factory for mass production. Nike uses Outsourcing in the form that the factory
will order production materials by itself. When the contract is completed, Nike will
pay the cost of production plus processing fees. Products will be transferred to the
company, from here Nike will carry out the process of distributing and selling
products. Therefore, its strategic sourcing initiatives have helped the brand to keep its
promise and maintain its brand image by giving the best quality to the customers.
Nike encountered several controversies over its supply chain practices regarding
with its labor welfare in the past. Because of this point, Nike mainly focuses more on
ethical supply chain practices stronger. When choosing suppliers, Nike’s sourcing
strategy focus on suppliers who have shown leadership and commitment to CSR and
sustainability as a priority. The suppliers also have to provide more than the minimum
quality standards required by Nike. In making relationships with its suppliers, the
supply chain management strategy focus of Nike is not only on quality but also on
long-term agreements. Therefore, its supply chain partners are those with agile and
resilient management systems which make enable them to grow sustainably with
minimized environmental impacts. Its suppliers are judged and audited based on fair
labor standards as well as to foster a culture of safety, diversity, and inclusion down
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the supply chain. By doing this – Nike’s strategic sourcing initiatives have helped the
brand to commit to purchasing sustainable raw materials.
3. Distribution
a. Theory of distribution
Every pair of supply chain stages that are connected via distribution. Transport
offinished goods occurs from the producer to the end user, whereas transport of raw
materials and components occurs from suppliers to manufacturers (Mehra 2021).
Distribution plays a significant role in a company's overall success since it directly
affects supply chain costs and customer value. Distribution plays a significant role in
acompany's overall profitability because of its direct influence on supply chain costs
andcustomer value (Mehra 2021).
Distribution in logistics refers to the overall management that oversees the
movement of goods from their development to the point of sale. This can include
anything from transportation, packaging, inventory, stock control, site and area
examination to information handling. Distribution in logistics incorporates numerous
processes. The focus is ultimately on achieving efficient distribution and smooth
movement of finished products to customers.
Distribution is a management system within logistics that is focused on order
fulfillment throughout distribution channels. A distribution channel is the chain of
agents and entities that a product or service moves through on its way from its point of
origin to a consumer. Examples of distribution channels include ecommerce websites,
wholesalers, retailers and 3rd party or independent distributors. Distribution includes
activities and processes such as consumer or commercial packaging, order fulfillment
and order shipping. In short, distribution is most easily understood as commercial or
sales distribution.
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2. Distribution practices of Nike
Figure 6. Nike's Revenue Worldwide From The Fiscal Years Of 2016 To 2022, By
Sales Channel(In Million U.S. Dollars) - Statista 2022
Nike’s distribution channels can be primarily divided into three categories: Nike
employs both direct and indirect channels of distributions.
- Selling products to wholesalers in the US and international markets.
This is Nike’s biggest distribution channel.
- Direct-to-consumer (or DTC) sales, which include inline and factory
retail outlets and e-commerce sales through its website. Online sales through
Nike Direct is the company’s fastest-growing distribution channel.
- Sales to global brand divisions.
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Sale to wholesalers is Nike’s biggest distribution channel contributing 68% of
total sales in the fiscal year 2019; it includes independent stores, chain stores like Foot
Locker (FL), JD Sports, and Intersport and online retailers like Amazon. DTC sales
channel is the company’s fastest-growing channel. It includes Nike owned stores,
factory outlets and its online platform. The company has been redirecting its
distribution efforts from wholesale to direct to customer sales channel. Nike’s DTC
sales saw a twofold rise from 16 % in 2012 to 32% in 2019. This is a result of the
company’s continuous efforts to expand its Nike direct operations.
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Looking at Nike’s international distribution channels, the company operated
1.046 stores outside the United States inl 2022. Of these, 806 were Nike factory
stores, while 95 were Nike brand inline stores. The remaining 145 stores were
Converse stores. Meanwhile, online sales have emerged as a key distribution channel
for Nike, as well as other companies in the space.
Figure 7. E-Commerce Net Sales of Nike.com From 2014 To 2022
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Figure 8. Total Nike Retail Stores Worldwide From 2009 To 2022 - Statista 2022
DTC involves a brand connecting and selling directly to its customers, whether
online or offline, through branded stores, in-store concessions, or pop-ups. Instead of
wholesaling products to retailers for them to do the job of selling on to the customer,
the brand takes responsibility for the whole chain from production to the customer
having the goods.
Direct sales to consumers provide higher margins than sales through
wholesalers. As a result of this shift, Nike saw higher profit margins. The company
has six major distribution centers in the US and 67 distribution centers outside the US.
When it comes to Nike owned retail stores. Nike operated 384 retail stores in the
United States and 768 stores outside the United States at the end of the fiscal year
2019. DTC enables the company to directly interact with end-consumer, provide
improved customer service, and get a better idea for what people really want.
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Through DTC, Nike is able to have better flexibility over pricing, inventory and
commodities decisions. The management of the organization expected that, as DTC
channels sales are periphery accretive, it will help the association to reach its target of
a 0.4-0.6 percentage point growth in its gross margin each year through fiscal 2020
(Hoejmose et al. 2013). From the figure 1, it can be said that Nike was able to meet its
targets till date by using DTC channels. However, there were some other major
reasons that allowed Nike to implement such a channel in their supply chain.
Why DTC?
According to Shi and Yu (2013), the rise of upgraded mobile technologies,
technologies related to social and cloud processes, customer expectations continue to
rise. Customers are nowadays looking for a more seamless experience. In the industry
from which Nike belongs, customer experience is a new battlefield. It is considered as
a major competitive advantage that attracts and keeps customers. Direct to consumer
sales process through online sites allows business organizations to envision how the
customer journey should take place. As a result, the marketing team of that company
can implement the tactics necessary to make that vision a reality (Sajjad et al. 2015).
Nike management considered these points and then decided to open “direct to
consumer” channels.
Another major reason behind Nike’s decision to open “direct to consumer” is the
facility of DTC that allows an organization to collect customer behavior data. Direct
to consumer channels are a big chance for companies to develop the lifetime value of
consumers because those companies can garner knowledge about their consumers and
tailor personalized shopping experiences for them. However, it is also true that data
cannot provide a complete knowledge on the current customer behavior; therefore, an
organization should also use traditional channels to keep a steady communication with
the customers (Lemke and Petersen 2013). Nike’s decision to implement “direct to
consumer” channels was also influenced by the introduction of several newly
launched organizations that are having unique marketing styles. The organization
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decided to reach its customers more precisely and that is why they decided to hop in e-
commerce business.
3. INVENTORY DECISION
1. Procurement practices influence the inventory decisions of Nike
The principal materials used in Nike’s footwear products are also locally
available to manufacturers. Both Nike’s apparel and footwear products are dependent
upon the ability of their independent contract manufacturers to locate, train, employ
and retain adequate personnel. NIKE contractors and suppliers buy raw materials and
are subject to wage rates and other labor standards that are oftentimes regulated by the
governments of the countries in which our products are manufactured.
There could be a significant disruption in the supply of fabrics or raw materials
from current sources or, in the event of a disruption, Nike contract manufacturers
might not be able to locate alternative suppliers of materials of comparable quality at
an acceptable price or at all. In addition, Nike can not be certain that our unaffiliated
manufacturers will be able to fill our orders in a timely manner. If Nike experiences
significant increases in demand, or reductions in the availability of materials, or needs
to replace an existing manufacturer, there can be no assurance additional supplies of
fabrics or raw materials or additional manufacturing capacity will be available when
required on terms acceptable to them, or at all, or that any supplier or manufacturer
would allocate sufficient capacity to them in order to meet Nike’s requirements.
Because of this, Nike produces demand forecast, then, they would prepare a
manufacturing plan. They need to predict the number of raw materials, replacement
parts, auxiliary supplies, operating supplies, and other items to be ordered. They need
to avoid the shortage and excess of material. If they do not have enough material to
produce, it will negatively influence revenue. But, if they order too much, they may
suffer more carrying costs. So, the basic decision in an economic order quantity
(EOQ) procedure is to determine the amount of the stock to be ordered, at a particular
time, so that the total ordering and carrying costs may be reduced to a minimum point.
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Nike should place optimum orders and be neither too large nor too small. EOQ is also
the level of inventory orders that minimizes the total cost associated with inventory.
The EOQ analyses the trade-off between order costs and carrying costs to determine
the order quantity that minimizes the total inventory costs.
Reorder point
Nike overproduced other stock-keeping units (SKUS). This erroneous
manufacturing plan eventually resulted in lost sales worth millions of dollars. So, after
determining EOQ, Nike Company must know the inventory management about when
to place an order for avoiding the stock-out position.
The reorder point is calculated as the lead time the firms needs to place an
receive an order and the firm’s daily usage of the inventory item. The lead time is the
time lag between raising an order and the goods being delivered.
2. Distribution practices influence the inventory decisions of Nike
The inventory management system of Nike depended on long term future
forecasts. Nike rewards retailers if orders are placed in 6 months advance. Nike used
this data of sales and orders from these retailers to estimate global demand, and this
information was used to set production levels at various manufacturing plants
worldwide. To fulfill these orders on time, Nike orders its manufacturer to produce
55% of the estimated level of goods before any demand information is available. This
strategy for managing its ordering and inventory was not effective. The lead time for
orders Nike placed with its manufacturers was around four months. Besides, Nike pre-
orders four months in advance, which created a significant variance in the supply
chain.
In the current state model the author modeled NIKE's current method of
planning safety stock for Always Available products. Always Available aims to
achieve a 95% item fill rate (IFR) for all products on replenishment. This target can
lead to situations where the safety stock required for a given month may go up
dramatically due to a large demand increase from the previous month. Suppliers
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generally are not able to change capacity dramatically from month to month, thus
NIKE generally buys ahead of peak seasons to mitigate capacity constraints. This can
lead to situations where safety stock levels go up higher than the recommended 95%
IFR. Also, demand planners often override the recommended safety stock targets
(from a 95% IFR) to input their own values for various reasons. These two reasons
(supplier capacity and demand planners) lead to situations where NIKE does not
achieve the 95% IFR that they are targeting from month to month.
NIKE experiences three primary difficulties in managing seasonal products. Two
reasons are interrelated, demand variability and the constant refreshing of their
product line (new products), which leads to products that are difficult to plan. The
third reason, long lead times, greatly magnifies the difficulty of planning for variable
demand because the selling seasons are often shorter than the replenishment lead time.
This leads to situations where NIKE essentially takes one bet for a season because it is
unable to replenish during a season (a classic newsvendor situation). This makes it
very difficult to replenish during the peak selling season as the replenishment product
would not arrive in time to meet customer demand during the peak selling season.
Nike is using RFID (Radio Frequency Identification), to track inventory. That
means that NIKE can pull up and see exactly where each set of shoes has moved. That
allows to say, this store has inventory it's not going to sell, so we can ship it to another
store, we can fulfill a digital order from that store; this store isn't going to get its next
shipment before it sells out of that size. Beyond Nike’s own supply chain, RFID can
grant Nike a view of the inventory in the hands of retailer customers too, giving Nike
a better view of what’s selling and, in theory, giving retailers more tools to get
consumers the products they want when they want them.
And NIKE has bought a couple of technology companies to help them process
that data. But they're getting into a situation where, using AI and other techniques and
real-time data, they're going to be able to make better predictions about what
inventory goes in what stores. Nike acquired two predictive analytics companies –
Zodiac and Celect – in 2018 and 2019, respectively. These solutions help Nike crunch
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data from their apps and from IoT devices like Fitbits and use that data to understand
customer habits and predict purchasing behavior. For instance, Nike now incorporates
Zodiac’s marketing data into its app to serve up personalized content and make
product recommendations.
Celect:
Using Celect’s inventory management tools, Nike can now anticipate consumer
demand and determine what products they should produce and where those products
should be sold. Nike's hyper-local approach to inventory management ensures the
customers can always find what they need and be able to purchase the items they're
most interested in.
Zodiac:
Nike acquired the data analytics company Zodiac, a predictive customer
analytics platform, in 2018. The platform forecasts the behavior of individual
customers and customer segments and uses a company’s historical transaction logs to
predict each customer’s future buying habits.
Zodiac’s predictions improve customer acquisition, reduce churn, and enhance
the accuracy of sales forecasts. This technology has been important for Nike’s apps—
SNKRS, Training Club, Run Club, and its commerce app—which have helped drive
immense value for the company. According to John Donahoe, “a consumer who
connects with us on two or more platforms has a lifetime value that’s four times
higher than those who don’t.” The goal is to integrate the technology into Nike’s
mobile apps and website, which would allow them to predict what styles of sneakers
and apparel customers want, when they want them, and where they want to buy them
from.
After acquiring AI and predictive analytics improves its ability to manage
inventory, reduce lead times, increase visibility, and help the retailer anticipate
shifting consumer demand. Since Nike wants to sell more products directly to
consumers, it is focusing on becoming “insight-driven, data-optimized and hyper-
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focused on consumer behavior.” Nike implemented its Express Lane program to speed
up manufacturing and order fulfillment. It moved towards “rapid prototyping and new
manufacturing techniques such as 3D printing” to cut its lead time from 60 days to 10
days. To streamline its inventory management, Nike has started to implement RFID at
all its locations. Now instead of interpreting demand from sales data, predictive
analytics, and inventory tracking will be used to anticipate demand and changes in
consumer behavior.
Nike Inc (NKE) Days Inventory Statistics
Since the quarter ended May 31st, 2009, Nike Inc's days inventory outstanding
(dio) has increased from 81.38 to 115.95 as of the quarter ended August 31st, 2022.
- From 2009 to 2022 Nike Inc's highest quarterly days inventory
outstanding (dio) was 115.95
- Nike Inc's lowest days inventory outstanding (dio) during that period
was 76.85
- Nike Inc's average days inventory outstanding (dio) for each quarter
from 2009 to 2022 Nike Inc's was 91.32
- Nike Inc's days inventory outstanding (dio) during the Trailing Twelve
Month (TTM) period was $423.00
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Figure 9.Nike Days Inventory Outstanding Compared To Industry Average
Nike Inc's days inventory outstanding (dio) during the quarter ended August
31st, 2022 of 115.95 was lower than its peers in the Textile - Apparel Footwear &
Accessories industry group during the quarter ended September 30th, 2022 of 122.20.
From May 31st, 2009 to August 31st, 2022, Nike Inc's average days inventory
outstanding (dio) was 91.32 compared to an industry average of 123.96.
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August%2031st%2C%202022
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