Keeping Supply Chain Running in the Rapidly Changing Conditions
Several brands are facing difficulty in putting forth their opinions about the current supply chain scenario. The reason particularly not being able to take part in the change.
COVID-19 situation is now stabilizing very slowly; people have started businesses now. Are we ready to deal with the changes upcoming in the demand-supply chain?
Let’s start by tracing back to January 2020 and understand something; despite trying to contain the spread of the virus, what went wrong? The prime reason was to keep up with the demand-supply chain.
Wuhan is important to several demand-supply chains. Several industries like pharmaceuticals, modern manufacturing and more were traditionally supplied from the epicenter of the Virus onset. In simple words, it was not difficult for the virus to reach from the infected to the non-infected ones across the world; global supply chains took care of it.
However, it’s alright. No matter what your business, you need to have the following in your company to get by this terrible situation we’re in:
- Stay alert and prepared: As mentioned in previous post, switch businesses for a short span or stay put
- Do not scramble: Do not panic and make rash decisions. Patience and smart work are the keys here
So, How Do We Keep Supply Chain Running in Rapidly Changing Conditions?
Understand and process the demand impact for your business
China is very essential for the market. However, they are not being able to fulfill all business needs as of now. At this point, you need to ask yourself if you’d like to stay put, continue business operations or find a new supplier. This is how you can trace out your demand-supply strategy during COVID.
Prepare for the shift in demand-supply chain
Several studies have confirmed that COVID has switched from luxuries to essentials shopping. Why not cater to the growing needs and keep the business going?
Being in retail and eCommerce business, you need to be flexible at this point in order to sustain smoothly during this time of rapid change. You can also consider a different location to get your products manufactured/ to get delivered from for continuing the sales of your products.
Pro Tip: Cater to essentials and if you wish to continue with your brand, find suppliers from green zones.
Figure out the availability of your products
In Spite of the pandemic, Amazon decided to deliver gadgets to several locations. This was merely possible because they had the products available.
You may have a ton of products to sell. But, do you have the resources available to deliver them? So, at this point, strategizing what your selling points will be is what that matters.
Pro Tip: Your eCommerce presence can help you sell your products big time. Go digital already!
Stay humane with your customers
We know how COVID-19 hit the demand-supply chain, let your clients know that you too have been impacted as a company.
You need to communicate what’s available for your customers, with them. This way, they know their limits, offers and stay connected with your products as well!
Pro Tip: An optimized, updated eCommerce website can help you communicate the information best
Prepare for the rebound!
You may have noticed that several parts of the world are slowly heading towards what we call ‘Green Zones’ and will sure get going with their business sooner than you can imagine. If you are one of those retail brands, good for you. However, what if you are not?
At this point, you need to create a sales strategy your brand can handle. You can roll out offers, go completely digital or change the product itself.
Pro Tip: Think about this, but quick!
Conduct global planning and don’t be afraid at all
Several people in your industry may have been hit by COVID. Let the world know what you’re doing about it. This inspires other retailers, manufacturers and any other business persons.
More importantly, study the stock markets. See which businesses are being able to cope with the situation and take inspiration from them.
Pro Tip: Do what you imagine works for the future
No matter what your business is, whether you are a retailer or a manufacturer, the pandemic is important to get through with.
Make sure you plan your mitigation strategy for your business and keep supplying the products people once loved.
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