Customers anticipate convenience.
They anticipate that the businesses they buy from will have the items they order in stock and offer quick and precise shipment schedules.
In an ideal environment, you would always be able to satisfy consumer demand. This isn’t always the case, though, due to the way production and supply chains operate nowadays. While meeting customer expectations can be difficult, it is manageable with careful planning and supply chain diversification.
We’ll cover how to handle unforeseen hurdles (caused by the epidemic), how to match consumer expectations by diversifying your supply chain, and how to prepare ahead to lower the chance of logistical problems and product shortages in this piece.
Diversify your Supply Chain
Meeting consumer expectations is largely dependent on supply chain diversification strategies. This approach, used in manufacturing, refers to increasing the number of suppliers a company works with in order to have access to more items along the supply chain.
This is especially crucial right now because of growing transportation prices, protracted delays, and a lack of raw materials. In fact, due of these difficulties, retail supply chain expenses are predicted to rise by $223 billion in the second half of 2021, according to a Q3 statement by Salesforce.
You as the manufacturer gain from having a variety of suppliers in many ways. It can assist reduce expenses, increase flexibility, and reduce the chance of backorders. However, you must exercise caution while choosing a source. Suppliers are ultimately your business partners, so you’ll need a number of reliable ones. It can be difficult to start with a supplier, so here are some places to look both locally and internationally:
- Local directories
- Recommendations
- Business advisors
- Trade associations
- Industry news
- Trade shows and exhibitions
- Trade magazines and publications
It is imperative to establish and keep up a network of trustworthy suppliers. Supplier relationship management can assist you in reducing the risks associated with running an e-commerce business under ambiguous conditions.
Politics, the economy, a worldwide epidemic, and natural calamities can all put your supply chain’s stability in jeopardy. These risks are increased if you don’t have a good working connection with your supplier because you can’t count on the supply chain to save you in a pinch.
For instance, suppliers are currently increasing prices as a result of the pandemic’s delays and rising shipping expenses. While your prices may still increase, most suppliers would provide repeat customers their available inventory rather than raising them as much as they would for new customers. Not to mention, by not having to investigate new suppliers, you save time.
