B.WITCHING TREND REPORT

How to deal with Supply Chain issues

The pandemic was the catalyst to a chain of events that have caused businesses to experience the highest of highs and lowest of lows. Shopping volume is at an all-time high, and some stores have boomed since 2020. But many businesses are struggling to secure products, packaging, and materials to keep up with recent growth.

Keeping a lean inventory has been a common practice in the past. But with today’s volatile supply and demand, inventory needs have been changing faster than supply chains can adjust. This shift has led to massive shortages in almost everything, making it challenging for retailers and manufacturers to keep their items stocked and meet customer expectations for speedy deliveries.

What’s going on with the supply chain? It’s no secret that the pandemic and world events have caused severe disruptions in almost everything that we do. Despite the rising success of some businesses, supply chain issues have caused several problems for merchants and suppliers, eventually trickling down to consumers. Many major manufacturing and industrial complexes were hit hard by the pandemic. The virus infected many workers, causing lockdowns and disruptions in production. Eventually, raw materials and products became scarce, causing prices to go up across the board. At the same time, people were spending more time close to home, working from home, attending virtual events, and even learning online. People around the world suddenly needed different products and services.

Unfortunately, the combination of increased demand, limited supplies, and a limited workforce has led to worldwide supply chain issues that affect almost every industry. While supply chain disruptions have created numerous setbacks, many have found ways to reduce problems that cause customer churn and thrive during these difficult economic times. Here are four ways that your business can deal with current supply chain issues:

1. Watch your inventory closely

It can be tough to anticipate inventory needs in an evolving marketplace. It’s always been essential to keep track of your inventory in a stable economy, but now it is necessary. Businesses must be aware of what is in stock, what’s out, and what is running low so they can order accordingly and avoid any last-minute surprises or delays. Retailers should put their resources toward increasing inventory wherever possible. If a product or packing material is in stock, make sure to buy extras so you can have some backup in case of disruptions or sudden demand.

2. Forecast and order early

Forecasting tools can help you stay on top of your supply chain and plan accordingly. Modern inventory forecasting strategies should help track inventory, track shipping times, and stay up-to-date on any changes as they occur. It’s best to look and forecast six months into the future and order accordingly. Better to have the extra stock and hold it for next year season, than have customers trying to buy and inventory depleted.

3. Be flexible

Products may unexpectedly become unavailable, and supplies can be tough to find. Unpredictability currently plagues supply chains everywhere, so retail businesses must stay flexible. It’s wise to anticipate problems before they happen so that your company can be prepared in case of significant disruption. Look into alternative packaging, product assortments and materials. Consider sourcing USA made, a means of bypassing global shortages and research alternative products or other services that interest your target customers. Overall, keep a flexible attitude and  anticipate last-minute outages.

4. Communicate

Reach out with inventory inquiries. Don’t wait to place orders if you know you will need product for a specific event or shopping season.  It’s always best practices to reach out to our customer service to get a future ship order into our system. This way the warehouse can plan accordingly. With good communication and ample planning your inventory needs will be handled smoothly.

Here at B.Witching we understand the challenges you face and work hard to keep products in stock and ship orders in a timely fashion. Although all our products are manufactured here in the USA, some raw ingredients and packaging components are sourced internationally. We try hard to keep you informed of back ordered items and have worked hard to boost inventory and source secondary suppliers locally when we can.