Almost all e-commerce and retail companies have been signaling to their consumer bases for several months the importance of shopping for the holidays early this year. Another year of the COVID-19 pandemic has exacerbated the global supply chain crisis, across all industries. The major supply chain delays combined with the congestion of the US Postal Service have made the most profitable time of the year for small to medium-sized enterprises a stressful and strained season due to the ramifications of the pandemic on global business.
As Holly Eve explains in her article, “What Product-Based Businesses Need To Know To Survive Supply Chain Delays,”
“Shortages in raw materials and parts have contributed to the bottleneck affecting thousands of businesses. Once components and raw materials are available, companies are faced with price increases, significant shipping and freight delays, and lack of truck drivers.”
For global women entrepreneurs, worldwide shipping, cross-border compliance, and international merchandising are key factors of success. With that being said, women retailers need to be prepared to face the supply chain crisis head-on in order to come out stronger for it on the other end.
Eve’s tips for entrepreneurs in this precarious time are,
- Communicate With Your Customers
- Strategize with Your Manufactures
- Increase Pricing
- Build Your Online Presence
You can read a full breakdown of each strategy Eve offers here. Honesty, transparency, and timely communication with all parties are vital efforts for all product-based businesses to implement, during a global supply chain crisis and beyond.
We have compiled some additional resources to help entrepreneurs navigate this uncertain time…
- WATCH: How small businesses can navigate the supply chain crisis
- Supply chain disruption
- 6 steps to handle supply chain disruption
Be sure to tune in to our January 5th, 2022 wegginar® with Laurel Delaney, President of GlobeTrade.com to hear her Global Trade Trends Report 2022. You can register for the virtual event here.