A company that prepares for upcoming risks and plans possible actions to solve these risks can turn adversities into opportunities. Companies can analyze how they have performed during the crisis by collecting data and learn from these things. This information collected can help the leaders determine which areas need improvement. No matter how you think you are prepared for a significant disruption, there is always room for improving one's response.
As each business work towards recovery, there are several challenges faced. Recovery will take time, and businesses have to adapt to the extreme changes.
Businesses will be better off assuming that what we have now is the new normal, and the kind of normalcy that we have known before the pandemic will not come back anytime soon.
Storefronts are slowly reopening in different parts of the world. However, stores may still have the outdated styles that they had when the pandemic started. Excess inventory is a problem that retailers have faced, especially those in the apparel business.
Supply chains all over the world have felt the impact of Covid-19. Production has been dramatically affected, and retailers have wondered how to deal with short-term and long-term inventory.
Transporting goods to several places has become a challenge, and international transport has become a nightmare because of border closures or airport and harbor shut down.
There are also issues in suppliers because of sick workers and staff, closed factories, lack of raw materials, longer lead time, and many more.
Due to the pandemic, there is a shift in customer demands, such as face masks, sanitizers, and other products.
How to Stay Afloat Amidst the Pandemic
If you are a non-food retailer, there are still ways to keep business running during the pandemic.
Reassess Supply Chain and Category
Adjust your categories and make them recession-proof by refraining from seasonal items. You might also want to find an additional supplier to make up for the items if there is a hiccup with the other one.
E-commerce has become more critical. Make sure to boost your online presence and use your social media channels to attract the right people. Put up markdowns to salvage some sales.
Adjust according to what the situation calls. Implement cost improvement strategies. Store staff can become online sales staff for e-commerce.
Keep an effective automated inventory system. This does not require additional staff and can help your company save in the long run by analyzing risk and recalculating which inventory requires restocking. This way, you will not be overstocked or understocked.
Blue Chip Inventory Service can help you keep up with these trying times. Inventory is essential in any business. As you change and adjust to the pandemic, you can count on Blue Chip Inventory Service to stay committed to providing quality services such as audit and verification, price verification, and SKU, to name a few. You can expect good inventory service with Blue Chip so you can focus more on adapting to the new normal.