3 Trends That Will Significantly Alter the Supply Chain Industry
As we start to take a deep breath in hopes of personally recovering from the struggles that the pandemic brought upon us, there are a few things that will never return to “normal”. The supply chain industry itself will emerge in such a way that will be unrecognizable in comparison to how it was in a pre-pandemic world. This is mostly caused by how COVID-19 will be leaving a lasting scar on many areas that affect the supply chain industry.
The following are 3 trends that are believed to be expected to reorient the supply chain industry for the long term, starting in 2021.
The Boost of the E-commerce industry (as if it needed it)
As people were encouraged to lock down and stay home for just over a year ago, if you assumed that those people would also lock down their consumer habits, you’re crazy! Thanks to preexisting advancements in the e-commerce industry, the adoption of e-commerce went through the roof! According to a recent study, the adoption of e-commerce has sped up nearly a decade in just the last few months.
Don’t expect this to change any time soon. And, if you’re a supplier to any e-commerce company, you better prepare to get busy. I wouldn’t bet on it slowing down any time soon.
Weathering the Storm
Before the pandemic, most companies would’ve said that they hold their company’s sustainability as a top priority. However, in a pre-pandemic world, sustainability may take on a whole new level of priority. Now that the idea of a global crisis is very real to companies, focusing on sustainability will overturn our concerns for business continuity.
Instead, companies will more likely, just like e-commerce, adopt a way of operating that will provide easy transitions to another pandemic or crisis. Continuing to grow a business will be meaningless if it will likely come to a halt any time down the road.
The Workers
With the pandemic lockdown, a lot of industries were forced to close down and lay off many valuable employees. As we continue to be hopeful for an economic recovery, the employment competition will skyrocket while the unemployment rate stays at its elevated level.
Even though it’s not known or understood, this usually changes our companies drastically. With high labor competition comes a company’s pressure to only attract the best candidates. This will cause leaders to think outside the box to create innovative and incentivized ways to attract and retain the cream of the crop employees. Especially, for companies who fear losing an employee to their competition.