On today’s Business Beat, Jeff discusses a new study by Oracle that reveals how worried Americans are about supply chain disruption issues.
Tune in to the Business Beat, below, to learn more about what businesses can do during the supply chain crisis:
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Good morning, Paul! By now, we’re all well aware of the supply chain issues that have hit consumers hard, whether it’s chips to produce cars or lumber to build houses and on and on it goes, goods are sometimes harder to find. And when you do find the goods you’re looking for, in many cases, they cost more due to rising demand and limited supply. Is this just a nuisance? Oh no, it’s much more than that. Recent supply chain delays and disruptions have negatively impacted the lives of Americans leaving many feeling frustrated, angry and scared that the disruptions will never end, according to a new study by Oracle just out. The study of more than a thousand consumers found that worries about more delivery delays, product shortages and disruptions are worsening across the nation. Other key findings include that even though we are seeing declines currently, the winter is coming on and creating more uncertainty with respect to the COVID-19 Delta variant and concerns are rising there. Ninety-two percent believe more disruptions are coming and 66% are scared that they will never end. 80% say delays and shortages could cause them to cut ties with favorite brands and 66% are worried that it will literally ruin their holidays this year. So if you’re a merchant, what to do about all of this? Well, here are my top recommendations. Number 1: Communication and transparency is more] important today than ever. If you are experiencing a supply chain issue or might be threatened with one soon, communicate that effectively to your customers who have either orders with you already placed or interested in placing orders with you so that you can set expectations and manage the outcome. Two: Search for product alternatives to fill offerings so that if you can’t get one brand, you’ll be able to fill that category with another. Three: Make sure you pay careful attention to on-time shipping and fulfillment. And four: Offer refunds before the customer asks for it. If a product is being hung up due to supply chain issues. Better yet, offer buy now pay later options so the customer isn’t even charged until, and unless, the product is. I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.