A new study by Coupa Software reveals that supply chain disruptions are expected to negatively impact holiday sales for retailers in the U.S. and U.K. About 83% of supply chain professionals anticipate revenue loss, up from 70% in 2022. Retailers predict a 10% average revenue loss, which could result in billions of dollars lost. Key holiday items are already experiencing out-of-stocks, and retailers are concerned about product shortages and excess inventory. Labor shortages are also expected, leading to increased wait times and shipping delays.
Frequently Asked Questions
Supply Chain Challenges Still Loom Large - INSTORE MAG
Q: What are some common supply chain challenges?
A: Common supply chain challenges include inventory management, transportation delays, supplier disruptions, demand forecasting, and communication issues.
Q: How can businesses overcome supply chain challenges?
A: Businesses can overcome supply chain challenges by implementing efficient inventory tracking systems, establishing strong relationships with suppliers, diversifying suppliers, improving communication channels, and regularly reviewing and adjusting supply chain strategies.
Q: Are there any specific strategies recommended for managing supply chain risks?
A: Yes, some recommended strategies for managing supply chain risks include developing contingency plans, mapping out alternative transportation routes, having backup suppliers, adopting technology solutions for real-time visibility, and conducting regular risk assessments.
Q: Where can I find more information about handling specific supply chain challenges?
A: You can find more information about handling specific supply chain challenges by visiting industry-specific websites, forums, or blogs related to supply chain management. Additionally, you can consult industry experts or professionals in the field for valuable insights and best practices.