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VANCOUVER, BC, Sept. 13, 2021 /PRNewswire/ — At the beginning of the pandemic, the world was forced to adapt to a “new normal” in which in-person shopping was halted in favor of online retail to reduce the spread of COVID-19. As a result, brick-and-mortar stores suffered, and some even closed for a period of time in the early days of the pandemic. Retailers faced a difficult choice: go out of business or work tirelessly and rapidly to establish an online presence to maintain revenue streams. Due to the fragmented nature of supply chains, shortages ensued in the pandemic for medical equipment and supplies, consumer electronics and cars (due largely to a shortage in semiconductors), and lumber. This caused prices for these goods to skyrocket.
The pandemic has also, more generally, changed our shopping habits. Some smaller malls are shuttering, while larger malls are able to deal with the decline in foot traffic. Rather than going to a brick-and-mortar store and perusing the aisles, consumers may shop online via postal mail, or even buy online and pick up in-store. According to McKinsey, the typical pandemic shopper does most things, including shopping, virtually. They also stick to value shopping and buy less expensive products; and they’ve tried a new way of shopping, such as delivery or curbside pickup.
While the long-term supply chain impacts of COVID-19, and now the resurgence of the more contagious Delta variant, remain unclear, one thing is for sure: the impacts are very real. Companies now find themselves in the difficult position of trying to stay profitable while managing and mitigating COVID-19 spread and adapting to the changes in consumer behavior. PWC writes that companies have faced difficulty gaining an “on-the-ground understanding” of volume changes relating to supply and demand.
PWC reports that companies affected by the pandemic now take different actions such as transporting inventory to areas away from quarantine zones; buying ahead to ensure that raw materials and inventory are available if a shortage happens later on down the line; shifting to air transportation to shorten transportation times; redesigning products when the raw materials are not available to make the old product; and maximizing near-term revenue by offering discounts on existing inventory.
SOURCE Braeden Lichti
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