However, internationalization has also come with its own challenges.
Global brands are more sensitive to global events that reverberate across their supply chains and reshape consumer habits.
The COVID-19 pandemic brought new challenges tobusinessesacross the globe.
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While some product categories have largely recovered, others continue to experience significant disruptions and shortages.
To alleviate this, Optiply recommends companies to differentiate both their suppliers and transport options.
to maintain product availability.
Of course, relying on a larger number of international suppliers will also make inventory management even more complex.
Thats where the need for more efficient technology and insights will be essential.
One important piece of advice Konter shared was to:
… watch out for the bullwhip effect.
In 2021, retail returns took a massive jump increasing to$761 billion.
Many businesses around the world simply werent prepared for this.
The volume of returns could prove overwhelming at times, resulting in delayed processing and increasing costs.
Worse still, this created additional friction with customers who were already dissatisfied with their initial purchase.
Thats a good experience for you as the consumer, but for the merchants its an even better experience.
They sell more because their returns are being changed to exchanges.
Along with streamlining processes, the platform also provides data companies can use to optimize their returns strategy.
People are just getting used to buying more of their home goods online, he explained.
And Gross believes this technology will evolve quickly over the next few years.
Im not sure yet how that will work, but Im confident it will be solved in the future.
As customer buying preferences continue to shift toward digital, these tech tools further facilitate frictionless experiences.
Every company should have a go at understand and diminish the impact.
In my industry (Home & Living) brands are relocating their production facilities to Europe.
I believe that this development will sustainably change the supply chain.
Preparing for an uncertain future …
If there is one thing that is certain for businesses, its uncertainty.
There are many factors that are beyond business control right now.
