The 21st Century Renaissance?
Oct 11, 2021
"But I know a change gonna come
Oh, yes it will." Sam Cooke
This post is and isn’t swag related. It is because like so many industries we are experiencing the same problems in this Covid recovery era. What are those problems?
- Major labor shortages leading to longer production times
- Longer response times from suppliers
- Inventory shortages
- Goods hung up in ports
- Significant price increases on items, particularly textiles and apparel
- More people challenging the authorities
If these do not apply to you, and I don't think I've met anyone who it doesn't, then congratulations to you! If it does, how are you handling it?
I keep coming back to how The Renaissance occurred after The Plague and often wonder what similarities there might be. If The Renaissance was a time of awakening then I can definitely see a correlation there. We are becoming awake that in order to remain successful we will have to find new ways to approach our work and other parts of our life.
The inventory shortages, which I would say are a 9 on a 1-10 scale, we are experiencing in the promo industry are causing us to have to search more for product, use new vendors...who are primarily smaller players so good for them...to get the items our clients want. Clients are also having to be open to alternatives to their original requests and I'm glad to say most understand the situation and are adapting.
Another change in our industry is that more suppliers are offering drop shipping and also offering new packaging in which to drop ship these items to people individually.
Our best suppliers are now offering easier and faster ways to check inventory. Typically you would have to go to each item (and people outside our industry do not realize how many options for a particular item there can be....for instance 500,000 different pens) and check it's inventory. Actually for many items you would have to contact the supplier. Now they have sections on their web sites that list items in stock. Thankfully.
Wages for the employees of our suppliers are definitely increasing. I suppose that is a good thing for them but the clients end up picking up some of the tab for that.
All this leads to my point that you can either adapt to the changes or you can resist them. Resisting them I feel could lead to some big problems for your business.
Adapting to the change requires a positive attitude, a willingness to learn new ways, and patience.....A LOT OF PATIENCE! We must also realize more quickly the need to change to stay ahead of the curve.
So here's to the 21st Century Renaissance! Let's embrace it, learn and grow.