2021 brought rising shipping and oil costs and major supply issues, largely driven by shipping disruption, container shortages, COVID staffing challenges and Brexit red tape.
2022 has brought even more challenges, the devastating war in Ukraine has exacerbated global retail issues as 86% of SMB supply chains have already been or expect to be impacted by the conflict abroad.
The resurgence of Omicron in China kick-starting Covid restrictions is also predicted to have a major impact on the supply chain well into the summer.
So the ongoing and ever-changing supply-chain issues are a constant theme for retailers – small businesses are feeling the brunt. Insights from Software Advice’s new Small and Midsize Business Retail Supply Chain Survey show “nine out of ten small and midsize business (SMB) retailers feel that larger companies have an advantage over them in their ability to procure inventory”.
According to survey findings, the current supply chain crisis has impacted small and midsize retail businesses (SMBs) at a disproportionately higher rate than larger enterprises.