Nearly 73% of businesses say they’re planning to scale into a new channel in the next 6-12 months, according to a new Anvyl study.
“While there are many areas that must be addressed to scale, the supply chain is one of the most critical — namely the ‘first mile.’ Optimizing this initial phase can determine a product’s success or failure in the market,” according to Anvyl.
- 66% of businesses report being overstocked at present, yet 28% of respondents plan to increase inventory significantly over the next 12 months and 35% plan to increase inventory slightly, illuminating the need to implement a robust inventory management system to accurately forecast demand and manage inventory levels.
- More than 50% of businesses surveyed say they have 3-plus external partners involved in a purchase order (PO), yet only 25% use PO management software to track POs, indicating a need for companies to invest in their supply chain systems and processes to meet the new demands of the omnichannel strategy.
- 71% of surveyed brands have multiple suppliers for the same item and 71% are also looking to add more suppliers in the next 3-6 months.
- 19% cited a goal of reducing supply chain risks, while 18% said it was to de-risk a potential impact from geopolitical tensions.
- 74% of businesses feel their relationships are at least “somewhat” optimized, leaving more than a quarter (26%) who think they’re not.
- 45% of businesses opt for the (usually) reliable and cost-effective ocean freight as their preferred method for importing goods from overseas. On the other hand, 38% of respondents use air freight, which is known for its swiftness and efficiency.