First Insight’s latest research with the Baker Retailing Center at The Wharton School of the University of Pennsylvania revealed the sentiment about supply chain disruptions of industry executives. The survey, released today, showed a whopping 98 percent of retail executives polled saying they’re experiencing supply chain issues.
And 100 percent of respondents said it is impacting this year’s holiday shopping season. And nearly all respondents expect supply chain troubles to last through next year — and beyond.
To combat supply chain disruptions, 18 percent of respondents said they’re working with freight forwarding and logistics firms while 13 percent said they were seeking out new suppliers and vendors. Eleven percent were streamlining assortments as a response and 9 percent were sourcing goods domestically.
Regarding the financial impact, 59 percent of retail executives said they are increasing product price and or shipping costs; passing those increases on to the consumer. And of those polled, 36 percent are expecting to keep prices consistent, but take a margin hit.
To access the entire report, CLICK HERE.