Connect with us

Headlines

98% of Retail Execs Say Supply Chain Issues Will Last Beyond 2022

And for the most part, they’ll pass on higher costs to shoppers.

mm

Published

on

After September’s better-than-anticipated retail sales numbers, a new survey polling top retail executives points to a gloomier horizon.

Fully 100 percent of the senior executives who participated in the survey by First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania agree that “disruptions will mark the upcoming holiday shopping season.” Further, 98 percent agree that supply chain issues will continue impacting the retail sector through 2022 and beyond.

First Insight notes that increased cost of goods and shipping are being handled by retailers in various ways.

Professor Thomas Robertson, Academic Director of Wharton’s Baker Retailing Center, says, “Over a third of retailers are absorbing the hit and keeping prices consistent; however, an astounding 59 percent of retailers said they will be passing on the cost to consumers. For this holiday season, we anticipate that consumers are going to bear the brunt of this disruption through increased shipping and product prices.”

Greg Petro, CEO of First Insight, adds, “Consumers have been conditioned to expect wide availability and lower prices starting with Black Friday and extending through to post-holiday sales. Our research indicates that this year will be decidedly different, and consumers should plan to shop early to avoid disappointment and expect to pay more. Smart retailers and brands are safeguarding margins by optimizing their pricing and promotions based on real-time Voice-of-Customer-data.”

The survey also indicated that shoppers can expect fewer sales and promotions this holiday season, with 22 percent of retailers saying they will eliminate or reduce planned promotions in response to lower inventories and higher prices.

Advertisement

Since launching in 2017, PETS+ has won 16 major international journalism awards for its publication and website. Contact PETS+'s editors at editor@petsplusmag.com.

Advertisement

FEATURED VIDEO

Sponsored by Cogent Solutions Group

Reduce Your Pet’s Hip & Joint Discomfort with the Most Researched Hyaluronan on the Market

Nearly 60% of dogs and 90% of cats suffer from joint discomfort. Trixsyn joint supplement contains a patented and proven hyaluronic acid molecule for maximum efficacy to promote joint, bone, soft tissue, and cartilage health, keeping your pet feeling comfortable, for longer. Trixsyn is veterinarian recommended, safe and all-natural, and contains research-proven ingredients. Get your paws on the most-researched hyaluronic acid on the market. Learn more at Trixsyn.com.

Promoted Headlines

Most Popular