Marketing Group Digest

MATERIALS, ASSEMBLY, PRODUCTION & SUPPLY

Troy Gunnin
Sun Rep Inc.
Tampa, Fla.

Shifting tides

As we move into 2023, we look back at last year and reflect on what went wrong and what went right. Then we wrestle with how to learn from the past and best apply it to the upcoming year.

As we emerged from the pandemic, some of the things remain with us. There was a major shift to e-commerce and working from home became somewhat of a norm. Supply chain problems caused major disruption, resulting in shortages of materials and rising prices from gas and groceries to automobiles and housing. A few things of note: 1.) More stores opened than closed in 2022 with vacancy rates the lowest in 15 years 2.) Inventories spiked during the pandemic and now companies find themselves awash in excess inventory 3.) Peak season for retailers – think “Black Friday” – has largely disappeared as an annual rite of passage 4.) Due to the incease of remote work, investment in cloud technology went from $145 billion in 2017 to about $397 billion in 2022, largely fueled by the increased need.

What does this mean to us? Well, we see rising interest rates, inflation and the fear of a recession. How do we cope in the age of “e-everything” and “I want it right now?” Maintain, as close as possible, a timely and best assessment of our customers and principals’ expectations relative to our markets. Try to see as far in advance as possible the trends and shifts in the market and focus on functioning in and improving our service in the new reality of today’s marketplace.

I leave you with a couple of quotes. 

“All great changes are preceded by chaos.” – Deepak Chopra 

“It is not the strongest of the species that survive, not the most intelligent, but the ones most responsive to change.” – Charles Darwin

Stay positive, open to change and enjoy the ride. It’s going to be an interesting and challenging year.