Westminster is here to help you navigate the holiday season! As many of you have heard, through various channels, supply chains are struggling and the promotional product industry has, and will continue to, experience new challenges in the coming months. In an effort to better prepare you, we’ve outlined the top 3 challenges and solutions that will help combat these industry-wide issues this season.
CHALLANGE: Low Inventory Levels
Due to labor shortages and port delays, product suppliers struggle to compete with the current demand. This is most commonly seen for popular brand name goods and seasonal items.
SOLUTION: Forecast Future Needs
Forecast future product needs and order in bulk now to avoid price increases and inventory shortages. When reviewing product proposals we recommend selecting a top 5 as inventory shifts and backorders change hourly.
CHALLENGE: Increased Cost of Goods
Due to increased shipping container costs (+350%), the cost of goods are being impacted industry-wide.
SOLUTION: Consider Bulk Orders
Exploring custom overseas solutions at higher quantities when a longer lead time allows (30-90 days) may also provide lower unit costs. Additionally, close brand substitutes are often available even when large bulk orders are not.
CHALLENGE: Longer Project Timelines
Due to supply chain issues, product sourcing will be done domestically not just regionally, increasing turnarounds.
SOLUTION: Order Proactively
Holiday orders should be considered in advance (recommend early Sept.) to avoid delays and potential inventory shortages. Ordering proactively will also reduce your costs by leveraging economy shipping service options.
Onsite storage is available for promotional products purchased through Westminster. Should you require storage and/or fulfillment of your merchandise during this holiday season, please inquire within.