Even as other sectors remain worse hit by lockdowns and unpredictability, it’s heartening to note that global trade’s recovery has outstripped global GDP growth. A promising outlook emerges from world trade volumes despite supply chain volatility. Global goods trade, however, has benefitted from the marginal recovery in retail sales and industrial production. The COVID-19 pandemic has upended the world order down to every single individual’s work. So, incorporating a layer of resilience will facilitate conglomerates to join hands with a much wider range of suppliers – right from global corporations to smaller, regional start-ups – in order to ensure business continuity. The COVID-19 pandemic has laid bare the brittleness and discrepancies of long- SEPTEMBER 2021 FIBRE2FASHION | 33 distance, international supply chains. This, in turn, should help them remodel their supply chains. Furthermore, increased visibility into sophisticated supply chain activities is bound to help organisations reduce supplier exposure and risk.
This could be predominantly attributed to the fact that various geographies tend to adapt at different rates in their efforts to overcome situations like the contagion aftermath, among various other issues. With vaccinations still under way in various parts of the world, the need of the hour is for businesses to add a dash of long-term supply chain resilience to their operations.įor decades together, adaptability and flexibility have been essential for the survival and sustenance of any industry. These initiatives meant that they inadvertently eliminated buffers and flexibility to withstand disruptions, such as the one caused by the COVID-19 outbreak. This has led to suppliers being hardpressed more frequently than not to initiate prompt and apt actions. The situation has necessitated companies, industries and multinational retail chains to reimagine and revamp their hitherto sourcing / supply chain models.Ī s a long-term tradition, businesses across the globe have focused on supply chain consolidation. What started as a minor disruption in 2019-20 grew into a major sourcing hassle for organisations across the globe. Global supply chains are still reeling under the shock waves created by the scourge of COVID-19 pandemic.
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