Supply Chain Issues Leading To Price Hikes

 

Key Points:

  • A lot of issues in the supply chain can be attributed to an increase in demand that can’t be met, leading to longer wait times and price hikes.
  • The supply chain is struggling to adapt to higher labor costs, slowing down production.
  • Workers long term should be able to adjust over time as the job market changes to deal with supply chain issues. Producers will need to learn how to adjust to various changes in the next couple years, and consumers short term need to adjust to longer wait times for orders.

Commentary:

Supply chain issues…at this point, it’s a challenge both producers and consumers are very familiar with. There’s a general lack of products, yes. Consumers, though, are especially weary of price hikes like the ones announced by Procter & Gamble, which announced it would be raising prices on certain products from haircare to tooth paste; when a major player in the industry makes a decision like that, it’s definitely concerning and telling of more inflationary prices to come. MarketScale wanted to know: Is this recent price hike a sign of things to come for other major producers? Arjun Chandler, founder and CEO of IndustriaML, gives his thoughts on what is causing these problems and what the future could hold both in the short term and the long term.

Abridged Thoughts:

A lot of the manufacturing jobs that existed before the pandemic, they’re struggling to hire new people. And because of that labor shortage, which is somewhat of a global problem, especially prevalent in the United States, it is difficult for manufacturers to produce at the same rate. It’s not an issue of lack of raw material availability. Ultimately, where people get their precious metals from, et cetera, that’s still, there has not really been an issue on the supply side there. It’s been the ability to assemble and ship pieces that has really suffered because of a labor shortage.

More Stories Like This:

Will Consumers Be Seeing Higher Prices as the Result of the Tightened Supply Chain?

Have People Stopped Making Travel Decisions Based on Price?

Follow us on social media for the latest updates in B2B!

Image

Latest

skilled trades career
A Skilled Trades Career Provides a Future-Proof Path
July 18, 2024

In today’s rapidly changing job market, a skilled trades career offers a viable and attractive option, especially for the younger generations exploring alternatives to traditional college education. Recent trends indicate a significant shift in interest in these hands-on professions. On Straight Outta Crumpton, host Greg Crumpton engages in a lively conversation with Nicole Bass,…

Read More
HVAC careers
How to Bridge the Gap in HVAC Careers Through Education and Inclusion: Insights from Nicole Bass
July 18, 2024

In the dynamic world of skilled trades, the HVAC industry is witnessing a significant transformation driven by leaders like Nicole Bass. With a growing emphasis on practical education and the shift in generational perspectives towards career choices, the discussion around HVAC careers is more relevant than ever. Today, we delve into the inspiring journey…

Read More
presence
Truckpedia Modernize Trucking Operations and Build Robust Presence with Innovation
July 18, 2024

The trucking industry, valued at over $940 billion annually, remains one of the most traditional and least technologically advanced sectors. Small trucking companies, which constitute 95.8% of the industry, often struggle to scale and compete due to outdated practices and limited resources. These companies need innovative solutions to modernize their operations and build a robust…

Read More
personal fulfillment
Personal Fulfillment with Margaret Weniger | Ep. 9 | Growthwell with Josh Byrd
July 18, 2024

Balancing professional success and personal well-being has become increasingly critical in the modern workforce. In the wake of the pandemic, many individuals are re-evaluating their career paths to find roles that offer both professional growth and personal fulfillment. According to a survey by The Muse, 75% of respondents are planning to look for a…

Read More