Do you operate a business in Malta? You might be spotting headlines with titles such as:
- How the War in Ukraine Is Further Disrupting Global Supply Chains
- Will China’s zero-Covid policy bring the world’s factory grinding to a halt?
- Business leaders warn that the three-decade era of globalisation is ending
- Globalisation gives way to localisation, in profound change, UBS economist says
Assuming you’re a reasonable human being, this is likely not inspiring a whole lot of confidence in you.
In 2018, US and China started a trade war.
Between 2019 and 2021, a pandemic paralysed industry across the globe.
In 2022, we were all hoping for a year of sunshine and rainbows.
Instead, war between Russia and Ukraine gave our global supply chains another gut punch.
For a closer look at the logistical problems Malta is facing, check out our article outlining the 6 major logistical problems driving up Malta’s costs.
We want to be clear, none of our solutions will eliminate the need for systemic changes to economic policies.
Our goal here is to equip you with strategies that will help you build resistance.
If you’re ready to focus on the solutions, here’s how small businesses can manage the impact of supply-chain crises and workforce shortages:
1. Clarity and transparency with your customers
Whether you’re short-staffed restaurant or experiencing delays, the best thing to do is to let your customers know as soon as possible.
Transparency when it comes to pricing will also go a long way.
Numerous companies are taking advantage of the situation to increase prices despite an increase in profits, and that’s making many customers suspicious.
To earn trust, proving that you have a good reason to raise prices is essential.
2. Stick to your bread and butter.
Figure out which of your products are performing best with customers and plan ahead. This doesn’t just mean ordering more of this product in advance, it also means
- looking for alternative suppliers that may be closer to Malta
- searching for alternative products that can be imported from a source closer to Malta
3. Create a waitlist
Absence makes the heart grow fonder, and in some cases a lack of availability can actually benefit your brand by making it feel more exclusive. A digital email sign-up increases customer engagement and boosts purchasing when your product is restocked. Giving your customers the ability to pre-order at a discount is also worth considering.
In our opinion, the easiest way to go about this is via a digital agency that can set this up for you.
4. Pinpoint unique selling points driving customer behaviour
As we showed in our previous article, delivery time is greatly influencing shoppers in Malta and Europe. Give it a read, and then contact us to find out how we’re making fast delivery cost-efficient for your business.
We’ll be sharing more steps you can take to fortify your business against the repercussions of the global supply chains crisis in an upcoming article.
Let’s partner up!
FastDrop builds on the logistical expertise and resources of its parent company eCabs to make deliveries in Malta as easy and affordable as possible. Find out how we can help your business. Get in touch!