By Michael van Sunder, Commercial Operations Director | Dec 22, 2022
2022 is ending, and strategies are being developed for the upcoming year. Over the past couple of years in hiatus, we have seen many external factors affecting our businesses. We saw the pandemic happen, which created the need for more people to work remotely and resulted in a high attrition rate. US inflation increased to 7.1% in November 2022, and the federal reserve raised interest rates seven times in the last 12 months to try to counteract that. In the glove industry, mass production became more crowded, with new players in the market competing for the same low-weight generic offerings. Where does that bring us today? It brings us to the point where you can purchase a case of gloves for $15 only to turnaround and find out you must sell it for $14 because of the abundance of inventory in the market. In navigating all these challenges, does that mean your best strategy for 2023 is to continue to do nothing? If it is, then you must be holding a solid poker hand.
In today’s market, you have several vendors you can work with, but they only can offer you a price. Is that the strategy to save your margins and customer loyalty? As everyone in the supply chain pushes down prices to protect each party’s thin margin, the race to the bottom could lead to a vicious cycle of bad outcomes. For example, inconsistent quality compromises work conditions and pay for foreign workers. After all, most of the manufacturers’ considerable enhancement during COVID was adding more production lines. Interchangeable offerings from these vendors don’t help create value in customer loyalty or help build your brand equity.
All hope is not lost. Shen Wei is the solution to help elevate your brand, by offering you product differentiation to help meet unmet customer needs. Shen Wei holds a level of excellence that is unmatched in the industry.
- 93% of Shen Wei’s staff have completed some Six Sigma certification levels.
- Throughout 2022, it was awarded six different awards for its products.
- Recently invested in a new property in Nevada to expand the technology and training.
- During the pandemic, when manufacturers invested in more production lines, Shen Wei hired more members to their R&D team. The team has grown by 56% in the last year.
For 2023 make sure your strategy isn’t to DO NOTHING. Let Shen Wei help you upgrade your portfolio and margins with differentiated products that no one offers. Head into the new year with a winning hand!