Challenges faced by Manufacturers in 2020
Top challenges which are to be faced by suppliers and the manufacturers in the new decade will be given as below:
Below are the 2 questions which would help us in understanding this,
- How many people in your network circle are looking for a career in manufacturing?
- How many Australian manufacturers are facing the aging workforce in their factories?
When you will look into this question then you would understand why the workforce has become the biggest challenge for Australian manufacturers like https://www.sourci.com.au in this decade. Nowadays young people are not choosing a career in manufacturing and working in factories anymore. And the people who are working for the last several decades are at the retirement age.
There are so much copying that is going on and the amount of money that is been spend on anti-counterfeit packaging is unbelievable. It is estimated at around 1 trillion dollars. But in actual nobody knows how much it is exactly. The main problem is that more and more people are getting into the counterfeit and the problem keeps on growing. It is high time for the manufacturers to look and focus in this area now.
Product Innovation and Alignment to Global trends
The sustainable and Eco-friendly packaging formats are now the product concept which is making a shift for the consumer. This is the key challenge and the opportunity to fulfill this need of the consumer and the trends through this product requirement. The consumers and retailers want an immediate response, and this will be shrinking the pipeline for new products. Medium and small business is very well positioned who will be responding very quickly to the market trends.
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As they are having a very flat structure, so they know instantly what is their market priority. They are making their decision based on the development of the market trends and quickly launching the required products into the market in a very short span of time frames. While large companies will require several months and years to respond to these new market trends.
In Australia, there is a very high-water scarcity and simultaneously manufacturers are also facing the rising cost of electricity. This is a threat that is facing by Australian manufacturers in the coming years.
If the manufacturers are having a direct connection with the end consumer that this is a worthwhile situation, also this will help the manufacturers in establishing their new products both in the physical and the online digital world. With the help of the direct connection with consumers, the manufacturers will quickly launch their new products into the market and in a very short span of time frame.