In supply chain headlines
- New research finds an alarming disparity between C-suite and supply chain executives' priorities. A report by Ernst & Young LLP revealed that 88% of supply chain leaders believe the supply chain plays a vital role in customer experience, while their C-suites consider the supply chain a cost center. Read the full story on Yahoo! Finance.
- The Lego Group seeks to cut distribution costs by nearshoring production. The top-selling toy brand plans to boost manufacturing efforts and open its first US factory in 2027 to improve supply chain resilience, writes Supply Chain Dive.
- 75% of battery supply chain at risk of violating labour laws. Three quarters of the lithium-ion battery supply chain could have exposure to forced labour, going against US and EU laws and potentially leading to products being blocked from those markets, explains Energy Storage.
5 steps to clear excess eCommerce inventory
Contribution from international ecommerce agency, Swanky.
Discretionary spend is down. Paid customer acquisition cost is up. Retailers around the world have excess inventory sitting on shelves, collecting dust, and tying up capital. How can you successfully shift surplus products whilst ensuring your brand integrity and margins stay intact?
Step 1) Marketplace-based expansion: Consider leveraging popular marketplaces (like Amazon, Wayfair, Macy’s, ManoMano, BestBuy, Walmart, Target, Bunnings, Home Depot, Kmart, and eBay) in new international regions to clear excess inventory – at a discount if necessary.
Step 2) Owned international store: Having validated product market fit through marketplace sales, it’s time to take things a step further and start selling directly to international consumers through your own website. Expanding into a new market is particularly easy for brands on Shopify, with the flexibility of Shopify International (formerly Shopify Markets). This all-in-one solution allows you to sell to multiple countries from a single store.
Step 3) Leveraging new visibility to grow new market B2B: Beyond selling direct to customer in new markets, it could also be worthwhile exploring new channels as part of your business model – for example, wholesale. Make sure you have an easily-accessible wholesale enquiry form on your website to simplify management for your team.
Step 4) Gated VIP experience: Launching gated VIP category pages with standing discounts allows you to move excess inventory without putting your brand integrity at risk, whilst creating better margins. It’s also a great way to provide an exceptional experience for this special group of customers, making them feel truly valued by your brand and encouraging them to remain loyal.
Step 5) Post-purchase upsells: Finally, post-purchase upsells can be a great opportunity to shift inventory, not to mention aid product discovery, improve the overall customer experience, and unlock hidden revenue with no additional customer acquisition cost. Try adding an app like SuperOrder or One Click Upsell to your ecommerce tech stack to upsell on autopilot on the Thank You page. For brands using tech like this, Swanky sees roughly 5-10% take rate across all orders!
Locked and loaded – meet Eli Itzhaki
We recently spoke with Eli Itzhaki, the CEO and Founder of Keyzoo – a locksmith service company based in Fort Lauderdale, Florida. With a strong background in supply chain management, Eli quickly grew Keyzoo into a dominant force in the locksmithing industry. Here's what he had to say.
What is Keyzoo and what do you do?
"We specialise in a comprehensive range of locksmith solutions, including emergency lockouts, lock repairs, and advanced security system installations. Our services are designed to address both immediate and long-term security needs, ensuring that clients receive reliable and effective solutions tailored to their specific requirements."
What was your journey to becoming Keyzoo's founder?
"A blend of frustration and opportunity. I noticed many locksmith services were stuck in the past, with outdated practices and poor customer service. The industry needed a shake-up, so I decided to combine my knowledge of modern supply chain strategies with my passion for security. I wanted to create a company that prioritised efficiency and customer experience. My goal was to make Keyzoo a one-stop shop where customers could rely on fast, reliable service and feel genuinely cared for."
How do you ensure Keyzoo maintains a strong position in the market?
"At Keyzoo, we don’t just fix locks; we empower our customers with knowledge about their security systems. Through our 'lock literacy' sessions, we teach people how to maintain their locks, what to look for in terms of security weaknesses, and even basic troubleshooting. This approach has fostered long-term relationships and trust with our clients."
What's your secret for achieving maximum operational efficiency?
"Our tech-driven inventory management system allows us to quickly source and deliver the right parts, which means we can solve problems faster than most of our competitors. It's not just about getting the job done – it's about doing it with a level of care and efficiency that leaves a lasting impression."
How have you overcome supply chain disruptions in the past?
"During the pandemic, with many suppliers experiencing delays, keeping our inventory stocked with essential items became a juggling act. To overcome this, we expanded our supplier base and invested in real-time inventory tracking software. This allowed us to quickly pivot when one supplier had issues and ensured we could continue serving our customers without delay."
What are three pieces of advice you would give your younger self?
"The first thing I’d say is to embrace the power of specialisation. In the early days of Keyzoo, I tried to be everything to everyone, thinking it would broaden our market. But I quickly learned that focusing on a niche allowed us to become experts in our field, which in turn attracted more clients who valued our specialised knowledge.
"Second, I’d stress the importance of building strong relationships, not just with customers, but with suppliers and partners. These relationships have been crucial in helping us navigate challenges like supply chain disruptions and have opened doors to new opportunities and collaborations.
"I’d also tell myself to never stop learning. The locksmith industry is evolving rapidly with new technologies, and staying curious and open to learning has been key to keeping Keyzoo at the forefront of these changes."
On the lighter side...
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