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Revolutionizing supply chain resilience: The path to success for brands and retailers
In today's rapidly changing business landscape, supply chain management is undergoing a profound transformation.
For beauty brands and retailers, developing effective strategies and innovative solutions ensure resilience at the core of their business operations. Diversifying sourcing, prioritizing sustainability, and harnessing cutting-edge technologies within the supply chain will allow brands to thrive in any market turbulence.
Supply chain diversification involves enhancing flexibility and redundancy to mitigate risk and enhance agility. Although a common strategy to accomplish this is by collaborating with multiple suppliers, another strategic approach is to expand, enhance and revamp manufacturing and distribution networks. Additionally, employing redundant and multimodal logistics solutions is yet another avenue to pursue in achieving diversification.1
By examining industry trends and best practices, businesses can gain guidance and inspiration as they navigate the challenges of the new normal. However, often overlooked is the importance of businesses to find the right partner in their supply chain journey.
A survey by Ernst & Young indicates that a significant number of companies are experiencing changes in their supplier bases. According to respondents, 62% said their companies have implemented significant changes in the past 24 months, and 55% have plans for significant changes in the next 24 months.
These changes aim to achieve increased diversification and closer proximity to customers. Moreover, 77% of respondents said that they are expanding their total number of suppliers and the countries from which they source suppliers (63%). Over half (55%) reported shifting their supplier footprint to be closer to their operations, while 47% claimed a closer alignment with their customers.2
Finding the right partner in supply chain management can make all the difference in achieving success and resilience. A strong partnership brings expertise, resources, and shared values to the table, allowing beauty brands and retailers to tap into capabilities they may not possess in-house. With a rich history in import and export trading, and global supply chain management since 1906, Meiyume is the global trailblazer beauty arm of the Fung group.
The Imperativeness of Resilience in the Face of Disruption
The unprecedented events of recent times, including the pandemic, geopolitical tensions, and macroeconomic fluctuations, have sent shockwaves through global supply chains. Such disruptions underscore the need for supply chain resilience.
Over-reliance on traditional sourcing markets poses significant challenges and risks. Thus, a strategic shift towards diversified sourcing emerges as a key resilience-building measure for organizations.
Diversifying Sourcing: A Pathway to Stability
To foster stability and mitigate risks, organizations must harness the power of a diversified supply chain network. By complementing traditional sourcing markets with non-traditional ones, businesses can ensure proximity to the point of consumption while safeguarding against disruptions in any single location. This approach empowers organizations with the flexibility needed to navigate uncertainties and maintain uninterrupted operations, leveraging capabilities similar to those exemplified by Meiyume.
1) Prioritizing Sustainability: Beyond Lip Service
One key aspect of finding the right partner is aligning on the vision and values of sustainability. In an era where consumers are increasingly conscious about the environmental impact of their choices, it is crucial for beauty brands and retailers to work with partners who prioritize sustainability in their operations. Sustainability is a critical component of a modern and resilient supply chain. It is no longer sufficient merely to pay lip service to sustainability; organizations must take tangible actions.
Meiyume, a global beauty solutions manufacturer and supplier, for instance, pioneers the adoption of waterless beauty products, reducing freight costs and energy consumption while prioritizing sustainability.3 Shipping products that are 90% water, as is often the case in the beauty industry, significantly increases freight costs and energy due to weight.4
By transitioning to waterless formulations, Meiyume not only addresses this issue but also exemplifies the importance of innovation and efficiency in achieving sustainability goals. By demanding proof of recyclability and driving collaborations for a circular economy, Meiyume showcases the capabilities and innovative practices required to create a sustainable supply chain.
2) Leveraging Cutting-Edge Technologies for Operational Excellence
The integration of cutting-edge technologies plays a pivotal role in enhancing operational efficiency within the supply chain. By implementing state-of-the-art solutions, organizations can provide customers with real-time visibility of goods and lead times, enabling effective planning and streamlined operations.5
Meiyume exemplifies the power of technology by utilizing similar capabilities to deliver unmatched visibility, information, and operational efficiency to its customers. As a global retail solutions provider, Meiyume offers a diverse range of solutions aimed at measuring real-time inventory, tracking grey-market trading, providing product authentication, and capturing anonymous data insights. These solutions provide visibility across all channels and encompass various tools such as traffic analytics cameras, anti-counterfeit solutions, radar sensors, and estate management platforms.6,7,8
3) Expertise and Experience
Another crucial factor is expertise and experience. Supply chain management is a complex process that requires a deep understanding of market dynamics, regulations, and logistical intricacies. Collaborating with partners who have proven experience in the beauty industry can provide invaluable insights and solutions tailored to the unique challenges of the sector. Whether it's navigating global sourcing, optimizing inventory management, or enhancing distribution networks, the right partner brings a wealth of knowledge and expertise to the table.
With an expansive network of partners and strategically positioned manufacturing plants and offices across three continents, Meiyume is well-equipped to assist beauty brands and retailers in attaining supply chain excellence. Meiyume possesses inhouse research and development labs and operates manufacturing plants in Thailand, Indonesia, USA, and the UK. The company’s specialization spans various product categories including oral care, hair care, fragrance, color cosmetics, personal care, skincare, homecare, and products for mothers and babies.
Embracing Change
In a dynamic and unpredictable business environment, supply chain resilience is paramount for organizational success. By embracing diversification, sustainability, and cutting-edge technologies, thought leaders in supply chain management, like Meiyume, are reshaping the industry's future. This article serves as a call to action, urging organizations to explore new strategies and adopt innovative approaches, leveraging capabilities and solutions similar to those demonstrated by Meiyume, to forge resilient and successful supply chain ecosystems.
Embrace Meiyume as your beauty partner to empower beauty for a sustainable future and shape the future of your beauty brand’s supply chain resilience.
References
1. The trend of supply chain diversification. DHL.
2. Why global industrial supply chains are decoupling. Ernst & Young (June 2022).
3. Blue Beauty Meiyume.
4. Everything you need to know about waterless beauty. Forbes (2021).
5. Leapfrogging in the Post-COVID World with Cutting Edge Supply Chain Technology. Supply Chain Management (August 2022).
6. Counterfeit Products. Meiyume.
7. Radar Sensors. Meiyume.
8. OneHome.io.
