The COVID-19 pandemic has been having an unprecedented impact on the global manufacturing supply chain. For instance, factory shutdowns have drastically impacted the metalworking supply chain around the car and auto parts manufacturing industries.
In line with our continuing coverage of the impact of COVID-19, Asia Pacific Metalworking Equipment News (APMEN) recently conducted a survey regarding the impact of the COVID-19 pandemic to the manufacturing industry, including automotive and auto parts, aerospace and aerospace parts, electronics/electrical equipment, die and mould, machine tool, and medical device/equipment sectors.
Key questions include the challenges they experienced as a result of the pandemic; expected impact on their 2020 sales compared to last year; the most likely impact on their supply chains in the next six months; and whether they are expecting a pent up demand after the pandemic.
Here are some key findings:
- 71 percent of respondents saw a decrease in demand for their products because of the lockdowns in every market worldwide.
- Perhaps because of the drop in demand, majority or 47 percent of the respondents expect pent-up demand after the pandemic.
- 55 percent of manufacturers surveyed, expect a decrease of more than 10 percent in sales this year
- In line with that, 21 percent are saying they will diversify their supply chains by working with more suppliers, and 16 percent say they will shift to a localized supply chain.
For the full survey results, keep a look out for APMEN’s upcoming Jul/Aug issue!
During a crisis, a spotlight is placed on the importance of the connection between a brand and its clients. In fact, 40 percent of our respondents say staying connected with their customers are among the key challenges they’ve experienced during the pandemic.
Your clients might be panicking, but it is important to provide them with anchors from your business to act as a focal point, like a beacon of light in a dark time.
It is key to establish such a light source through various human touchpoints. You should remind them of your shared experiences and the results that were delivered—and one way to do so is through targeted branding exercises for your business. Branding opens doors and creates new avenues for clients to reach out to you while seeing the value in doing business with you.
We at Asia Pacific Metalworking Equipment News (APMEN) would be very happy to help you on this front. Reach out to us and find out more about our solutions!
For other exclusive articles, visit www.equipment-news.com.
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