Nimble is the new normal
There’s no denying it’s been another stressful week. Last week we looked at functional food trends addressing issues like stress and sleep in humans, but how can businesses better cope with stress? As the COVID-19 pandemonium and other stressors continue to increase, it’s important for people and businesses alike to remain flexible and nimble. So this week, we’re taking a look at nimble supply chains.
Today more than ever, market analysts and supply chain experts are calling for nimble supply chains to better withstand public health emergencies. Consolidated supply chains tend to be more vulnerable because if the eye of operations is shut down due to a regionally specific disaster, production stops and downward market signals are felt around the world.
New Hope Network and NEXT have spent years trend spotting and tracking innovations as as they relate to calibrating business strategies for the betterment of society. The trend of sourcing responsibly, as measured through the number of exhibiting companies at Natural Products Expo West demonstrating improved practices for sourcing ingredients, grew 9% between 2019 and 2020
But the real focus is on changing business habits, where businesses realize the importance of cultivating good relationships with all stakeholders. Communicating a brand’s commitment through multi-stakeholder strategies like B-Corp certification grew a staggering 97% since Expo West 2019.
The industry celebrates innovative entrepreneurs and those that think outside the box. As we move forward this year, businesses working to develop decentralized supply networks will be the ones to rise to the top and find success in uncertain times.
Does your new product idea have social, environmental, or community health attributes? Test your new product concept before you go to market, with the help of NEXT’s Concept Lab.