UK businesses seize opportunity for supply chain upgrades and business model shake-ups
25 August 2020
Businesses across the UK have salvaged positives out of the crisis caused by COVID-19, new research from One World Express has found.
The logistics firm commissioned a survey of more than 500 decision-makers within UK companies. It found that 56% of businesses have had to change the way they deliver their product or service due to the pandemic.
Over a third (36%) of decision-makers said other businesses in their supply chain have closed down since March, forcing them to source new partners.
However, despite these challenges, UK businesses have seized new opportunities, with the majority (57%) of decision-makers saying that COVID-19 has provided the incentive needed to make positive changes to their business model.
In re-evaluating their supply chains due to disruption, 41% have found new, better partners to work with. A further 35% say they now use cheaper suppliers than those which they had previously relied on.
One World Express’ research showed that a narrow majority (52%) of British businesses are confident their turnover will grow in the second half of 2020.
Atul Bhakta, CEO of One World Express, said: “The coronavirus pandemic has been both damaging and challenging for the UK’s private sector, but that is not to say it has not also presented opportunities too. Today’s research highlights how COVID-19 has forced businesses to re-evaluate their business models and supply chains, in turn enabling them to make improvements to the way they operate.
“Most importantly, there is a palpable sense of optimism coming from business leaders – the majority are confident that their company will experience a positive second half of the year, which comes in stark contrast to the doom and gloom of just three months ago. What matters now is that businesses do not become complacent but continue to seek new opportunities amidst the challenges of the pandemic; they must strive to pivot, adapt and grow.”