Unlike the panic-buying shortages encountered at the beginning of the Covid-19 pandemic, these shortages are a result of a multi-faceted supply chain crisis, affecting every corner of industry.
So, what are retailers of DIY materials doing to resolve this, and how does it affect the average DIYer? Read on to examine a couple of key-players’ strategies to amend this, and find out how to make the most of this material shortage.
As Supplies Diminish, Prices Soar
According to sources at Cumming Corporate Insights, the wholesale cost of construction materials have increased between 2.7% and 56.8% in the last 12 months - this is a direct consequence of the supply chain crisis facing the industry.
As a result, DIYers have had to shoulder the majority of this cost differential, leading to larger price tags on the raw materials needed to complete DIY projects. With rising prices for the same products, many consumers are facing a difficult decision - to bite the bullet and pay more than they’d like, or to shelve their project indefinitely. Accordingly, retailers have had to get creative to retain their consumer base.
A Shift Towards an Online Marketplace
For big-box retailers like Lowe’s, the way out of this conundrum is to add value to their products by leaning into e-commerce platforms. In a 2020 press release, Lowe’s announced plans to open a second direct fulfillment center, with the aim being to “provide more same-day and next-day service offerings and enable faster e-commerce shipping across the country.”
For the average DIYer, this emphasis on e-commerce allows customers to hone in on the exact parts that they need, and avoid fruitless trips to brick and mortar stores. While shortages can still be expected online, a more robust web platform like this gives customers easy access to alternative products, as well as the potential to find something new!
Education as a Focus
Lowe’s isn’t the only retailer embracing the benefits of a revitalized web presence. Michaels, a popular arts & crafts supplier, has recently pivoted a fair amount of its online presence towards learning resources and project ideas. Much like Lowe’s, they are also providing easy access to e-commerce from their webpage, conveniently linking the materials used in their classes.
In the wake of the supply chain crisis, Michaels has built itself out as a focal point of the community, giving makers and DIYers easy access to materials, inspiration, and the ability to connect with one another. By promoting featured makers, Michaels is also giving small business owners and craftspeople a platform they may not have had otherwise.
Greening Up the Maker Space
So what can we do when faced with material shortages and price increases? Look to your once-shelved projects, and leftover materials!
Now more than ever, DIYers can make the most of recycled materials that they may have lying around from past endeavors. By letting the material needs of a project take the backseat, DIYers can let loose with their creativity and make something truly unique.
The Supply Chain Crisis: What Now?
With the world slowly recovering from the Covid-19 pandemic, the supply chain should return to normal too. Until then though, consider the alternatives to traditional bricks & mortar material sourcing that companies are providing, and make the most of your time by learning some new DIY tricks!
