Why you might be experiencing longer wait times and higher costs in 2021
Back in March 2020, when the pandemic struck our world, many people started hoarding the strangest of goods, you probably remember the great toilet paper shortage. These days, you’re more likely to see shortages of stuff in most industries, as the knock-on effect of the pandemic, has changed the ability to manufacture goods, and costs have risen for many reasons.
Personally, I’ve been waiting for parts to repair my dishwasher for nearly two months! I’ll probably be waiting for a while, because I’m hardly the only one who needs specific parts to fix up complex machines. There aren’t enough parts to build cars and many manufacturers have shuttered plants as they wait for semiconductors that are in short supply.
The electronics industry has been impacted by these issues in massive ways as well. This is also why, if you’ve ordered a new receiver, TV etc, you might still be waiting to enjoy your purchase.
Why are there product shortages and price increases?
The COVID-19 lockdowns felt like the mother of all supply chain disruptions when they forced businesses of all sorts to shut down in 2020. But 2021 has thrown a few of its own monkey wrenches into the works.
INCREASED DEMAND – Demand for consumer electronics is at all-time highs as people spend more time at home and travel is restricted. Disposable income has increased for the majority of Canadians.
SUPPLY SHORTAGE – The entire industry is working through a serious supply shortage, in a wide range of critical materials, for manufacturing.
SHIPPING COSTS – Recently, a massive container ship got itself stuck in the Suez Canal for a week, slowing sea-borne shipping to a standstill, and shipping fees have gone from $2,000 a container to $18,000 a container, if you can find a boat that has space available.
LABOUR SHORTAGE – Labour shortages compound the issue, workers can and are, asking for higher wages.
All of this has (unfortunately) made it where suppliers have no choice but to pass higher costs on to retailers and consumers.
What this means for you
In short, the market for consumer electronics has been hit by a perfect storm of perfect storms. We’ve gotten through pandemic shutdowns, weather disruptions, and one really big, really stuck boat in the worst possible place.
Like most retailers, we’re working as hard as we can to secure inventory and constantly checking with suppliers on ETAs. We have more products on backorder than we have ever experienced. We can only recommend that if you cannot find the product you want, that you order it from your favourite retailer, to ensure you are in the queue for when the product arrives.
Have any questions? Contact us!