While there is no question that COVID-19 took a toll on all of society, one of the first things people started hearing about in the media was the breakdown of the global supply chain. In 2020, the shortages of necessities like PPE, toilet paper, and food items became so widespread that the general public was getting concerned to the point of hoarding and shortages. 97% of businesses worldwide were affected by the pandemic, which meant lower demand and less revenue for many – if not going out of business altogether. The businesses that were affected the most were small businesses in high rent zip codes.
During the first 2 weeks of the pandemic, these businesses were laying off more than double what low rent zip codes did. From February to April, minority business ownership declined by nearly double than that of white business ownership. This was an enormous setback for increasing diversity in the supply chain. At the same time, public outcry for racial diversity exploded. 70% of millennials saying that they chose to shop for brands that practice increasing diversity, and 60% of people said that a brand’s reaction to protests influenced their buying decisions.
Now that vaccines are widely available and the world is hopefully turning the corner on the global pandemic, it’s time to think critically about building the supply chain right – and diversity is an important part of this. Connecting minority suppliers and service providers is a must have in today’s times. There needs to be an equitable marketplace to allow fairness for all.
Learn more about how to increase diversity in the supply chain in the infographic below: