With growing commerce and booming real estate all around, the wood and wood products industry like plywood and laminates is facing a rise in demand and supply. Moreover, unlike older times, it is no longer limited to local areas. This calls for increasing their capabilities and adopting new technology and modern trading methods to meet the market needs.
Although the industry players are well aware of the challenges, they are unable to take corrective actions to improve the market conditions due to a lack of resources and awareness. A lot of factors dictate the industry that holds back the overall growth.
Weak Distribution Channel
The distribution network of the manufacturers and traders is highly unorganized. The network channel is vast, due to which it is difficult to monitor the to and fro transactions and supply, creating delays and insufficient supply, overstocking or unclear transactions. With the introduction of technology, it becomes easy to streamline the supply chain, link the distribution network, and communicate clearly.
Even though the demand is more, the trading operations are falling behind in using technology. Most of the work is still manual and prone to errors and irregularities with a shortage of workforce. Eventually, making the sector unorganized and leaving enough room for development.
Lack of Statistics
While the sector is struggling to keep up with the demands, there is no proper model to collect and make available measurable data of the market and industry. With the lack of data and organized information, it is difficult to create effective strategies for marketing, execution, and evaluation of results. At the same time, exporters find it challenging to explore Indian markets. Thus, missing out on opportunities by the locals. A technology-driven enterprise has the power of data insights to make better decisions and get results.
Since the primary raw material for plywood and laminates is wood which is available in limited quantities. So, it becomes crucial to have enough stock available to meet the order.
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