How Manufacturers Can Successfully Ride the Wave of Reshoring

As a result of global disruptions caused by the coronavirus pandemic, a new opportunity may exist for North American manufacturers. A recent article from Thomasnet examines how global conditions are causing a locational shift of many production and sourcing operations and how that shift is beneficial to some manufacturers.

Causes of Reshoring

Historically, the major cause of reshoring has been the desire for higher quality products and services than those available overseas. These days, however, there are a number of new factors behind the current push for reshoring, including:

  • Closures of overseas factories as result of the pandemic
  • Challenges securing raw materials cost-effectively caused by tariffs and trade restrictions
  • Increased demand in North America for reliable, local suppliers

It comes down to the tradeoff between manageable risk and cost savings, and it seems that the increased risk caused by the coronavirus pandemic may be making the cost savings less attractive than in the past.

Taking Advantage of the Push for Reshoring

The article offers the following tips for how North American manufacturers, service providers, and distributors can connect with companies looking to reshore their supply chains:

  1. Do Your Research – Take the time to identify your top prospects and then dig around to find out if they are actively pursuing onshore opportunities.
  2. Prioritize Your List – Once you have developed a significant list of targets, use website analytical tools to discover if any of those companies has been researching you too. Reach out to these prospects first.
  3. Evaluate Your Digital Marketing Strategy – Consider how you are presenting your organization online and, if necessary, refine or even overhaul your digital marketing presence.

For further details, click here to read the article in full at Thomasnet.