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Why is everything getting so expensive right now?
Over the years, a significant rise in wages and spikes in demand from customers were once the top reasons for inflation in pretty much any market. However, in the past months, due to the ongoing pandemic, the biggest factor now has to do mainly with logistics, getting the goods from the factories to your door.
A quick breakdown is for instance in cases where shipping would have been roughly about x amount of dollars, the new shipping cost is now about 3 to 5 times that amount. Pre-pandemic shipping prices are now almost unheard of not only for hair companies but for companies in almost any market. Keep in mind however, that this increase isn’t just done in a vacuum. The cost of goods such as cars, furniture, electronics and so on will continue to see significant price increases.
For us here at Brooklyn Hair, it’s not the profit margin that is being increased, if anything it has slightly decreased in order to accommodate other external factors without putting any burden on our valued customers. Therefore, the only difference many customers might notice is that our available discount rates that we would usually offer all year long will now be slightly lower than normal.
And the main take away from this is that the condition of the world subsequently affects the hair sector in a very severe manner. Significant factors such as sourcing the hair is one of the main factors for increases in prices; but the biggest of them all right now is transportation, getting the goods from overseas to the store in which you shop locally.
There many more factors and key points involved in making sure that a businesses can both make profit and make its customers happy at the same time. So, stay tuned for next week’s blog where we will continue to explore this topic.