The consumer market is demanding. The need for and availability of products is largely predicated on economies wherein consumer purchase confidence can be fickle. It leaves consumer market OEMs to balance product quality, performance, and cost to remain competitive.
It also compels them to be purposeful in creating and maintaining their supply chain. Suppliers that have proven proficiencies across a range of needs provide a stable framework upon which an OEM can build a versatile — and valuable — partnership.
Central to a new product development program (NPD) is the budget, and exploring economic efficiencies often leads to a debate between offshoring and reshoring.
In most instances, overseas costs are particularly attractive compared to domestic production of custom injection-molded components for consumer applications.
However, in light of the coronavirus (COVID-19), the world is functioning within a new normal. Bottom line decisions are no longer black-and-white as the pandemic complicates — and often upends — supply chains, adding project time and cost. Quickly, the offshore injection molding "bargain" becomes a candidate for reshoring.