The sporting goods industry is facing a lot of challenges, including changing consumer behavior, increased competition, demographic shifts, and supply chain disruptions. These companies need to build agility and flexibility into their operations, invest in digital capabilities, and develop new revenue streams. Additionally, these companies have a need for sustainability and social responsibility in the industry. Sustainability and social responsibility are big with investors and stake holders. Companies that prioritize these issues are likely to have a competitive advantage in the market. Overall, sporting goods industry need to be proactive and adaptable to position themselves for long-term success.
McKinsey & Company. (2018, September). Sporting Goods 2023: The Need for Resilience in a World in Disarray. Retrieved from https://www.mckinsey.com/industries/retail/our-insights/sporting-goods-2023-the-need-for-resilience-in-a-world-in-disarray.
Do you think that these industries will begin to build flexibility to maintain and/or improve their situation? If so, which do you think will be the ones to do it first?
ReplyDeleteI feel like there are a few brands that dominate the sporting goods industry so I am curious to see if there are new names that break into this market in the near future.
ReplyDeleteDo you think companies are wanting to change consumer behavior because they've been experiencing a decline in revenue or so that the few "big" companies can continue to dominate the industry?
ReplyDeleteThe sporting goods industry is heavily dominated by a select few companies, so I am curious on how smaller sporting good companies can try to compete and build up their own companies.
ReplyDeleteDo you think the larger national companies could seek out partnerships with the smaller local/regional companies as a way to help with supply chain disruptions?
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