Inflation Impacts Small Business Shipping Costs
PANAMA CITY, Fla. (WJHG/WECP) — Local business owners need to be strategic about what they can buy for their stores as inflation rises.
“Even when we buy produce, we can’t even afford to buy some of the produce that we have,” said Greg Snow, co-owner of The Little Mustard Seed.
Shipping costs are a concern for local small businesses these days.
Snow said rising shipping costs prevented him from stocking some items.
“We wanted to bring a line of rocking chairs that were outdoor rocking chairs, but shipping for us would have been over 40% of the items,” Snow said.
The Little Mustard Seed on Harrison Avenue isn’t the only brick-in-mortar store feeling the pinch of these high freight charges.
C&G Sporting Goods is just down the street facing similar issues.
“So what that’s going to do is your shipping costs are going to go up,” said C&G Sporting Goods operating partner Nate Taylor. “Obviously the diesels, the guys in the trucks, the jets, even the guns. Pistols must be flown legally by air.
Since shipping costs trickle down to customers, Taylor said it’s important to be smart about how you spend your money.
“You can look at consumer reports and you can also look at price indexes,” Taylor said. “You can make more informed decisions about when you should buy things. So if there’s something you really want, maybe the price index is really high, but in two months, it will be really low.
For example, Taylor said the price of its Cub Scout booklets has increased by almost 30%.
Thinking outside the box to stay competitive in today’s market is therefore crucial.
“We build relationships with companies that continue to want to move forward and introduce new products,” Taylor said.
Doing small things can save people extra money as inflation remains amid uncertainty.
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