Luke Peters, CEO and founder at NewAir Appliances and Retail Band, joins this episode of “The Commerce Marketer Podcast” to discuss specific strategies retailers and companies can follow to reduce the burden of tariffs. Luke starts by discussing how the tariffs have impacted NewAIr and their cost of goods (COG), and why simply finding a new supplier isn’t a realistic option (2:00). He explains what to look for in the supply chain to find opportunities for price relief (7:00), and outlines strategies to renegotiate and lower your manufacturing costs and and which parts of your agreement might provide the most leverage (10:30). Luke then shifts gears and dives into freight-specific issues, such as systems, duties and credit terms (18:00). He describes internal systems, processes, and packaging options to look at that can reduce costs and improve efficiency (21:40). He discusses how to approach third-party vendors to decrease costs, and then recalls mistakes made and lessons learned from them (30:30). Finally, Luke shares the most important thing to keep in mind when going into negotiations with your vendors or suppliers (35:30).
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