The consumer products and retail industry is facing challenges that require a change in supply chain strategy. Over 80% of organizations surveyed are actively re-examining their supply chain to increase both resilience and efficiency. Diversification of the supplier base is a strong trend, with almost 79% of organizations actively diversifying their supplier base. Offshore procurement is expected to decline, while nearshoring and friend-shoring are on the rise. The US is leading this trend, with stronger trade ties emerging between the US, Canada, and Mexico. Cost efficiencies are also important, with organizations looking to optimize costs in response to today's turbulent macro-economic conditions and consequent market and supply chain volatility.