For the first time since mid-2020, global supply chains have capacity to spare.

According to a new report this week from the consulting group GEP, part of the change is due to companies getting rid of their stockpiles of goods.

The supply chain crisis of the past few years unfolded a little something like this: consumers bought a bunch of stuff early in the pandemic while companies struggled to catch up. Once they did, people weren’t buying so much anymore, so companies were stuck with the excess.

Now, they’ve finally gotten rid of it, said John Piatek, vice president of consulting at GEP.

“Retailers have far fewer concerns about inventory or access to inventory, and are cautiously enthusiastic about the return of consumer demand,” Piatek said.

The supply chain roller coaster ride of the past few years seems to have ended, said Karen Donohue at the University of Minnesota.

“I think we’re kind of at the end of the ride a little bit towards a steady state,” Donohue said. “But we know there’ll be another ride that we’re gonna jump on again.”

The risk now, according to Donohue, is if companies assume the steady state will last forever, meaning, “You can become complacent rather quickly.”

Business owners should take this opportunity to make sure their supply chains are resilient, she said, because climate change could disrupt them again soon enough.