The Tractor Boys went down 3-0 at home to Mark Wotte's Championship strugglers on Tuesday night to put a huge dent in their play-off ambitions.
Wright has called on the players to regroup following the thrashing, and insists they can come back better and stronger in the run-in this season.
"We just didn't compete against Southampton and you don't get anything if you don't compete," Wright told the club's official website.
"We have got to get back to basics. Not every team plays well every week.
"We've got two hard away games coming up but there are still 30 points to play for. The play-offs are still within reach but we know we have to deliver."