New Buyers Doubled at Global Source's Private Sourcing Events in First Half
New buyers at Global Sources’ Private Sourcing Events more than doubled for the first half of this year, according to company officials. Among new buyers were AEON, E.Leclerc, Forever 21, Fujitsu, J.C. Penney and Lidl.
"As product costs increase, we are looking for ways to reduce expenses in other areas. Private Sourcing Events save us time and money by short-listing quality suppliers who meet our strict requirements before any meetings take place,” said Jacqueline Au, buying manager for AEON Hong Kong.
She added, “This has freed our sourcing teams to spend less time searching for new suppliers and products and more time focusing on product quality."
In the first half of this year, 200 sourcing teams from more than 80 international buying organizations met 1,042 pre-screened suppliers to evaluate their capabilities to accept future orders. Meetings were held in key manufacturing hubs across China, as well as at Global Sources' China Sourcing Fairs.
"In today's business environment, buyers are looking for ways to streamline their sourcing operations and reduce costs," said Global Sources' Chairman and CEO Merle A. Hinrichs. "Private Sourcing Events help them do that by connecting buyers with verified suppliers who have been pre-selected based on their own requirements. Accordingly, a growing number of buyers see this as an efficient and cost-effective channel for their Greater China sourcing."
Categories at the events included baby and children's products, mobile phone accessories, apparel and fabrics, gifts and packaging, sports equipment, mobile tablet devices, digital portable devices, building materials, vehicle parts, green lighting, furniture, power supplies and batteries.
"As emerging markets continue to show strong growth, we are seeing an increase in the number of buyers from Russia, Latin America and India,” Hinrichs added. “Our one-to-one meeting format provides the ideal environment for buyers from these regions to outline their specific market needs and confirm suppliers' capabilities."
Participating buyers from emerging markets included CENCOSUD, Coppel, Falabella, Future Group, Grupo Elektra, Intelbras, Onida and Videocon.
Suppliers also benefit from participating in Private Sourcing Events, according to Global Sources’ officials.
"For suppliers looking to move up the value chain, Private Sourcing Events introduce them to market-leading buying partners who can help them increase sales and create more innovative products,” Hinrichs said. “It is also an ideal way for them to expand to new markets.”
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.