New buyers at Global Sources’ (NASDAQ: GSOL) Private Sourcing Events more than doubled in the first half of 2011. New buyers participating included AEON, E.Leclerc, Forever 21, Fujitsu, J.C. Penney and Lidl. This growth in participation further extends Global Sources’ lead in organizing one-to-one sourcing meetings between major international buyers and Asian suppliers.
During the first six months of 2011, over 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 covered at the events were 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,” said Hinrichs. “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.
“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. “This has freed our sourcing teams to spend less time searching for new suppliers and products and more time focusing on product quality.”
Suppliers also benefit from participating in Private Sourcing Events.
“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,” said Hinrichs. “It is also an ideal way for them to expand to new markets.”