Fashion
An internationally trusted multichannel B2B sourcing platform, Global Sources has revamped its online sourcing platform, https://www.globalsources.com/ (GSOL) now offers new features such as tailored recommendations using big data algorithm, in-depth industry articles from the Sourcing Knowledge Center, in-stock products, Ready to Order, and Instant chat with translation to connect authentic buyers and verified suppliers globally. GSOL’s supplier pool includes 97 of the world’s Top 100 retailers. To seize the emerging opportunities, the GSOL offline trade show is expected to have a smooth recovery in various global markets in the coming years, including Brazil, Vietnam, and India. In October 2022, the Global Sources 2022 Fall Hong Kong show returned and held a huge success.
A platform for buyers
The company has over 50 years of sourcing experience and vertical focus expertise. They connect over 10 million O2O buyers and suppliers. The high-quality supplier community has been verified by the supplier verification system. Since GSOL was launched in 1996, they have enabled buyers to fulfil their needs and secure real-time tracking effectively and safely. With the support of tailored sourcing solutions and trustworthy market information in the past five decades, the platform is a continuous pioneer in supporting the sourcing community with expertise and technology.
“The demand from buyers (retailers and wholesalers) is evolving in these few years. Online alternative engagement models are critical for business success and buyers by doing away with the usual limitations on physical customer interactions. Retailers are innovating the in-store experience online. GSOL enables buyers to interact with suppliers by offering online trade shows, using 360o VR Showroom to create virtual factory tours of verified supplier factories, and launching Business MATCH, in which buyers can match with professionals to take care of the entire sourcing process. From collecting sourcing requirements and identifying desired suppliers to making the connection via online and offline channels.” said Carol Lau, Senior Vice President of Client Service, Sales Support & Analytics, Global Sources.
Facing current global challenges
Due to the recent supply chain challenges, GSOL is innovative in launching regional sourcing pages to facilitate sourcing in different markets. Buyers can find verified and trustworthy suppliers in suggested intensive manufacturing regions and get the latest local sourcing trends and export policies. With reasonable pricing and good quality standards, buyers can gain a competitive edge in the local market and find various in-demand products flexibly. On the other hand, GSOL has offered various multi-language versions, including Spanish, German, French, and Portuguese, strengthening the connections between buyers and suppliers in the different marketplaces.
The Environmental, social, and governance (ESG) agenda is showing increasing urgency. There is a global shift of priority towards sustainability and eco-friendly business. Retailers are placing pressure on their supplier network to be more transparent and more sustainable, re-evaluating their operations to meet these demands and remain desirable. “To support the supplier community to be more sustainable, buyers can filter products via the specific categories, materials, and desired features related to recycling using GSOL, where “sustainable” or “eco-friendly” products can be found. In addition, ESG-related certifications, such as the Global Recycled Standard, are recommended to be seen on the relevant product page. Now buyers can feel more comfortable in their decisions with a tangible proof point,” highlighted Carol Lau.
A new age of buyers
The market of millennial buyers and small business entrepreneurs is rapidly expanding in part due to the pandemic. GSOL has many newly registered buyers from this age group. To accommodate their needs and the evolving sourcing trends in the market, GSOL also brings in sustainable sourcing features with a high calibre of efficiency and professional support.
A large reason behind the accommodating measures is that Millennials have grown up surrounded by technology. As a result, technology is integrated into their daily lives. Technology, primarily cell phones, is used for everything currently: entertainment, keeping up with friends, banking, and ordering takeout. Shopping is no exception. Technology has so seamlessly fused with the lives of the younger generations that they expect it to be a part of their everyday experiences. GSOL is staying one step ahead by providing the right digital resources for this new age of buyers.
Other than ongoing updates on the GSOL APP to enable sourcing on-the-go, GSOL also offers personalized sourcing services to millennial buyers. This includes sending invites for request for quotations (RFQ), the ability to place an order immediately with the “Ready to Order” feature. This feature allows orders to be placed more easily and more conveniently to get a quicker, more reliable, and more transparent delivery service in order to get the best offer that fits their specific needs.
Furthermore, price has a great influence on millennials’ purchase decisions sometimes even above quality. Therefore, buyers may focus more on the availability of small or direct orders or pursue a low Minimum Order Quantity (MOQ) service to save costs in the shipment process.
Global sourcing of the future today
There are many factors to consider when choosing a global sourcing platform. From the ease of use to features enabling a sustainable approach to business and shopping. With 85% of respondents surveyed indicating they expect hybrid sellers will be the most common sales role over the next three years, businesses have an opportunity here to partake in this important trend. An O2O hybrid sourcing model is most likely to provide customers with what they need.
Industry leaders must be proactive to ensure a more distributed and collaborative future. They need digital solutions that facilitate easy entry into new markets and with new suppliers, centrally optimize their supply chains, and provide end-to-end visibility from the point of order to delivery. This is what GSOL offers its users, and it’s the way forward as it best accommodates the current market and buyer needs.
