New Buyers Doubled at Global Source's Private Sourcing Events in First Half
August 8, 2011
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.”
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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