What is sourcing?
Sourcing is the process of looking for a new good, service or people.
What is product sourcing?
Product sourcing is the process by which a business attains a product to sell
In the world of retailing and manufacturing there is a continuous effort going on to search for new ideas and better products. It is not easy to find products that match your market, your business model and your budget at the same time.
To put it simply, it is like when you would like to buy a new washing machine. Probably you would start searching online for online stores and physical stores. You will visit the most popular stores, filter all the options based on your preferences. Then you will end up having different lists of options from a number of online stores and physical stores. You will start comparing and evaluating all the options until you have your shortlist. Finally you will reach your final decision for buying a washing machine.
That was a one simple product sourcing example, but when you work as a purchaser at a big retailer or manufacturer, your daily work would be to find new ideas and products to buy. Then you will have to go through the same journey but on a larger scale.
The sourcing market is huge. Almost all companies selling goods must source them, Think about it: all items you use and buy have been sourced!
How do people source?
Companies build their collection map based on marketing & sales strategy. Typically targeting product type, price and style categories.
Look for new products & suppliers
They typically go online, attend trade-shows, factory visits and showrooms to find new products and new suppliers.
Select & Develop products
Each product needs to be assessed based on price, quality and market fit. The supplier must also be audited and validated. Finally, depending on companies, the products must be changed or made from scratch with manufacturers.
How ShowSourcing improves your sourcing experience?
ShowSourcing helps companies to transform their sourcing process to boost their competitiveness by reducing time-to-market and improving their agility. We achieve this with a sourcing framework and softwares that greatly improve collaboration and decision making.
The key challenge for a company to be competitive is to source fast, source well, and source continuously. ShowSourcing facilitates sourcing fast by offering a package of tools to digitalize the product collection process. From saving notes, pictures and every single piece of information, to creating product collections.
ShowSourcing helps companies to source well, bring the right products that match your market and your company’s objectives. By using the project management tools of ShowSourcing, your company will be able to make better decisions in a shorter time. You can share your data and invite your team and partners to take part in the decision making process thanks to the Workflows and voting system in the App.
Our solution significantly increases your sourcing efficiency which would maximize productivity and give you more time to source new ideas.
Have a better sourcing experience and try ShowSourcing
By Issam Saed
Digital Marketing Specialist @ ShowSourcing