(April 27th, 2020 – Hong Kong) More than 10,000 global buyers attended the Global Sources Smart Sourcing Virtual Summit, a two-day event that concluded on April 22nd, 2020. Focusing on best sourcing practices during these uncertain times, the summit enabled participants to examine the current challenges confronting global trade and helped them explore sourcing opportunities.
“Global Sources Smart Sourcing Virtual Summit bridges our online platform and offline exhibitions, mounting the right conditions for the upcoming Souring Fair Online scheduled in future, ” said CEO Hu Wei.
The two-day online event offered over eight live panel discussions and about 15 on-demand presentations given by 20 sourcing experts, CEOs and founders from all around the world covering global sourcing trends, low-risk supply chains, the future of e-commerce, supplier-vetting diligence, alternative markets, and more.
“It’s important to diversify your sourcing portfolio over multiple regions and countries,” said Michael Bland, Senior Sales Director of QIMA, during the What will be the New Normal of Global Sourcing? panel discussion. Steven Selikoff, Founder of Product Development Academy, added, “There is a risk that some of your suppliers have no financial stability right now. Make sure that you are finding your suppliers through valid methods, like Global Sources.”
In the session for Current Shipping Situation in China and India, and how importers can manage their logistics optimally in coming weeks and months: “I think factories in mainland China will come back with full power at the end of April or the start of May,” suggested Refael Elbaz, CEO of Unicargo. He recommended ocean freight shipping over air freight as international travel has yet to normalize in the coming months.
Kevin King from AMZ Marketer and Tim Jordan, CEO/Founder of Hickory Flats, both agreed that groceries and consumables will enjoy a long-term, consistent increase in sales during the discussion for E-commerce in a Post-Coronavirus World. Face masks, sanitizers, educational products, iPads, toys, hardware, and home goods were highlighted as well. Tim forecasted a significant growth for Amazon in Q4 in anticipation of strong consumer demand during the Christmas season.
On Product Trends for the 2020 Holiday Season, Dan Ashburn, Co-Founder of Titan Network, shared that gifts and home items will continue being in the evergreen categories. Shopping will still continue even if “the average budget per person may come down a bit smaller,” he added. Kian Golzari from KianGolzari.com expected that there will be a baby boom by 2021, marking a good time for baby products, but for the present lockdown, fitness for kids, pet products and art products continue to gain ground. Amy Wees, CEO of Amazing at Home Business Consulting, advised on product sourcing, “(Resellers) should spend enough time figuring out if the product makes a significant added-value proposition to what’s already out there in the market. And not just in terms of the product itself, but also the brand identity and what it looks like from a visual standpoint.”
Session 1 :
• How is Global Sources Supporting Buyers During the Pandemic
• What Will Be the New Normal of Global Sourcing
Session 2 :
• Managing Logistics in Lockdown
• Sourcing Masks and Other Medical Devices
Session 3 :
• E-commerce in the Post-Coronavirus World
• How to Work with Your Suppliers During Uncertain Times
Session 4 :
• Alternate Markets: Challenges & Opportunities
• Product Trends for the 2020 Holiday Season
On-demand videos are available for free at https://ts.globalsources.com/virtual-summit/?WT.mc_id=3005690 .
Global Sources launched the Fight the Epidemic Care Plan in February, providing up to approximately RMB166 million worth of dedicated credits for online platform services, and up to approximately RMB100 million worth of other special credits to help export enterprises. The number of inquiries on Global Sources Online rose sharply from January to March 2020, indicating a strong demand to keep trade flows open during the COVID-19 pandemic.
To meet international trade requirements, the Global Sources website has launched a special section that displays a map and list of export and manufacturing companies in mainland China that have resumed business operations. The Global Sources O2O (online to offline) platform enables buyers to obtain new product information from verified suppliers and, at the same time, directly place sample orders. In partnership with local trade bureaus, Global Sources is offering free online marketing services to qualified suppliers in 34 mainland China provinces and cities. The Global Sources Buyer App 3.0 and Supplier App 3.0 allow buyers to make purchases anytime, anywhere. MATCH Express, which was introduced in April, offers customized business-matching service between buyers and suppliers worldwide, revitalizing the export market and sustaining business operations during these challenging times.
Global Sources Online is a professional B2B trade platform with in-depth industry specialization. With more than 1.5 million users, it has become the preferred sourcing platform for high-end buyers worldwide. An internationally oriented media company and exhibition organizer based in Hong Kong for 49 years, Global Sources organizes world-class sourcing events, including the world’s largest electronics sourcing show, serving tens of millions of buyers and suppliers, and is committed to promoting global trade.
Tel: (852) 2814-5580