What is diversified sourcing: The benefits and how to do it
Diversified sourcing is a tendency that has impacted the post-pandemic supply chain world, and it is here to stay. But what does it take to implement it into your sourcing process? And what is it exactly?
What is diversified sourcing?
The definition of diversified sourcing is purchasing products from a range of countries rather than placing all orders from one country. During the pandemic, a lot of businesses ran into supply chain issues as the most popular sourcing country, China, went into lockdowns that shut down the manufacturers. Having sourced all of their products from one country backfired as no products were produced, packaged, and shipped on the scheduled time, which led to products being back-ordered and limited stock in stores.
What are the benefits of diversified sourcing, and how do you do it?
There are many benefits of diversifying the sourcing process but, the main one for businesses in a post-pandemic world is not running into empty shelves caused by the lack of products. A variety in materials, the possibility to source sustainably, and adding a unique touch to the products are some of the many benefits of diversified sourcing for businesses.
By diversifying the sourcing strategy, businesses are also helping sourcing country’s economic growth by adding more well-paid jobs in countries that have been affected by crises and layoffs, which adds to the business’s Corporate Social Responsibility.
We help businesses make diversified sourcing easy. In every sourcing country, we have our own Sourcing Specialists that offer a unique insight into new sustainable and up-and-coming materials and products that adds value to our customer’s business. Having our own employees within each country also ensures easy logistics, creating the possibility of mixed containers(containers with products from different manufacturers within an area), saving our customers money on shipments and the number of products purchased.