Remaining current in fashion: Strategies for industry leaders in selecting materials and designs
In today's interconnected world, businesses are increasingly turning to online global sourcing to meet their needs. This shift is particularly evident in the fast-paced fashion industry, where staying on trend and meeting market demand is crucial.
By working with suppliers to develop contingency plans, businesses can take advantage of online global sourcing while mitigating supply chain disruptions. Strong supplier relationships are essential in this context, providing businesses with options like flexible minimum order quantities, customization, flexible pricing, and quick identification of new products.
These relationships are facilitated by B2B e-commerce platforms, which offer a variety of tools to simplify global sourcing. For instance, they provide reassurances to business decision-makers, such as order guarantees and financial protections through programs like Alibaba Guarantee. Platforms like Shopify offer guarantees such as automated customs clearance, import duty guarantees, and transparent shipping processes, reducing concerns for global B2B sourcing decision-makers.
However, it's important to note that not all companies offer explicit delivery guarantees. For example, companies like Severin do not offer delivery guarantees unless contractually agreed, placing delivery risk under their conditions. Clear and transparent delivery and payment terms are legally required for online shops in Germany to protect buyers and sellers, but comprehensive delivery and financial protection guarantees specifically for B2B global sourcing are less common and often depend on contractual terms.
Despite hesitancy about online global sourcing due to fear of shipping delays, 66% of businesses are increasing their reliance on it. This trend is reflected in the U.S. fashion industry, where the retail e-commerce revenue from fashion apparel, footwear, and accessories is projected to reach over $145 billion in 2024, marking a 70% increase since 2019.
Regularly evaluating sourcing operations, often referred to as a "fit check," can help businesses and their consumers stay on trend in the fashion industry. This evaluation ensures that businesses are working with reliable suppliers who can deliver products on time and in line with market trends.
In conclusion, online global sourcing presents a significant opportunity for businesses, particularly in the fashion industry. By building strong supplier relationships, leveraging the tools offered by B2B e-commerce platforms, and regularly evaluating sourcing operations, businesses can stay on trend, meet market demand, and mitigate supply chain disruptions.
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