Global sourcing is purchasing goods and services from foreign countries, particularly in Asia, and importing them into your domestic market. This indicates that your product may be created in China or Vietnam, where production costs Are a good deal lower than inside the US or Europe, then shipped back to your base country for distribution and sale. This can be very advantageous, but it comes with its own set of challenges as well as risks that you need to be aware of before signing any contracts or making any large purchases.
What is sourcing?
Sourcing is finding and acquiring goods or services from external suppliers. It includes identifying potential suppliers negotiating contracts and managing supplier relationships. To source effectively, businesses need to have a clear understanding of their own needs and requirements.
Why do we need Global Sourcing companies?
On the subject of business, we need to think globally. The world is more interconnected than ever, and businesses must reflect that in their practices. Enter global sourcing companies. These businesses help connect us with products and services from all over the world.
Benefits of Sourcing worldwide:
1. You can find products that are not available in your home country.
2. You can get better product prices by sourcing from countries with lower labour costs.
3. You can find suppliers who specialize in the type of product you need.
4. You can get products made to your specifications.
5. You can improve your company’s image by sourcing from countries with a good reputation.
6. You can reduce your company’s environmental impact by sourcing from countries with environmentally friendly practices.
7. You can support developing economies by sourcing from them.
Check out the Need for Global Sourcing Agencies:
A global sourcing agency is a company that helps to connect businesses with international suppliers. These agencies can benefit businesses looking to source products or services from outside their home country. There are many advantages to operating with a global sourcing agency, including access to a larger pool of suppliers, lower costs, and faster turnaround times. However, choosing a reputable and experienced agency is essential to avoid potential problems.
Comparison between USA sourcing companies vs Global sourcing companies:
Regarding sourcing, there are pros and cons to working with companies based in the USA versus those in other countries. On the one hand, domestic companies may better understand local regulations and be more familiar with the language. On the other hand, global companies often have a more comprehensive network of suppliers and may be able to offer lower prices. Ultimately, it is critical to research and chooses the option that makes the most sense for your business.
Best Global Sourcing Companies
| CompanyName | Location | Main Products | Main Market |
| Network GlobalSourcing | Russia | Helps clients to source the goods and Effectively Sub contract their production needs to India | Eastern Asia |
| Shanghai Ne International Trade. Co.LTD | China | Non-woven refresher, Cotton Towel, Global sourcing office | Worldwide |
| Fidelitone Logistics | United States | 3PL Warehouse, order fulfilment.global sourcing and Procurement | America |
| Radian International | Maharashtra, India | Plastic Injections Moulds, plastic blow moulds, Product design service | North America, Africa, Mid East, Western Europe |
| Traficator International AB | London, United Kingdom | Cast iron products, Castings. global sourcing, welded fabrications | Worldwide |
| ASAP Technology Limited Partnership | Lamphun, Thailand | Plastic packaging, Industrial papers, and toolings | North America, South America, Eastern Europe |
| Kingwhale Industries | Taiwan | Performance fabric development, Edge for products developments | North America, Western Europe |
| CIX Products INC | Missouri, United States | Consumer products, Industrial product manufacturing materials | North America, Southeast Asia |