Global Sources - Media Coverage

With the "second wave" of the financial tsunami about to come, Hong Kong exporters should make new market exploration their first priority. Trade show organizer, Global Sources, has launched their "e-sourcing" service early this month. It aims to help Hong Kong suppliers attract buyers from the emerging markets online to lower costs. Global Sources short-lists suppliers and sends pre-screened supplier and product lists to participating buyers, facilitating trade negotiations between both parties. A large electronics retailer from Russia was among the first to try this new service. Interested Hong Kong suppliers can submit their applications online if they are Global Sources' users.

Complimentary service for Global Sources users

Global Sources' Chairman and CEO, Merle A. Hinrichs said the fast-growth emerging markets offer Hong Kong suppliers huge business opportunities during the economic downturn. Hinrichs said: "Brazil is expected to be the fifth consumption market in the world in 20 years. Russia's auto market is expected to grow 40 percent in the next five years. And India has already become one of China's top trading partners with bilateral trade projected to hit US$60 billion by 2010."

Apart from trade shows, buyers from emerging markets rarely have the opportunity to meet suppliers from Hong Kong. Hinrichs pointed out that the new service is ideal for buyers in fast-growth emerging markets who might not have a permanent sourcing office in China. It also extends suppliers' reach, giving them a platform to enter markets which offer huge growth opportunities. The entire matching process is conducted online, which helps buyers and suppliers lower costs.

Extension of sourcing events to give more business opportunities

Hinrichs said "e-sourcing" is a powerful extension of the Private Sourcing Events. While the former is an online platform, the latter takes place in a format of face-to-face meeting. They complement each other. Global Sources is inviting more buyers from emerging markets to use this new service, including construction and home appliance retailers from South America and buyers from Turkey.

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