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What Is E-sourcing?
E-sourcing, or esourcing, is the process of finding and qualifying suppliers that can deliver the most valuable and cost-effective products for the company through an online platform.
This includes the process of requesting for information, proposals, quotations from various suppliers that fit a set of criteria.
Some online platforms even allow buyers and suppliers to connect online through virtual meetings to discuss sourcing requirements.
E-sourcing technology has now made it easier and faster for companies to run their procurement activities.
Why Is E-sourcing Important?
Procurement in the hospitality, food and beverage industry is usually a very time-consuming process.
It can take months for restaurants, retailers, and hotels to complete the process of identifying, product sampling and shortlisting suppliers for their specific needs.
Many businesses relied on trade shows and exhibitions to meet suppliers with the right products.
This can make it challenging for companies that have difficulty attending a live event at a specific geographic location or time of the year.
Over 80% of retailers are affected by the impact of COVID-19 pandemic, which led to supply chain disruptions and challenges with cross-border travels. [1]
In today’s era, e-sourcing platforms are extremely beneficial for companies to overcome these challenges.
Key Benefits of E-sourcing
Saving Time
Software tools can automate product discovery and supplier evaluation processes—boosting efficiency and productivity.
Accessing Information Easily
Online supplier profiles and product details make it easier for buyers to make informed decisions.
Saving Cost
Advanced online tools allow quick product price comparisons to get the best deals.
Connecting Online
Virtual platforms make it easier for buyers and suppliers to establish connections beyond physical borders.
Important Features for Buyers to Look For
With a growing number of online sourcing platforms available today, it can be difficult to determine which features are essential for hospitality and F&B businesses. Here are some of the key features for B2B buyers to look for.
Connecting with Suppliers:
The platform should enable users to easily contact suppliers, schedule meetings, and request samples.
Customised Filtering System:
A customisable filter system is important for finding the right supplier for each product category.
Automated Features:
Automated features such as automatic notifications, reminders, and price comparison tools can help make the process more efficient.
User-Friendly Interface:
An intuitive, user-friendly interface that is easy to navigate and provides a smooth user experience is essential for any e-sourcing platform.
Ensuring Business Success With E-sourcing
Keeping up with today’s constantly changing market conditions is essential for success.
Online sourcing helps hospitality and F&B businesses to streamline the sourcing process.
It reduces the need for manual processes and paperwork, freeing up time for buyers to focus on other important tasks—leading to increased efficiency and better use of resources.
Check out our online marketplace and discover new hospitality and F&B products for your business.
Want to learn more about e-sourcing?
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[1] https://insideretail.asia/client-report/asian-retail-outlook-2022/
