If there is one exponentially exploding area, it is the online market and it is ‘exploding’, if you believe the opinions of global sourcing and multinational purchasing firms. Chin online market turned over a whopping $14bn last year and is growing at 13%. Economists, HR professionals, global sourcing agents, multinational purchasing companies are all upbeat about the future prospects just like the manufacturers are.
-Online Market – A Few Points to Ponder
The ease with which you can set up an online market sucks everyone but mind you, online market isn't just about setting it up over the internet. Ask an expert, or a multinational purchasing officer, definitely, global sourcing officers look at online market as an extension of offline one-one or B2B market. The very reason for this is that, the fundamental business rules don't change anyhow; multinational purchasing can’t bypass their standard operating procedures, customs, banks and logistics are all firm in their places including the manufacturers who don't see process cost reduction in manufacturing.
-Why Are Global Sourcing and Multinational Purchasing Companies Rushing To Online Market
The very statement the online market has over enthused the seasoned global sourcing and multinational purchasing managers to rush over to the online market is misleading. Moreover the online market is still in its infancy when it comes to handling bulk trades of the order of millions of dollars on deals. Let alone the multinational purchasing in the global sourcing companies, majority retailers and household buyers are skeptic about online market without reputable promoters behind them.
However, global sourcing hasn't closed its eyes on online market and definitely not for ever. Many multinational purchasing transactions are going on online market but in a cautious way and/or with trusted names in the industry.
New wannabe entrants into the online market must have clarity and vision, above all, must be prepared to wait for their turn. Lack of clarity poses risks to loose sight of goals but can render online market investor to live on hopes alone without being imprecise. Basically, the Chinese online market is now moving on monitored foreign exchange rates rather than the free floating RMB, a fact any global sourcing and multinational purchasing company would vouch for immediately. Growth of online market can’t be attributed to a set of reasons, anticipating a lot on a market structure whose business paradigm is still to be accepted as the primary mode of business can be too much. Fortunes of online market aren’t tied up with multinational purchasing or global sourcing companies, whereas as, as irony would have it, the lifeline for online market is still the shrewd global sourcing or the multinational purchasing firms.
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