How Product Development Takes Shape In The World of Global Sourcing

How Product Development Takes Shape In The World of Global Sourcing

In today’s global marketplace, international sourcing has become a crucial strategy for businesses seeking to scale and expand their operations. However, finding legitimate and trustworthy overseas suppliers can be a significant challenge, especially for smaller businesses that are just starting out. This challenge was the catalyst for the creation of Sourci, Australia’s largest sourcing and supply chain management company.

Sourci is a 100% Australian-owned company that has achieved remarkable success, importing an excess of $160 million worth of products and manufacturing over 700 different product types to date. “We have 60 team members in seven countries and have established offices in both China and India, allowing us to count over 150 overseas suppliers in our robust network,” explains Sourci Founder and CEO, Giovanni Pino.

Sourci has close ties to Australia’s premier expo for the sourcing of apparel, textiles homeware and gifting products, The Global Sourcing Expo. The Expo will be holding its first Sydney event at the International Convention Centre from 11-13 July 2023.

“I first attended the Expo in 2018 to explore the existing landscape and to get a better understanding of the options that were available to customers,” says Giovanni. “Fast forward five years and we’ve come full circle after being asked to lead a panel on ‘The Ins and Outs of Product Development’, as part of the 2023 Sydney Global Sourcing Seminar program.”

“The Global Sourcing Expo has been instrumental in creating valuable business partnerships for us and we are looking forward to the opportunity to share our years of industry knowledge and experience in product development with the seminar attendees,” he adds.

Overcoming the product development hurdle

Product development is a crucial but complex process for any business to navigate, becoming increasingly lengthy and expensive in cases where a business is lacking the necessary knowledge and resources for execution.

“Developing a product requires careful attention to industry-specific requirements, regulations, certifications, and testing – considerations that many businesses overlook,” explains Giovanni. “Extensive research and understanding of the product’s requirements and associated costs are essential, and businesses equipped with this knowledge from the outset can embark on product development with confidence.”

He also highlights the importance of ‘sense checking’ – determining that the production of the product one wants to create is actually possible. “Having a great idea is one thing, but you need to be realistic about the steps involved in making it a reality.”

Successful scaling reliant on a robust supply chain

Once the product development hurdle is overcome and a business is ready to enter its growth phase, a new set of challenges is presented. The most common of these is the failure to establish a robust foundation within the supply chain before attempting to scale.

“It’s essential that your supply chain is effectively set up to handle the pressures of growth, because inadequate supply chain foundations often result in issues such as quality problems, cash flow constraints, and inventory mismanagement,” explains Giovanni.

Businesses must also consider the importance of choosing suppliers that have the capability and capacity to align to a brand’s growth plan, which requires proactive planning, forecasting and the auditing of suppliers to ensure consistent product quality. By taking these steps, companies can establish a supply chain ready to support their conquering of the market at scale.

As the Global Sourcing Expo is a platform that promotes the connection between Australian brands and global suppliers, logistical threats to an overseas supply chain must also be considered. Here, Giovanni reinforces the strategic upsides of a diversified supplier base:

“The COVID-19 pandemic and its knock-on effects prompted us to diversify our supplier base, allowing us to cater to brands seeking alternative options in the face of supply chain disruptions. We’ve been able to skilfully navigate challenges such as raw material cost increases, frequent lockdowns across the globe and skyrocketing freight prices through strategic forecasting, flexibility, and a proactive approach. This ensures that our clients stay ahead of the curve.”

Sustainable practices embraced in product development

As a future-focused event, the Global Sourcing Expo encourages both Seminar speakers and exhibitors to highlight the trends that will dominate the industry for the next few years, with sustainability emerging as a common theme.

“Sourci has identified a rising trend in vintage recycling and repurposing found objects,” says Giovanni. ‘This trend is present across all four categories of the Expo (apparel, textiles, homeware and gift) and reflects a growing cultural shift toward environmental consciousness and sustainable practices.”

“Within our own organisation, we’re actively involved in introducing a range of silicone feeding products to a major retailer, catering to the increasing popularity of silicone as a more eco-friendly alternative to melamine plastic,” he concludes.

‘The Ins and Outs of Product Development’ Global Sourcing Seminar will take place at 2:30pm on Day 1 (11 July) of the Sydney Global Sourcing Expo. Tickets and the full program can be accessed here:

https://globalsourcingexpo.com.au/visitor/seminars/

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FOR EDITORS

About the Global Sourcing Expo Sydney 2023

Global Sourcing Expos Sydney and Melbourne provide a dedicated show platform to connect global manufacturers, producers, service providers and fashion labels with trade buyers, retallers and industry professionals from Australia, New Zealand and beyond.

The Show now includes a focus on homewares and gift, as well as apparel, accessories, and textiles. As one of the only shows in Australia to directly target wholesale and retail buying groups, this is an ideal opportunity to enter the Australian market.

“The Global Sourcing Expo connects the world!”

When and where for Sydney Show: Tuesday 11 – Thursday 13 July 2023, International Convention Centre (ICC), Sydney..

When and where for Melbourne Show: Tuesday 21-Thursday 23 November, Melbourne Convention and Exhibition Centre.

Website: https://globalsourcingexpo.com.au/

FOR EDITORS

About IEC Group Pty Ltd

International Exhibition & Conference Group Pty Ltd (IEC Group Pty Ltd) is a privately owned Australian company of key personnel with combined exhibition industry experience of over 70 years.

Enquiries about the event: Julie Holt, IEC Group. julie@iecgroup.com.au or +61 (0) 3 9596 9205

For editorial enquiries please contact:

rene@positivitd.com

Rene Rose

M +61 474 476 344