1. What is the definition of supplier sourcing?

The meaning of supplier sourcing is the process of finding trusted suppliers who provide the best products or services. It's also known as supplier search and selection.

2. Why does supplier sourcing matter for your business?

The main reasons are: supplier sourcing determines and influences your company's profits, competitiveness, costs, supplier diversity, supply chain risk & resilience, customer loyalty, corporate social responsibility, and ESG goals.

3. What are the types of supplier sourcing?

● Based on the number of suppliers, the types of supplier sourcing are sole sourcing, multiple sourcing, and single sourcing.

● According to the locations of suppliers, the types of supplier sourcing are near-sourcing, global sourcing, low-cost country sourcing, and local sourcing.

● In terms of sourcing done by internal or external sourcing professionals, the types of supplier sourcing are outsourcing and insourcing.

4. What criteria should you use for supplier sourcing?

Supplier capacity and social proofs, product quality and sustainability, ESG and compliance, lead times, MOQs, locations, costs, services & support, returns & shipping policy, and payment terms are the main criteria you should use for supplier sourcing.

5. Why do impact and responsible sourcing matter to supplier sourcing?

Sourcing suppliers with an impact and responsible strategy is the inevitable choice for your organization to achieve corporate social responsibility and sustainability goals. In addition, it can enhance your brand reputation and attract more customers who like to buy ethical and sustainable products.