Sourcing Market Trends and ESG Compliance Strategies
Quality and insufficient knowledge have decreased as perceived
barriers of entering new sourcing markets
Quality Risk
2023 37%
2022 49%
The most significant barrier
-12%
Performing extensive quality controls of
new suppliers is a costly but necessary
measure to take to ensure that the
requirements are met.
Insufficient knowledge about
the new market
2023 32%
2022 40%
-8%
Companies may benefit from hiring a
local resource or appointing consultants
with market insights to support the
entry.
Set-up Costs
2023 31%
2022 27%
4%
The cost may involve market research
expenses, marketing expenses, supplier
searching and training expenses
Each of these costs needs to be carefully
considered and budgeted.
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