The art of discovering new suppliers is changing from a conventional Yellow Pages or directory model to a LinkedIn-like model where new trade partners and their products are filtered and verified through a professional network.
Hong Kong, China (PRWEB) January 19, 2012
Tradesparq, a social networking site for global trade, created more than 1.2 million trade opportunities for suppliers and buyers in the past 12 months. The breakdown of importers sourcing the site’s primarily made-in-China products showed that the majority of buyers were coming from Western countries looking to source from Asia, with the most inquiries -- 24% -- generated by US companies and 19% coming from the EU.
While the highest percentage of inquiries came from Western importers, there was also a large amount of activity from African and Middle Eastern countries with 16% and 15% respectively followed by South East Asian countries at 13.5%. This shows that the developing country market continues to be a boon for Chinese exporters as the US and European economies remain sluggish.
About 1 to 2% of online inquiries turn into orders, according to standard industry metrics. On Tradesparq.com, inquires were sent by Fortune 500 purchasing professionals as well as small and medium-sized importers around the globe.
“We were very excited to pass more than 1 million product inquiries sent to suppliers in our first year,” said Brian Hager, President of Tradesparq. “This shows how quickly our social networking platform is taking hold in the online sourcing process. The art of discovering new suppliers is changing from a conventional Yellow Pages or directory model to a LinkedIn-like model where new trade partners and their products are filtered and verified through a professional network. “
“We find that buyers and China suppliers simply have a higher level of trust when they can verify each other through a common connection. This is very important especially when dealing with China suppliers,” said Hager, who added that the company’s data indicate buyers are 3 times more likely to send an inquiry to a trusted supplier in their network.
Tradesparq.com utilizes a proprietary, Web 2.0 social networking technology to match volume buyers and manufacturers around the world. Tradesparq is the first B2B website to combine social networking tools with a product directory for global trade, allowing customized search results for each buyer with products ordered by relationship, and providing a more proactive marketing service for suppliers. Companies post products and services on http://www.tradesparq.com for international and domestic buyers to find and send inquiries. More importantly, suppliers and buyers can connect with each other, import contacts, view details, check references, and send real-time automatic product and service updates.
For more information about Tradesparq and its products, contact: