LONDON–(BUSINESS WIRE)–SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Promotional Products Industry – Procurement Intelligence Report.
Buyers who have operations across regions typically undertake a multi-supplier approach for the procurement of promotional products. It has been observed that such a multi-supplier procurement approach will not only hinder spend visibility but may also lead to inconsistencies in product quality, which is likely to impact the brand value. This is one of the imposing challenges that will hurt the growth prospects in the promotional products industry to a significant extent. In response to this challenge, findings in this report suggest that buyers must rationalize their supplier base to reduce the need for a multi-supplier engagement approach and to avail greater discounts by rewarding the best performing supplier.
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According to the forecasts, the promotional products industry is expected to witness a spend growth of over USD 3 billion accelerating at a CAGR of more than 2%. This increasing spend in the promotional products industry will be primarily attributed to the growing penchant of the emerging small firms towards promotional products that are perceived as one of the cost-effective ways to boost their brand visibility and increase their mass outreach.
What are the promotional products price trends that are driving the overall price structure in the global promotional products industry?
- Specialty promotional products mainly include t-shirts, purses, and bags that are customized to include the brand mentions by means of inkjet printing technology. Forecasts for an increase in the prices of the ink used for this technology will increase the price of procuring specialty promotional products.
- Factors like rising in inbound freight costs for imported products and possibilities of diesel prices hike will escalate the logistics costs incurred by suppliers. This, in turn, will have an inflationary impact on the cost of procuring in the promotional products industry.
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What are the scopes of optimizing procurement spend in the promotional products industry?
Strategic supplier selection is the key to optimizing procurement spend in the promotional products industry. In view of this, this report has enlisted the key promotional products suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure with the suppliers.
Consolidate spend by engaging with suppliers who have a wide product portfolio
In the promotional products industry, buyers are advised to engage with suppliers that have a wide portfolio of promotional products such as wearables, traditional goods, and office equipment. This assists buyers in providing a wide variety of choices in terms of budgets and helps to spend consolidation. Procuring a large volume of different goods from a single supplier can help in shipment consolidation, which will improve delivery time and reduce shipping costs in the promotional products industry.
Several online channels are available for the promotion of products such as e-mails, social media, and e-commerce. This makes it imperative for buyers to partner with promotional products suppliers who can assess the capabilities of these online channels that assist the former to target a larger audience to increase brand awareness and improve sales.
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Some of the key topics covered in this report are:
- Promotional products market spend segmentation by region
- Total cost of ownership analysis in the promotional products market
- Regional spend opportunity for promotional products suppliers
- Promotional products suppliers cost structure
- Promotional products suppliers selection criteria
- Promotional products suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the promotional products market
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