**London**: Alibaba.com reports a remarkable 39% year-on-year increase in orders from UK small and medium-sized enterprises at its March Expo. The event highlights a shift towards digital procurement, with significant growth in product categories and an increasing focus on direct supplier relationships among UK SMEs.
Alibaba.com has reported a substantial 39% year-on-year increase in the number of orders placed by UK small and medium-sized enterprises (SMEs) during its annual March Expo this year. The event, which is a significant online sourcing platform aimed at connecting millions of buyers with suppliers globally, has highlighted a notable shift towards digital procurement practices among UK SMEs.
The March Expo, a month-long virtual event, not only spotlights the latest product opportunities but also fosters new supplier partnerships while offering promotional deals. The use of advanced technology and artificial intelligence has facilitated a smoother experience for UK SMEs, enabling them to navigate global trade markets and seize growth opportunities.
Key product categories saw pronounced growth in orders from UK SMEs. The Footwear & Accessories category reported an extraordinary increase of 105%, while the Apparel & Accessories category rose by nearly half at 48%. Among specific products, orders for casual sports shoes surged by 173%, and demand for football attire also rose dramatically, recording increases of 124%.
These figures resonate with findings from a recent Alibaba.com study, which revealed that about 31% of UK SMEs are actively in pursuit of new and trendy products to draw in customers. The study further disclosed that 40% of SMEs prioritize finding trustworthy suppliers, while 32% express a preference for sustainable products. Such statistics illustrate a robust transformation in procurement strategies among UK SMEs, who are increasingly focused on broadening their product offerings to maintain competitiveness in a fast-moving market.
Another significant trend emerging from the data is a shift towards direct supplier relationships. More than half of the UK SMEs surveyed, 57%, indicated plans to switch suppliers within the current year, demonstrating a clear inclination towards digital sourcing channels like online B2B marketplaces. Additionally, nearly two-thirds, approximately 59%, of the SMEs acknowledged that digital sourcing has become more critical now compared to the previous year, suggesting an evolving landscape where direct sourcing is gaining increasing relevance.
The information highlights the growing reliance of UK SMEs on digital solutions in procurement, driven by a combination of efficiency, reliability, and a quest for innovative products. The March Expo serves as a key indicator of this ongoing trend towards digitalisation in the sourcing processes of UK small and medium-sized businesses.
Source: Noah Wire Services
Subscribe to Industry Updates
