How BuyHive Is Disrupting Global B2B Sourcing With Gig Economy Rules
When it comes to big ticket B2B purchases and procurement deals, trust is always in short supply. While buyers are always open to new suppliers who can supply the goods of desired quality and in desired quantities at lower costs, they are equally hesitant to commit millions of dollars to unknown suppliers. The suppliers on the other hand are equally wary of dealing with large buyers without advance payments.
Historically, large-scale buyers around the world have worked around the trust problem by hiring their own teams of procurement specialists to scout new manufacturers, work out deals and monitor the quality of finished goods before they leave the factory. Smaller buyers who could not afford hiring these specialists either relied on third-party sourcing companies to do the job, or took undue risks by scouting for suppliers remotely via online listing or advertising platforms like Alibaba and IndiaMart. If they were lucky, they received the shipments of desired quality and on time. If they were not, they had little recourse available.
Hong Kong-based BuyHive was born with the idea of filling this trust gap, and to address the needs of small and mid-sized global buyers who want to source high-quality products without risks. BuyHive is a tech-enabled global sourcing platform that offers ‘sourcing as a service’, and connects buyers to suppliers using technology as well as the expertise and knowledge of some of the world's best sourcing experts. The platform integrates the advantages of e-commerce with specialized, tailored sourcing services, through its vast network of professional sourcing experts spread throughout Asia.
BuyHive’s vision is to democratise specialised sourcing by digitalizing it. Its e-commerce portal at TheBuyHive.com allows buyers access to products from several popular categories from the world’s best manufacturers and suppliers. BuyHive differs from its e-commerce peers as it carefully vets and qualifies suppliers before they can list on its platform, while taking full responsibility for the quality & manufacturing of these products. The platform today has over 60,000 registered users and customers in the US, UK, Europe, India, Greater China, and Southeast Asia.
Earlier this year, BuyHive announced its global ‘Expert-Assisted Sourcing’ Program in India. Under this program, BuyHive will use the gig economy principles to match global buyers with carefully selected and vetted India-based independent sourcing experts for short-term sourcing or procurement projects. These gigs will require the sourcing experts to find the most suitable suppliers or manufacturers in India and work with them to procure goods as per the buyer’s terms and specifications.
The platform is aiming to recruit over 5,000 independent sourcing professionals in India over the next 12 months, across a diverse set of categories, including apparel and textiles, home décor, handicrafts, metalware, garden and outdoor furnishing, electronics, hardware and hand tools.
Enabling Trust in B2B Sourcing
BuyHive is positioning itself as the most trusted and reliable sourcing partner for all businesses in India and around the globe. The platform’s credibility was burnished earlier this year when several Indian buyers, including the CII, Hemkunt Foundation, and Meddo, ordered crucial lifesaving supplies of oxygen concentrators, oximeters, masks and other medical equipment from BuyHive. Recognising the criticality of their orders, BuyHive’s sourcing experts quickly shortlisted trustworthy suppliers and worked closely with them to ensure that the finished goods met or exceeded the global quality standards, and more importantly, reached India within exceptionally tight deadlines.
The platform also received other large orders for Covid-related supplies from prestigious organizations around the world, including UK’s National Health Service (NHS), University of Pittsburgh Medical Centre, Austin Emergency Supply Foundation, and Visiting Nurse Service of New York.
Having proved its model successfully during a raging pandemic, the platform is now working to scale it further. The company is building a large worldwide network of independent sourcing experts as part of its ‘Expert-assisted Sourcing’ program. It has already onboarded over 1,000 China-based experts. Once the program goes live in the next few weeks, it has the potential to permanently change global sourcing and procurement – a crucial dynamic of global trade.
Disclaimer: This is a company press release. No HT journalist is involved in creation of this content.