Published on August 15th, 2019 | by Sunit Nandi0
The New Face of E-commerce Driving B2B Electronic Component Supply Chain
At a time when technology is redefining market norms, the electronic component market has not been left behind as it strives to keep up with the latest trends and increased demands currently being witnessed. For long, this niche industry has been considered to be traditional, given how its supply chain has always been handled. However, at a time when everything has become fast-paced and massive development witnessed in the industry, a major uprising is being witnessed. As such, as a player in the industry, there is no longer the need to be held back with;
- Long-term contracts that limit your abilities to go for a better supplier
- Volatile supply that greatly fluctuates when it comes to pricing and product availability
- Irregular deliveries that fail to address all the demands at hand
- The limitation of regional barriers when sourcing for products
The big change
The supply chain of electronic components has gone digital, and the upgrade involves more than B2B suppliers having an online presence. Primarily, this is because of the limitation that comes with such an approach to the industry as it locks up transactions instead of opening up the market to everyone. Instead, the big change has been the creation of a dynamic e-commerce marketplace that is bound to simplify all processes involved in the buying and selling of electronic components. A defining strength of such a marketplace is that it streamlines all buying and selling solutions in a single eco-system. This consequently results in lots of advantages that include;
1. A one-stop platform for everyone
The beauty of a multifunctional e-commerce marketplace is it brings together all industry professionals and players together. Essentially, this means that as a buyer before sourcing for any items, there is ready access to industry-dedicated professionals, engineers, designers, researchers, and manufacturers. As such, instead of having to spend a lot of time going from one platform to the other in the search for the most trusted vendor, all suitable options are available under a single roof. Presented with hundreds of vendors, it is easier to find the right fit by paying attention to the details that are bound to result in a great buyer-seller relationship.
2. Zero complexities in placing overseas orders
A problem that marked the traditional supply chain network that has for long been relied on for sourcing electronic components is how complicated the process was. There were lots of complications that made the process stressful right from simple paperwork errors and import/export regulation to shipments getting lost or being misdirected. All these have been made a worry of the past as technology makes it possible to determine trusted sources and take advantage of global tracking. This means that regardless of how many vendors you make orders from, there is the assurance of active technology-driven monitoring that will see you receive quality parts, right on time.
3. A full suite of digital e-procurement and supply chain tools
Nothing defines convenience like having at hand powerful but simple to use tools that give you better freedom over the procurement of electronic components. A fact that everyone has to accept is that when sourcing for products, there are basic factors that have to be considered before placing an order. These are primarily the lowest price in the market, current best offers from different vendors, and delivery time. Everyone after better BOM management can have the desired flexibility of timing and budgeting for supplies through the same platform from where they have access to hundreds of vendors. The practicality of this is that it is possible to maintain an active BOM management system that is tailored to your needs.
4. The instant finding of the right electronic components and all suitable alternatives
There is always the worry of finding the right parameters for electronic components but not anymore with a dynamic e-commerce platform. All it takes is a quick part number search, and there is the instant result of all available parts with similar specifications from all vendors. The result is presented alongside other details such as unit price, lead time, quantity selection, and date code details to make selection easier.
Overly, the suitability of e-commerce for the supply of electronic components is that it takes away all gambles and provides you with the desired control over the all-important process right from start to finish.