LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global promotional products market is expected to grow at a CAGR of nearly 3% over the next five years due to the increasing use of eco-friendly products.
The research report titled ‘Global Promotional Products Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Considering the concerns about global warming and severe climate change, companies across different geographies are increasingly focusing on eco-friendly products,” said lead Technavio procurement expert Angad Singh. “Also, more than 40% of users have a favorable image of the brand if the promotional items are eco-friendly,” added Angad.
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Cost saving opportunities in the promotional products market
The adoption of various cost optimization levers helps buyers of promotional products realize cost savings and enhance category management and value benefits (including reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the promotional products market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as wearables include wristbands, smart bracelets, smartwatches, and GPS trackers, which can be used to monitor health and fitness goals, heart rates, and assess workouts.
Increasing use of Bluetooth devices, especially with increasing use of mobile phones, has resulted in various organizations providing Bluetooth devices as promotional products. An increase in the use of mobile phones has led to a rise in the adoption and popularity of power banks. At present, they are being used as effective promotional products.
Optimization of procurement practices saving aspects
With carbon pricing being strictly practiced across various geographies, buyers look for suppliers that have adopted measures to reduce their carbon footprints during the manufacturing stage.
Hence, they look for suppliers that use green materials such as cotton as well as adopt practices such as procurement of recycled raw materials to achieve sustainability goals.
Bundling of services saving aspects
Buyers must have a clear understanding of the sub-contracting policies of suppliers. Suppliers must be evaluated on factors such as price, quality, and regulatory compliance before engagement as they may hamper the brand that is being marketed using unsuitable promotional products.
Increasing number of suppliers are dependent on external supply chains for all their delivery needs. Hence, buyers need to look for players that have effective supply chains in place to source raw materials and deliver end-products cost-effectively.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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