The UK has seen a season of sport this summer. Wimbledon, the Women’s EURO’s and the Commonwealth Games to name but a few. And with the Men’s World Cup starting up later in the year in Qatar, it really is shaping up to be the ‘year of sport.’
So how do you tap into this market to benefit your business?
In this blog we dive into ways your business can enter into international supply chains in order to boost business growth.
Thinking about trade links
Nothing brings people together like a shared common interest, and sporting events is one of them. We’ve had people from across the globe travel to the UK in recent months for events hosted here in the UK, and it wouldn’t be a surprise if many UK residents travel off to the middle east later this year for the World Cup.
If your business can benefit from this sort of international trade, be it sourcing parts to sporting manufacturers, having ties with the medical industry or even the food and drink industry, then now certainly is the time to start thinking about those supply chain links.
UK Consumer spending during sporting events
From 2005 to 2019, consumer spending on recreational and sporting services in the UK increased from roughly 7.6 billion British pounds to approximately 12 billion British pounds. And during the last world cup in 2018, UK consumers spent £1.9bn during the tournament.
Now we’ve not got a crystal ball, but we can see how spending might play out in this year’s World Cup (certainly in the billions), and it’s worth noting that if England make it to the final, you could add an extra billion onto estimated figures.
Sourcing products from outside of the EU
Southeast Asia offers many trading advantages to UK businesses. The region offers a highly skilled workforce, with lower labour costs and a well-established trading route to the UK. It also offers a wide range of suppliers who are ready and willing to do business with you.
Having a reliable and robust audit process ensure quality and standards are maintained and you’ll want a localised auditor who’s specific focus is on one key issue, or a full audit across a whole supplier system of operations.
Key benefits of a supply chain
Now really is the time to start thinking about your businesses current supply chain ahead of the World Cup later this year. From having a comprehensive supply chain audit, conducted by a specialist on the ground auditor at the supply source, you’re ensuring that a robust quality management process of compliance, risk reduction and an improvement in performance output is obtained.
This results in a reduction in costs and an increase in profitability.
Get in touch
For more information about our localised supply chain, visit the supplier auditing section of our website or contact Kiley Tan on 07885 784783 or kiley.tan@mosaicint.co.uk for more info.