But how can your business tap into this market effectively? This blog explores strategies to integrate into international supply chains, boosting your business’s reach and success.

Strengthening Trade Links

Sporting events have a unique way of uniting people from around the world. With fans travelling across Europe for Euro 2024 and other global events, there’s a significant opportunity for businesses to capitalise on this international movement.

If your business caters to sectors such as sports manufacturing, medical supplies, or food and beverage, now is the perfect time to boost your supply chain links. Establishing robust international trade connections can position your business to meet the rising demand associated with these events.

The Impact of UK Consumer Spending on Sports

Historically, major sporting events have substantially increased consumer spending in the UK. As an example, in the third quarter of 2023, UK households purchased approximately £2.2 billion pounds’ worth of sports and other outdoor recreation equipment[1]. And during the 2018 World Cup, UK consumers spent £1.9 billion.

While we can’t predict exact figures for Euro 2024, it’s reasonable to expect a significant boost in spending, particularly if England advances to the later stages. Businesses should prepare to meet this surge in demand which could potentially increase their revenue by millions.

International Trading –  A Strategic Advantage: Sourcing Products Beyond the EU

Southeast Asia presents numerous trading benefits for UK businesses, including a skilled workforce, lower labour costs, and established trading routes. The region also offers a wide range of suppliers who are eager to engage with UK markets.

To ensure quality and standards, it’s crucial to implement a thorough and reliable audit process. Engaging local auditors who specialise in specific areas or conducting comprehensive supplier audits can help maintain high standards and efficiency.

The Benefits of a Strong Supply Chain

With Euro 2024 on the horizon, now is the time to evaluate and strengthen your supply chain. Conducting a detailed supply chain audit with on-the-ground specialists ensures compliance, reduces risks, and enhances performance.

A robust supply chain leads to cost reductions and increased profitability, positioning your business to thrive during and after the event.

Get in Touch

For more information on optimising your supply chain, visit the supplier auditing section of our website. Contact Kiley Tan at 07885 784783 or via email at kiley.tan@mosaicint.co.uk for expert advice and support.

[1] Statistia, 2024

The post Harness the Excitement of EURO 2024 for Business Growth appeared first on Mosaic International.

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.

The post The beautiful game (and international trading) appeared first on Mosaic International.