Home / Knowledge / News / Textiles / Online negotiations can reduce procurement cost: Sapeap

Online negotiations can reduce procurement cost: Sapeap

28
Apr '20
Pic: Shutterstock
Pic: Shutterstock
At a time when all textile companies are under severe financial stress due to the COVID-19 pandemic, negotiating procurement prices online can reduce the cost and that too with less effort, according to a web portal which helps companies increase their efficiency of procurement. For the purpose, companies should increase competition among their suppliers.

Warren Buffett, one of the most successful investors in the world, once said: "Industries run on marketing but survive on procurement." According to Sapeap (Save a paisa, Earn a paisa), it is possible to increase profit by 50 per cent by 3 ways—by saving 10 per cent in procurement, by increasing sales by 50 per cent, or by increasing sale price by 5 per cent.

"All of us are well aware that in the competitive market it is a very tough task to increase sale price or sales by 50 per cent, but reduction in procurement is not so tough," Sapeap said in a statement to Fibre2Fashion.

"We have to increase competition amongst our suppliers, and we have to just change the way of our negotiations from offline to online—the concept adopted by all major industries like Tata, TNPL, BHEL and Khanna Paper Mills. Online negotiations of price can definitely reduce the procurement cost in less efforts," the statement added.

Fibre2Fashion News Desk (RKS)


Must ReadView All

Pic: Shutterstock

Textiles | On 13th Jul 2020

Egypt signs agreement for new spinning factory in Mahalla

The Holding Company for Cotton, Spinning, Weaving and Clothes in...

Pic: Shutterstock

Retail | On 13th Jul 2020

Primark, John Lewis reject govt call on furloughed staff

Primark has rejected the UK government's call to employing back...

Pic: Edcon.co.za

Retail | On 13th Jul 2020

TFG offers to acquire selected Jet stores and assets

TFG, one of the foremost independent chain-store groups in South...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Industry could be looking at 10%-15% job losses

Footwear industry, Head honchos

Footwear industry
Head honchos

Personalised and differentiated footwear is in high demand

Sham Shah,

Sham Shah

Shamal and Shamal Pvt Ltd is into manufacturing and sales of textile...

Xavier Martinez,

Xavier Martinez

CADT Software & Drafting was founded in Spain in 1987 by Josep...

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Larry L Kinn, Suominen Corporation

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Joe Ikareth, Joe Ikareth

Joe Ikareth
Joe Ikareth

<b>Joe Ikareth</b> has a rock-solid fashion and textiles background, which ...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search