Maintaining a stable supplier network in diverse places can help mitigate risk and sourcing disruption. So it doesn’t come as a surprise that more and more importers and buyers are
implementing a “China + 1” strategy. With this approach, there’s no need to scramble to find new suppliers. There’ll be other sources to handle parts of the supply chain, thus – minimizing business disruptions brought by unexpected events.
When it comes to sourcing alternatives, Southeast Asia boasts a number of good options, including Malaysia, India, Thailand, Indonesia, and Vietnam. Dubbed the “MITI-V” or “Mighty Five,” each country has its specialties, advantages, and drawbacks.
Our newest ebook, Sourcing Beyond China and Alternative Markets discusses options on how to mitigate risks and sourcing disruptions through implementing a China + 1 business
approach. The book outlines viable sourcing alternatives in Southeast Asia, their key production strengths, disadvantages, and other factors to consider. Moreover, this book gives valuable sourcing insights on how to avoid pitfalls when considering a new supplier in one of these Southeast Asian countries. Lastly, it also shows how having alternatives can help businesses thrive, especially in this time of the pandemic.