Sourcengine Beats First Half Forecast by 252% Amid Ongoing Component Shortages, Supply Chain Evolution
The electronic component industry's leading e-commerce marketplace sees business boom as manufacturers reconsider purchasing & procurement practices
MIAMI, July 21, 2021 /PRNewswire/ -- Sourcengine, the electronic component industry's leading e-commerce marketplace, today announced that it has made significant inroads towards its goal of bringing sourcing and purchasing into the future. In addition to beating its first half revenue forecast by 252%, shipped revenue increased by 60% as new users on the platform grew by 72% and search traffic by 373%. Meanwhile, Sourceability, a leading distributor and the developer of Sourcengine, beat forecasts in both Q1 and Q2 on its way to 58% first half revenue growth compared to the same period in 2020.
"Pandemic-related challenges have opened many eyes to the weaknesses of existing procurement and supply chain processes," said Jens Gamperl, CEO of Sourceability. "We have been working to address these challenges by offering a more digital solution for over five years now and the first half of this year shows the demand is growing for this approach."
Like many industries, electronic components and therefore electronics manufacturing were hit hard due to COVID-19. Component manufacturers were forced to shut down their facilities which led to extreme shortages, particularly of semiconductors, as demand picked back up and production schedules resumed. Even halfway through 2021, there is no clear end in sight. Combined with increasing supply chain volatility this year – including events like the Suez Canal blockage, facility issues among chipmakers, and global weather anomalies – purchasing and procurement professionals are reexamining staid processes that are still manual and based on multiple, piecemeal negotiation streams.
As demand to advance the industry to a more digital era grows, Sourcengine is on the frontlines with its e-commerce-based marketplace. Sourcengine offers more than 550 million parts from more than 3,000 suppliers, giving buyers a more complete view of the marketplace and empowering them to make purchase decisions based on a more complete set of information that they can track directly back to their specific needs. Both its size and ease of use – including features purpose-built for professional purchasers, like its BOM Tool and Quote It functionalities – position Sourcengine to achieve its goal of disrupting the business-as-usual approach to procurement with a more efficient, digital option.
"While shortages are rampant now, Sourcengine's growth this year is not a blip on the radar but an inflection point," Gamperl continued. "The world of component purchasing and procurement – which spans so many industries – is at a moment of significant change, and we have spent the past five years positioning ourselves to be at the heart of it. There is still much more to come and we plan to continue leading the way."