Global sourcing company leaders have their work cut out for them in the coming years as they try to stay ahead of the ever-changing outsourcing landscape. Here are just a few important predictions that will be relevant to sourcing companies in the United States and beyond in 2023, including things you need to know about global eCommerce, Artificial Intelligence, and Big Data.

The Rise of the Asian Consumer

The Asian consumer is set to become the most important segment for global sourcing companies in the coming years.

The reason behind this rise is that there are hundreds of millions more people in Asia now than ever before, which will result in a huge increase in demand for goods and services.

At the same time, there is an aging population in Western countries, which will lead to a decrease in purchasing power.

This means that international sourcing companies need to prepare themselves for a shift toward Eastern markets.

U.S. Manufacturing Will Increase by 14% in Value By 2023

In 2023, global sourcing companies in the United States will need to be aware of an increase in manufacturing by 14%. The increase in manufacturing will help the country maintain a healthy economy.

Manufacturing is responsible for 7% of the gross domestic product (GDP) of the U.S. It also has a total contribution of $2 trillion annually.

The 14% growth in manufacturing production value is based on predictions from Deloitte’s latest report on U.S. Manufacturing Made in America, Again where they estimate that over $5 trillion worth of goods and services will be manufactured within the next 10 years- growing at twice the rate as any other sector.

The End of Counterfeiting

The implications of China’s new anti-counterfeiting law are shaking up the global supply chain. The U.S. Chamber of Commerce predicts that the law will usher in a new era of brand protection and bring an end to counterfeiting.

Due to the country’s growing market, China is quickly becoming a hub for manufacturing and could soon overtake America as the world’s largest economy by 2030.

With the world watching, it will be interesting how China handles this question – counterfeiters beware!

A Look at Supply Chain Security in 2023

Supply chain security is an issue for sourcing companies in the United States. The sheer volume of goods that are imported and exported, coupled with rapid globalization and the rise of technology, creates a vulnerability not seen in previous decades.

The following are some predictions from 2023 on how supply chain security will change over the next decade: – Supply chain security is defined by more than just theft or fraud; it includes additional risks like product obsolescence, counterfeit products, and intellectual property theft.

This means that sourcing companies need to invest in both physical and digital protection. Security incidents tend to have a broader impact on their business if they do not have a formalized response plan in place.

What Will Happen to eCommerce Logistics?

eCommerce logistics will play a more important role in the future. That means that companies, especially sourcing companies in the USA, need to make sure they are prepared for the change.

Sourcing companies in the USA should have all of their information about supply chain management, sourcing, and procurement updated for 2023.

They should also be looking at where their warehouse is located and if it’s close enough to major shipping ports or airports so they can take advantage of any savings on transportation costs as well as the time needed by going local.

This way sourcing companies in the USA can quickly ship out products and deliver them on time when customers order them online.

How Will Blockchain Impact Asian Markets?

The Asian market is still the fastest-growing region in the world, and there are plenty of opportunities for Western companies looking to enter. But what will change in 2023? It’s tough to say for sure, but here are some predictions about sourcing in Asia for 2023.

In 2023, blockchain will have a significant impact on Asian markets. Blockchain technology could transform how work is done and create a more equitable global economic system.

The use of Blockchain may increase trust from all parties involved including buyers, suppliers and even regulators who may be able to track goods throughout the supply chain.

The Future Is Now

Technology is what many people associate with the future, but there are other trends that will have an impact on sourcing in the coming years.

As globalization continues, we’ll see more customers demanding transparency about where their products come from.

This will inevitably mean a rise in ethical sourcing and sustainability practices among companies that want to maintain customer loyalty.

And as countries grow richer, they’ll start consuming more goods than ever before—which means that the global consumer market will become even more competitive.

Final thought

In 2023, we will see a shift in the labor market as automation and artificial intelligence continue to take over jobs. This means that companies will have to figure out new ways of attracting talent and retaining workers.

As a result, sourcing and HR professionals need to take an active role in ensuring that their company has a diverse workforce with all levels of experience.

For instance, sourcing managers should be actively involved in the recruitment process by speaking with job candidates in person or on video chat platforms like Skype or Zoom, rather than solely relying on an automated system.

The result is that sourcing managers will be able to create more personalized connections with potential employees and get more meaningful feedback on why they didn’t want a particular job.