Better Buying releases Purchase Practice Guideline
May 17, 2020 | Dhaka, Bangladesh
Better BuyingTM releases guideline to help retailers support mutually beneficial sustainable partnerships with their supplying factories during Covid-19 pandemic.
Better Buying™ is a global initiative that provides retailers, brands, and suppliers’ data-driven insights into purchasing activities. Better Buying believes that transparency fosters sustainable partnerships and mutually beneficial financial results.
On April 1, Better Buying released their Guidelines for “Better” Purchasing Practices Amidst the Coronavirus Crisis and Recovery. The guideline was put together based on the results of a survey completed by 294 suppliers from 39 countries. Suppliers highlighted demand and supply challenges they were experiencing due to the coronavirus crisis, and how their respective buyers’ response and specifically purchasing practices were impacting workforce and operations.
“We wanted to go beyond adding to the accumulating evidence of pressures suppliers in certain countries are facing, to get clarity on how suppliers globally are being impacted – both by COVID-19 itself and by their customers’ reactive purchasing practices,” says Marsha Dickson, president and co-founder of Better Buying.
The guideline breaks down possible actions that brands and customers can take to support their suppliers’ during the initial short term cash flow crisis and examples best practices during the recovery phase.