TradeCard Technology Comes Into Demand During Recession
New York–based TradeCard Inc.—which provides an online supply-chain collaboration platform for buyers, suppliers and service providers within the apparel industry—has realized growth in its supplier base due in part to shifting sourcing trends.
The company’s technology enables trading partners to conduct financial transactions online. TradeCard recently added Cannon County Knitting Mills to its supplier base, marking the company’s 700th member in North America. Murfreesboro, Tenn.–based Cannon Mills produces broadwoven fabrics.
Chief Executive Officer Kurt Cavano said more importance has been placed on suppliers in the Americas as speed-to-market and flexibility become driving factors to survival and success.
As a result, brands and retailers are leveraging the technology to facilitate near-sourcing strategies aimed at reducing order-delivery times and providing an efficient alternative to Asia, Cavano said.
Factories and manufacturers are especially eager to take advantage of trade-financing services to ensure liquidity, Cavano said. Aside from suppliers such as Cannon in the United States, TradeCard has also been growing in Central and South America, as well as in the Caribbean, with suppliers in Mexico, Peru, El Salvador, Nicaragua, the Dominican Republic, Colombia, Bolivia, Brazil, Guatemala and Honduras.
Jorge Fernandez, vice president of finance at Peru-based Textil del Valle, said Latin American companies are realizing the importance of technology as the global marketplace becomes more competitive.
“Process automation, speed and on-demand access to capital are keys to keeping up with our customers’ business needs,” he said. “A higher level of automation and services enables us to grow as our customers grow.” TradeCard operates in a secure, paperless environment. It now has more than 4,000 members worldwide. Cavano said this broad base of resources allows companies to leverage the financial strength of their customers to get competitive rates.
“Supply-chain automation, compliance and especially access to trade financing are critical in today’s uncertain times. Suppliers in the Americas are able to obtain financing they need and collaborate better with customers using TradeCard. Buyers in the U.S. gain the advantage of shorter delivery times and closer proximity to trading partners. Brands and retailers with near-sourcing strategies are able to transact with their suppliers in minimal time and with minimal effort, with the assistance of our local support team in the region.” —Robert McAllister
