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Procuring products in niche categories often presents unique challenges due to limited supplier availability and specialized requirements. To effectively navigate these challenges and identify ‘hidden champion’ suppliers, consider the following three strategic steps:
- Leverage Specialized Supplier Databases: Utilize platforms that focus on niche markets to identify potential suppliers.
- Engage Industry Networks: Participate in industry forums and associations to connect with reputable suppliers.
- Conduct Thorough Due Diligence: Assess supplier reliability through performance history and client feedback.
