Global Biz Circle Jun 25, 2014
Businesses have to respond quickly to pick up on customer demand – and that means being able to source products quickly. Consumer demand is growing rapidly and trends changing almost as fast. Businesses can find it difficult to stay ahead of the curve in a world of fast fashion and evolving technology, which ensures that the companies with the best chance of surviving are those which are responsive and agile enough to handle the changing needs of their customers. In this context, it is vital that businesses can get hold of the right stock quickly and efficiently. In turn, this will help them keep profit margins healthy and their order books full.
Do your homework
You might have an idea for a great new product, or you may notice a spike in demand for an item you hadn’t expected to sell too well. In either case, you’re going to need to find potential suppliers and shop around for the best deal, even though this is the most time-consuming part of the whole sourcing process. Whether you limit yourself to local suppliers or consider looking further afield, you will still have to ask a few basic questions such as how long they have been in business, whether they have shipped goods to your market before, how quickly they can produce the items and price.
Then you’ll have to contact prospective suppliers with a product specification, request samples and compare quotes, before fleshing out the details of a deal with the producer that best suits your needs.
In the rush to preserve profit margins it is easy to become fixated on the manufacturer that can offer the best price. However, the cheapest option is not always the one which matches your requirements and you need to be more discerning in your selection. If you need the product in a hurry, you should consider issues such as shipping time and associated costs, which may tip the balance in the favor of a manufacturer located closer to home.
Equally, it is crucial that your products are made to the highest possible quality standards – after all, you could easily lose money if every customer demands a refund. Look at each supplier’s capacity, but think about their capability too. Do you believe they will make enough products of a suitable quality in the allotted time The experience is likely to be a key factor here, so it’s worth looking for recommendations online or from other businesses you have worked with in the past.
Trust your supplier
This kind of third party feedback is vital if you are to trust your supplier to deliver stock that will constitute the lifeblood of your business. Fraud and malpractice are comparatively rare but they remain a constant concern for companies around the world – which is where a verification service can be extremely useful.
Alibaba.com and a number of other companies offer these services, which allow businesses to carry out checks on prospective suppliers to ensure they have the right credentials and live up to their own claims. As well as minimising the risk to your business of financial loss, it will also help to eliminate any future delays due to disputes over delivery or payment, not to mention the lost business if you suddenly have to source all over again at a later date.
Fast quotes with AliSourcePro
Businesses seeking new products quickly need to find a trustworthy and capable supplier in the minimum amount of time. Although this may sound impossible, with AliSourcePro businesses can find pre-approved suppliers in a fraction of the time they might otherwise have required.
Users only have to submit one buying request, containing a detailed product specification and information such as geographical restrictions and minimum order quantities. For the avoidance of doubt you can even upload images of what you have in mind. Then, sit back and let the suppliers come to you – companies that have already been verified by Alibaba.com submit their quotes to you and because we filter out quotes that do not match your requirements, you know you are only choosing from a range of relevant bids. In practice this could mean sourcing the products you require in a fraction of the time you would otherwise need.
The same platform will enable you to contact suppliers for further information, request samples, compare your options and then agree on the details of your deal – and with our secure payment service, you can even transfer the funds online.
AliSourcePro is the perfect tool to enable businesses to source new products in much shorter time frames. Submit your buying request today.
The article is sourced from Global Biz Circle at: http://globalbizcircle.com/source-products-hurry/