Ask someone what he or she would want as their dream job and the likelihood of him or her saying. “To be my own boss”, is probably pretty high. Starting a small business and the idea of being your own boss is not only aspirational; it may be the most popular institution in America. The embodiment of the American dream is Business and it’s also the foundation this country was built on.
And starting your own business today is easier than ever before. You can usually register your business name and web domain online in minutes. Small businesses today also have various channels available for selling their products. You can open up a traditional brick&mortar location or sell your products online via your own ecommerce site or channels such as Amazon and eBay.
Part of starting your business also requires figuring out how you’ll produce your products. And how you get your products can drastically impact your bottom-line. Working directly with manufacturers has its benefits, but it usually requires you to go overseas. Platforms like Alibaba.com have made the sourcing part easier, allowing businesses to find just about anything from anywhere and online. However, Alibaba.com has mainly played the role of a supplier-listing page, until recently.
The new Trade Assurance service by Alibaba.com, lets businesses select their suppliers based on a Trade Assurance limit. The limit reflects the amount Alibaba.com covers a specific supplier for, which is based on the supplier’s trade history. This coverage amount provides assurance that your order will be protected for up to that specific amount with your supplier, in case something goes wrong with the order.
Why do this?
Trust is something that usually comes up as a concern for both buyers and suppliers. From a buyer’s perspective, they usually want a reliable supplier that will deliver a quality product on time. And from a supplier’s perspective, they want to work with buyers that are actually going to place orders and pay on time. Trade Assurance essentially helps build that initial ‘trust’ and provides buyers a safety net, especially those who are looking to source products from overseas for the very first time.
Product quality and product shipment time are covered under Trade Assurance.
I like to tell businesses that Trade Assurance helps you source products, the right way, the first time. Meaning, it ensures that a purchase order is in place and both the buyer and supplier agree to the terms. Product quality can often have different meanings to both buyers and suppliers.
To mitigate that the decision is based on an unbiased perspective, Alibaba.com requires buyers to hire a third-party inspection service. An inspection service is a great tool and allows buyers to find local inspectors throughout China and inspect goods during and post production.
With Trade Assurance, your hired inspector will inspect products while they’re still at their origin and inspect them based on the details, as provided by you and what’s stated in your purchase order. If everything is as it’s supposed to be, you give your supplier the green light to ship. If the products are not built to specs as stated in contract, and the supplier is not willing to fix the issue, buyers can file a claim and get their money back up to the supplier’s coverage, from Alibaba.com.
To learn more about Inspection Service and using Alibaba.com, click here.
It’s pretty simple here, if your order is not shipped as stated in your contract, you’re protected. With anything, buyers should always try to work things out with their supplier first. However, if the order is delayed and you’re not able to resolve the issue with your supplier, file a claim. Buyers can get their out-of-pocket up to the supplier’s Trade Assurance coverage, back from Alibaba.com.
A Bit of Assurance
In addition, with Trade Assurance buyers can now rate their experience online and share it publicly with others, positive or negative. The real benefit of Trade Assurance is that it helps counter some of the biggest fears businesses have with sourcing products overseas. Alibaba.com wants global trade to be as seamless as it can be. The Trade Assurance service is currently only available with Alibaba.com suppliers based out of Mainland China; however, it will soon be available for most of the suppliers listed on the site.
Ready to use Trade Assurance or want to learn more? Click Here
The key takeaway here should be that, everything you need from starting a business to sourcing products and selling them, can be done online today. Starting a business can be overwhelming for anyone but the risks are getting smaller, however the opportunity and the rewards remain big.