Knowing the products that are in-demand in the market is one thing, but knowing how to source them is another business entirely. Aside from having a sufficient importing knowledge and partnering with a reliable freight forwarder, much of the success of importing operations depends on how effective you are in terms of sourcing products for your business.
While learning the ins and outs of sourcing can be a challenge for many, there are several ways to make it more actionable for you. With today’s technological advancements in terms of freight logistics, communication, and research, it is now much easier to learn about how sourcing works and how it can help you build upon your business.
Before sourcing goods for your import business, you should know what products you want to sell. This help you narrow down your market and where you can find the sourcing services you need. A great way of pulling this off is knowing what types of products are hot in the market you are aiming for. You can also venture with creating your own products and sourcing the raw materials you need. Social media is particularly useful for this.
Afterwards, you should find and select your supplier. There are several types of suppliers that you can find and choose from: manufacturers, distributors, drop shippers, and liquidators are the top 4 types. You can find them now online, as opposed to going to other countries to find them yourself (or asking other businesses if they can give you some help). All it takes is knowing the right places to look at – like wholesale-specific search engines, trade lead websites, and even print directories and printed publications.
Scrutinize, conduct a personal research, then contact them for their terms and if you can negotiate their services. These steps are important because they will be the cornerstone of your relationship with supplier. After you’ve successfully signed a contract with a foreign supplier, it’s time to build upon that initial rapport and solidify your relationship with them by proving that you’re a trustworthy and prompt client.
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Learn more about these steps and how you can pull them off correctly with this infographic by Excelsior.