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For your business to succeed, you need a successful supplier. Whereas, to know what profitable businesses to invest in, you can find some high demand lines here. In this article, we shall discuss in details, ways to find the right supplier. We will consider what to look for in a supplier and how to reach them. Finally, we shall see some sites where you can find your prospective suppliers. Top on the list is getting the right supplier. Here is all you must know.
What to look for in a fast-selling product Supplier
When sourcing suppliers for your fast selling products, you need to have the following features in mind:
- Business focus
You need to find a supplier dealing in the same niche as you. Your prospective supplier has to be knowledgeable in his field. Suppliers who are experts in their fields provide you with better deals. You get satisfactory goods because they understand the importance of high-quality products. You can learn some pitfalls to look out for in your line of business from the right supplier.
- Quality Technology
In running your business, efficiency is necessary. Up-to-date suppliers should have quality technology to keep up with recent happenings. The right supplier has technology that helps carry out stress-free transactions. They should be able to fulfill orders promptly, auto-update prices and inventory, etc.
- Product Availability
Product availability is a vital factor to consider. If you are to depend on one supplier for all your products, you would need a steady supply. Therefore, your supplier should always have products to supply. You can save a lot of your time by ensuring your supplier has adequate products before entering the business.
It is crucial to compare the cost of services of different suppliers before concluding. The difference in cost might surprise you. You might find a better supplier who charges less. Some factors affecting how much a supplier would charge are:
- The supplier’s location,
- Currency exchange rates,
- Tariffs and taxes; and
- The supplier’s upstream.
- Customer Service
You need to partner with a supplier who treats customers right and pays attention. The best suppliers regard customer feedback as valuable. If your suppliers are undependable, your clients will see you in the same light. A supplier who values you enough to support customers is worth keeping.
Going a bit further, let us consider communicating with suppliers.
What to do before reaching out to fast-selling product suppliers
As you now know what you need in a supplier, let us see how to let them know you have an interest. Before getting in touch with your prospective supplier, you should:
- Do Some Homework
Before you get in touch, it would be much helpful to do research. You need to be knowledgeable in your field and have an actual plan. Your business plan must be realistic. It should also be able to help your business last for a long time. Suppliers receive several requests daily from some persons with no real plan. It would be best if you do not fall under that class.
Your assignment is also about you. You need to be sure of your initial order, the quality of the goods you need, and the kind of material they should have.
When a supplier cannot provide you with referrals, that might be a red flag. Your supplier should be able to direct you to his other customers. Unless he has a good reason not to, now would be a good time to move on. You should also expect to see samples from your supplier. Some might give you the product samples for free, while others might request shipping fees.
- Determine who you would negotiate with
Your go-to contact is vital. Suppliers with an approachable decision-maker ease business. You have better chances when you speak to the decision-makers than a supplier under him. The aim of that is to avoid going back and forth without cause. If there is a decision-maker, you should get his phone number or email and speak directly to him.
- Request for referrals
If you are not all that impressed by your current supplier, ask for a referral. Your supplier should be able to refer you to other suppliers in the same niche. If your current supplier does not have the same business focus, it would be a problem referring you to other suppliers.
- Negotiate the Price
You do not have to take the first price laid out. If you believe you can agree on a lower price, feel free to negotiate. Many suppliers have more potential clients than they need. Your work is cut out for you in this case. You need to convince your supplier that giving you a discount will be beneficial.
To get a discounted rate from your supplier:
- Ask for discounts on product shipping instead.
- Show the supplier that working with you does not carry risks.
- Prove that you can help him expand his business.
- Get quotes from several other suppliers and leverage them.
- Increase the number of products you purchase per order.
- Find other ways he can help you aside from offering you discounts.
Now we know how to get a supplier to enter business with us. Where can we find a list of prospective suppliers? Here are some sites where you can get your suppliers of fast selling products.
Finding your Supplier
Below are sites where you can source suppliers for fast-selling products. They include:
Orbelo: Orbelo allows you to import goods directly from your supplier. It also permits you to auto-update your prices and inventory. With Orbelo, you can customize your products.
JungleScout: JungleScout helps e-commerce sellers launch their products on Amazon. It provides you with a list of suppliers and what they supply. With that, you can do your research.
Alibaba: Alibaba bases in China, however, it pops up in the New York foreign exchange. On Alibaba, you can find suppliers and what they have supplied from their early stages of business.
Global sources: You can source products of any category on Global sources. Global sources also help source suppliers, research them, and contact them. You can find suppliers from any part of the world using Global sources.
Doba: Suppliers and e-commerce sellers connect through Doba. Doba helps you to source for products, and research their market viability. You can complete orders, and manage the flow of information between you and your supplier using Doba.
The job of sourcing a supplier is never too easy. So far, we have reached a realization that with careful planning, you can save time. You need to know what you need in a supplier and how to get to one. Lastly, we considered sites where you can source suppliers for a successful business. If you can find the right supplier for your fast selling products, you are on your way to a successful business.