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Verifying Wholesale Suppliers

Today your wholesale suppliers are likely to be from China. Why? China’s manufacturing prowess and efficient supply chain make it the de facto production capital of the world. Nonetheless, verifying wholesale suppliers in China can be challenging because of language barriers, fraud, and geography. Here, I’ll share with you some lessons that I learned about verifying whole suppliers when I ran a brick-and-mortar business.

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Verifying Wholesale Suppliers

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  1. 6 LESSONS I LEARNT ABOUT VERIFYING WHOLESALE SUPPLIERS

  2. Today your wholesale suppliers are likely to be from CHINA

  3. Why?

  4. China’s manufacturing prowess and efficient supply chain make it the de facto production capital of the world Why?

  5. Verifying wholesale suppliers in china can be challenging LANGUAGE BARRIERS FRAUD GEOGRAPHY

  6. SOME LESSONS THAT I LEARNED ABOUT VERIFYING WHOLE SUPPLIERS

  7. GATHER AS MANY RELEVANTSUPPLIERS AS YOU CAN

  8. BUY GENERIC GOODS 1 Unbranded goods without any intellectual property DIFFERENT BALL GAME Party accessories, ribbons and cloth, plasticware and the like… When you start treading into branded goods and licensed products

  9. Iconic American basketball shoes are well-loved, well-collected and can fetch astronomical prices on the secondary market FIND GENERIC, UNBRANDED BASKETBALL SHOES IN THE WHOLESALE MARKET

  10. AVOID BRANDED AND LICENSEDGOODS FROM THE START

  11. DISBELIEVE UNBELIEVABLE DEALS 2 High returns require high risk Lower quality control Best to avoid wholesalers who offer irresistible deals for products available elsewhere Limited variants Different materials or a higher MOQ

  12. CHECK ONLINE IDENTITY 3 Once shortlisted, it’s time to start checking their background AVOID ENGAGE PROFESSIONALS Information is only as good as what is submitted to the company registration authority Costs will quickly add up

  13. ONLINE PRESENCE IS JUST A SIGNAL TO MOVE ON

  14. VISIT WEBSITE AND SOCIAL MEDIA ACCOUNTS Check the company’s business registration with the registry of companies for the country If they don’t have a website or a page at a social media site, then strike it off your list RETRIEVE COMPANY REGISTRATION DATA ->> EMERGE App – Best Inventory Management Software

  15. ASK FOR REFERRALS 4 Time to start contacting them INTRODUCE YOURSELF AND YOUR COMPANY Send an email first. If that doesn’t work, try calling them Tell them briefly what you deal in and how you think both of you can work together

  16. MEET IN PERSON 5 Time to meet them in person FEW SAMPLES WITH THEM The first handshake and eye contact is critical along with sincerity in your small talk with them The initial purchase shouldn’t be too big

  17. NEGOTIATE & SET PAYMENT TERMS 6 Wholesale Suppliers INSIST ON LC PAYMENT Time to talk some numbers and place your first formal order Letter of Credit is a perfectly legitimate and accepted form of payment for goods in international trade.

  18. CHINESE manufacturing hub is unmatched in terms of their breadth and depth of physical products available for sale and export

  19. READ THE ENTIRE BLOG https://emergeapp.net/wholesale-business/verifying-wholesale-suppliers/

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