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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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China’s manufacturing prowess and efficient supply chain make it the de facto production capital of the world Why?
Verifying wholesale suppliers in china can be challenging LANGUAGE BARRIERS FRAUD GEOGRAPHY
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
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
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
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
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
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
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
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.
CHINESE manufacturing hub is unmatched in terms of their breadth and depth of physical products available for sale and export
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