Tuesday, December 14, 2021

Three big mistakes you should avoid when sourcing from China?

Sourcing from overseas is the most profitable business as you can gain the advantage of foreign technology as well as lower cost especially you’re sourcing from CHINA. Here below are three common mistakes most newbie buyers will generally make:

1) Sourcing from the lowest price. This is a completely wrong decision as this step will target your customers who purchase the lowest price, generally, this will not help you make a good profit also. The customers who prefer the lowest price is a customer group in related to those who prefer the best quality, this kind customer group is generally classified into lower income group, and relatively inferior educated, thus even you purchase the lowest-priced goods, your customers will still need the price down further, which means you will not only purchase the poorest quality products but also can earn the lowest profit. You maybe consider selling the poorer quality products as higher standard products to make more profit? But this step is almost impossible, even you can cheat a minor customer group, the majority of customers will realize and fire complain, which will end all the profit you had made to compensate the bad product problem, finally what you planned to purchase the lowest priced product to make more profit and gain more business results a complete loss and bad reputation to your business. 

2) Being a bit of stuck-up and picky to your suppliers. This is also a complete wrong deed to many buyers, as most of them are wrongly think they have too many suppliers to choose, thus all suppliers need to beg them for business because they don’t see the truth. Firstly, all suppliers, traders, wholesalers, and manufacturers are human, they’re not robots and machines without feeling, buyers can’t only see the profit and ignore building business relations with them. Secondly, each supplier is selling different products based on their own technology and materials. Some of the products may suit your market, and some may not. Thirdly, in case you’re not reselling only once, all suppliers’ products could be your need in the future. If you break the business relations, you won’t able to gain it again. Fourth, you also have customers, thus if you’re bad to your suppliers, how about your customers doing the same thing to you?

3) Don’t trust people. Why has a business running for over 10 years have customers said they don’t trust the business? Do not trust is a psychological effect that many buyers could have, which is very shameful as they’re making money more important than their face. Without trust, business is almost impossible, and all discussed before could be in vain. The most prominent reason buyers that don’t trust a business is due to other business having done something bad, this is a bad practice, which put the bad guy’s fault to the innocent ones. If buyers purchase at regular prices, not the prices lower than regular prices, they’ll safeguard their business from those risks, and could be very sure not need to worry about it.

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