Finding the right sourcing products involves identifying the services or products required by the organisation, evaluating the potential suppliers, and picking the ideal one who meets the specific needs of the organisation. It is not always an easy task, as you need to research the target market, find the right suppliers, and maintain high product quality to sell them at a marked-up cost and incur a profit.
Every sector has its own set of difficulties, requirements, and advantages. Finding and putting into practise what is best for your company is the key to success. In this respect, Dragon Sourcing is your ideal partner, assisting you in obtaining goods from both established and up-and-coming markets at a sustained competitive advantage.
Contact us as soon as possible to learn more about our global product sourcing services.
What is Product Sourcing?
Finding high-quality products and selling them for a price that generates profits is basically what is meant by sourcing. Although the definition seems simple, the actual procedure is anything but straightforward. It entails extensive supplier negotiations, price estimation, product study, and logistics, among other things.
Product procurement involves looking into developing nations like China, Vietnam, India, Turkey, etc. By sourcing goods from these markets, consumers can take advantage of the cheaper labour and production expenses to buy goods at lower prices than those found in more established markets, then resell them for more money.
The risks of sourcing from foreign marketplaces are substantial. First and foremost, there is no way to guarantee the best product quality because there is no company representative on site. Second, there’s a chance you could run into concealed fees that are tucked away in the small print. As you will have to deal with the laws and regulations of two different areas, logistics may also be a problem.
A merchandise sourcing business like Dragon Sourcing can help in this situation. Your profits are used as leverage to pay for hiring a third party to manage sourcing, ensuring you get the best deal possible. Additionally, acquiring global product sourcing services enables you to concentrate on your primary business activities, which is extremely advantageous if you’re introducing merchandise as a new vertical to your enterprise.
Why Work with Dragon Sourcing for Product Sourcing?
One of the top global suppliers of procurement services is Dragon Sourcing. Numerous SMEs and MNCs have benefited from our assistance in locating goods in emerging markets so they can forge long-term supplier relationships. Here is a brief explanation of why we are one of the most trusted procurement firms in the industry.
Perform In-depth Market Research:
When you work with Dragon Sourcing, we perform in-depth market research to identify all the vendors in your target markets who can fulfill your needs. Our research procedure includes several stages, such as determining the most recent market trends and assessing customer demand for various product categories. At each stage of the procedure, we give our clients a tabulated report to keep them informed.
Supplier Evaluation:
When purchasing goods from foreign markets, the supplier with the lowest costs might not be the best option for your company. As a result, we evaluate suppliers based on a variety of factors, including CSR, ethical procurement, prices, and price trends. This procedure is carried out in stages to guarantee that only vendors who can meet your product requirements and quality standards can get in touch with you.
Negotiate and Offer the Best Deals:
Each supplier who passes our telephonic evaluation is sent a thorough RFI/RFQ form, and we compare their answers to determine the next course of action. Due to our expertise in developing countries, we can negotiate the best prices for our customers without compromising on quality standards. Additionally, we place more emphasis on developing long-term connections between the seller and the buyer so that both parties can gain from cooperating.
Quality Control:
To ensure that the highest possible level of product quality is maintained in every batch, Dragon Sourcing serves as your eyes and ears in the targeted emerging markets. Since we are locals in these markets, we make sure that the seller receives your precise specifications without any translation errors. We can negotiate better terms so that neither party loses money if the product does not satisfy your requirements or quality standards.
Industry Experience:
Our best marketing tool is our expertise as a provider of procurement services. We have assisted numerous businesses all over the globe in finding products from emerging markets at a profit. We have also helped businesses in numerous sectors locate top-notch products and are supplier-independent. For you to assess our performance prior to entering a contract, the success stories are recorded as case studies that you can find on our website or upon request.
If you want to learn more about how Dragon Sourcing approaches sourcing products and performs global product sourcing, you must get in touch with our customer representatives right away.