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Global sourcing is a trend for many businesses, this is basically a practice of getting services across geopolitical boundaries. But, since there are so many options to choose from, you have to do the whole process intelligently, if keen on making profits. How to Start Global Sourcing? 1. Learning how to do business in another country-It is never too late to know the unknown! First of all, know the culture and the ways of the country you want to outsource from. Knowing the laws of the country and adhering by it will you an extra benefit if you want to sell to them. Buying from that country will give you a head-start about learning how to trade, before you proceed with the sales afterwards.  2. Access to cheaper wages-Your labor-intensive manufacturing process is going to be very cheap if you do that in a third-world country. The wages are lower in…

You will get end-to-end services from a good sourcing agency which addresses to any type of service. Get perfect strategical help from procurement companies that gives you a firm stand in competitive advantages.  The basic goal is to reach faster savings while taking care of the qualitative side of your relationship with the suppliers. Finding a credible one does not require that much of herculean effort from your end. 1. Going by the reputation While browsing online for reviews, look for promising client feedbacks. Do not fall in trap of vague responses and always go for glowing customer reviews. If the company does not have any track record to show, understand that your deal will not be feasible. It might just gulp down your money and fail to deliver as promised. So, go for a safe and reliable option. 2. Considering the investment Initial investment marks an important start if you…

Product sourcing delivers to your sustainable value for your procurement from any country other than your own. You will get help from the services of product outsourcing to procure good strategies, giving you a position of competitive advantage.  Sourcing agents help you to get quality control, shipping management or price negotiation. Not only the benefits, this gives you a chance to get services across geopolitical boundaries. Agents bring together the comprehensive offers with specifications of the product details. You get a good strategy for cost effectiveness and the best end-to-end services.  1. Work Relationships First of all, know the culture and the ways of the country you want to outsource from. Knowing the laws will give you an extra benefit if you want to sell to them. Buying from that country will give you a head start about learning how to trade, before you proceed with the sales afterwards. Understand well about…

There are several international companies that are willing to source Chinese parts and goods in order to accomplish such objectives. Some of the big retail companies buy a wide range of Chinese products for the lesser cost of goods produced in developed countries. A growing number of industrial players also started sourcing machinery, components, packaging, molds, and other products in China. How to Find Eligible Buyers in China? The evolution of sourcing portals and specialized sourcing fairs has made searching suppliers in China quite easy. The procurement managers will possibly get several suppliers that meet all their requirements. Suppliers can persuade the companies of their professionalism with a catchy website or boot and an authentic sales proposition. Most of the companies face the difficulty of identifying capable suppliers and negotiating agreements with them. The difficulties they usually confront range from due diligence or intellectual property violation and interruptions in communications that…

Nowadays, more and more start-up enterprises are opting for China product sourcing for earning profits in business. Low-cost country sourcing can be arduous for the start-up enterprises due to cultural differences, language barriers, legal difficulty, exchange rates, and business risks. By appointing a good sourcing agent, they can carry out China sourcing activities successfully. Why Are Start-up Enterprises Sourcing from China? China is an ideal country for the companies to start with low-cost country sourcing. China owns a steady and reliable supply chain, making it comparatively less risky option for companies who are new in low-cost country sourcing. There are a number of things that make China the perfect sourcing for the risk of opposing start-up enterprises. Following are some of the most vital factors. 1. Proficient Labor Force: Due to the extremely skilled labor in China, the country can manufacture highly complex goods from machinery to automotive to toys. There is actually…

Per my 20-year experience in global sourcing and quality management, I’ve learned that good suppliers share the same good qualities. 1. Accountability for quality issues Admitting to a mistake can be difficult. But when your goods are on the line, working with a quality supplier that takes responsibility for their half of a deal can make a world of difference. That’s why accountability for quality issues tops the list of characteristics of a good supplier. But a supplier without accountability is more likely to deflect responsibility. They might tell you the quality of the fabric was poor and difficult to work with. Or, if you used a third-party inspector to check the goods, the supplier might accuse the inspector of incompetence or unprofessionalism. A supplier that won’t own up to their mistakes can hinder your ability to meet deadlines and product requirements. Look for signs of accountability as a key characteristic of…

We in procurement  always claim that the forecasts are always wrong. And always we try to create the buffer in order to secure the unexpected sales. But is the safety stock the only way to secure peak periods? In this article we will talk about three ways to secure the full supply for the peak periods. Obviously the safest way to secure the unexpected sales growth is to create the extra stock at your warehouses, at your stores (or wherever you keep the goods before sales). But at the same time we all understand that this is the most expensive way. This means that we should pay purchase price for the goods, all the logistic cost, we should freeze the working capital (which involves some interest rate as well). Moreover, stock possibilities at our own premises can become an issue. So what are the alternative ways to secure the availability…

It’s no secret that China has become the world’s workshop. An article in The Economist reported that as of early 2015, China was producing about 80 percent of the world’s air-conditioners, 70 percent of its mobile phones and 60 percent of its shoes. At the same time, China also produces a massive amount of fake products. Here are some the most commonly found fake products in China: 1. Fake consumer electronics Consumer electronics are one of the most popular fake products you’ll find in China. One example of a counterfeit name brand product here is the iPhone. New iPhones often cost much more than what you might pay in the United States, due to import tariffs and VAT. It should come as no surprise, given the high margins on fake iPhones, why counterfeiting is so rampant. This past summer, police in Beijing shut down a counterfeit manufacturing operation and seized more…