Elksourcing

Whether you need hardgoods, electronics, machinery or home appliances, virtually anything can be found in the world’s leading producer, China which presently acts as the “world’s factory”.  However, for the newcomers, it can be a difficult task. In order to buy products from china, there are five basic steps to follow. Following these basic step-by-step procedures will not only save your money but will also save your time. 1. Identify your rights. Various countries have different regulatory policies. These regulations could be meant to reduce imports of certain products into the country. Sometimes they may serve to fight against smuggling and such activities. Heavy tax policies induced by the government on the customs may also affect how you are going to import the product to your country. It is, therefore, vital to check whether you have the legal rights to import certain goods with not only ease but also without incurring…

Whether you decide to try a sourcing agent, continue sourcing on your own, or to use an online sourcing platform, you should still understand how to properly determine if a supplier is the right match for your ecommerce store.   Here are 5 factors you should consider when determining if a supplier is right. 1. Margin  It seems obvious that the price per unit needs to be low enough that you have room to take a healthy profit. However, there are many factors beyond price per unit to consider when determining the actual price of your products: Get a shipping quote: Distance, country of origin, and available shipping methods all have a major impact on the overall shipping price. Before committing to production, make sure you get quotes from your own freight forwarding partner or their internal shipping managers. Calculate customs duties: When importing goods, you may be subject to additional fees…

For factories, quality is somewhat double-edged sword. On one hand they would like to provide the best product possible to their customers, however doing so increases their cost. If they try to “cut corners” and deliver product that does not quite stand up to the scrutiny of demanding customers, they can reduce their initial cost, however they stand to lose customers in the long run by doing so.  What are the factories supposed to do? My view is higher cost of improved quality is well worth the benefits you can received in the long-term.  Manufacturers need to look at the tradeoff between cost and benefit of quality from the long-term and comprehensive perspective. Sure, aiming for higher quality will add to the cost in the short-term. You can even lose some money in the beginning. But you need to broaden the horizon and consider all other aspects of the business and…

Inspiration is the easiest part of starting a business. The hard part? Putting in the hours and preparation for launching a new product or service. Creating a plan and roadmap are essential to staying on task. Here are 6 steps that should not be overlooked. 1. Planning Your Product Strategy Before you start investing into a product design, you need to have a product strategy in place. How will you market your product? Will it be sold in stores or online? What features are most important? You need to define the goals of your product. You need to have a clear understanding of what your product does for customers, and how it will grow your company. Start by answering these questions before you think about product features and marketing strategies. Or, better yet, allow your prospects to answer them for you. Survey potential customers to find out which product features and…

When you’ve made all the right moves, like identifying a consumer need, finding a reliable supplier, and creating an Amazon listing, it can be frustrating when the sales don’t come pouring in as you had hoped. The fact is, you could have the greatest product in the world but if people can’t find it, they can’t buy it. The key to being a strong seller on Amazon is to create an optimized product listing. While the inner workings of Amazon’s search algorithm remain a bit of a mystery, there are some steps you can take that will make your listing more likely to show up in a customer search. Here are 6 tips that can improve your listing, increase your sales, and boost your chances for a page one ranking: 1) Streamline Your Title How exactly you write your title will depend on the product and its listing category but…

Sourcing your products from China becomes a key challenge, as China can be difficult to navigate, especially for new importers. Mistakes in the early stages of importing can drastically impact the future potential of your business. The best way to mitigate the risks of improper procurement is working with a sourcing agent. What are the options for procurement, and why is a sourcing agent your strongest opportunity for growth? There are four major options for procurement: direct purchasing, commissioned agent, trader, and sourcing agent. 1. Direct Purchasing Purchasing direct from a manufacturer means that you handle all interactions with the supplier yourself. You find the supplier, choose the products, negotiate price, draw up contracts, handle claims and disagreements, perform quality inspections, build relationships, request samples, and more. A number of new sellers mistakenly think this is the best avenue because they can maintain full control of their supply and aren’t charged…

It’s a good way to find a sourcing agent to help you for importing from China, especially when you are new to your importing business. What can a sourcing agent do for you? What is China sourcing agent fees? Below are some key aspects: 1. Services Sourcing agents offer a catalog of services for you. Agents and traders charge you for just the facilitation of a manufacturer relationship. Sourcing agent fees is charged with a more holistic, service-based approach to your procurement. 2. Cost-Efficient Sourcing agent fees is usually not a percentage based on unit quantity. Rather, sourcing agents usually cost a flat fee per product (not per unit). These flat fees help you better calculate your monthly costs for sourcing with little variation. This flat fee is also a lower-cost option overall, allowing you to maintain your margins and revenue. 3. Transparency You have control over your own supply chain. You are…

Globally sourcing your company’s products can improve your productivity, efficiency and bottom line, but sometimes language barriers can get in the way. From simple miscommunications to cultural gaffes, language barriers can cause international business relationships to grind to a halt. It’s important to have a strategy in place to mitigate language issues before they cause serious problems. So, here’s a closer look at strategies that can help overcome language barriers with your global sourcing partners: 1. Translate all critical documents into the local language. Before embarking on a business partnership, it’s important to consider the basic documents that will outline and guide the relationship. Examples of critical documents include legal contracts, sourcing guidelines, company and background information, and operating agreements. Translate these documents into the local language to ensure that both members of a partnership get off to a good start. It gives everyone involved a clear frame of reference. Any point of…