• Elksourcing:Tips for Negotiating Price with Chinese Suppliers

    When is the last time you negotiate price with your Chinese suppliers? It’s one of the best ways to decrease your expenses so you can realize more profit in your business. Everything is negotiable, but you should be prepared before you go to the bargaining table if you want to get the best deal.  Negotiating with suppliers doesn’t have to be difficult, but it does pay to have a plan before you approach them. Follow below tips to get better deals with your suppliers. 1. Sell yourself as repeat business owner Chinese suppliers are just like any other business owners: They want to sell as many products as they can, and they appreciate the customers who will help them reach that goal. When negotiating with suppliers, make sure they know you are someone who will give them repeat business, over the long term. If you have a track record of past…

  • Elksourcing:Price Negotiation with Chinese Suppliers

    The whole point with importing from China is the cost advantage. It’s cheaper than buying from West and certain products simply cannot be found outside of China. While China is slowly losing its position as a the world low cost factory, importers still have a price focus and negotiation is part of the process. The Chinese love to bargain, it’s part of their culture and even expected in many situations. However, there are plenty of misconceptions and mistakes made my importers – especially small ones. The supplier must also make a worthwhile profit Rather few importers are aware of the (very) low profit margins that most Chinese suppliers struggle with. It’s simply not possible for them to offer a 10 – 20% price reduction, unless the price was way off to begin with. Asking them to lower the price with anything more than 0.5% – 2.0% is the same thing as…

    Shopify Tutorial 2021-03-31
  • Elksourcing:How to Get a Better Price from Your Chinese Supplier?

    Many importers will always try to get a better price from their Chinese suppliers, but how? You need to know some tactics to try to meet this target. Here are some tips: #1 – Buy larger quantities This one might seem fairly obvious – buy more and you’ll get a lower unit price. However, many importers tend to buy from more suppliers than necessary – and thus lower the quantity purchased from each one of them. Orders can easily be concentrated on a smaller amount of suppliers if you base your product selection on what the suppliers has to offer, rather than selecting a number of suppliers on a predetermined product list. #2 – Streamlined usage of Materials & Components A product is a composition of materials and components. Your supplier needs to purchase these materials and components from their subcontractors. A large number of various components and materials results in a…

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