• Elksourcing:Common Mistakes Made by New Importers

    China has become one of the largest manufacturing hubs in the world. However, if you are a new importer, there are certain details that you need to pay close attention to as these may make or break your import from China. The followings are common mistakes made by new importers. 1. Not understanding Chinese business culture You can’t do business without proper communication. This applies to any businessman from any country trying to strike a business deal. China is such a vast country that it’s home to very different cultures. If you’re looking to establish a long-term relationship with Chinese businessman, going beyond the basic introductory phrases will be handy. Also keep in mind the Chinese way of doing business. What may appear polite to you may come off as rude to the Chinese, and vice versa, and you definitely wouldn’t want to lose a deal just because of an easily avoidable misinterpretation….

  • Elksourcing:A Step by Step Guide for Buying from China

    Buying from China has proven a successful tactic for many businesses. However, it is not an easy task, especially for the newbies. The importing process can be extremely complex, confusing, and costly. Expected gains can often be erased by long transit time, fluctuating shipping cost, unexpected delays, and quality issues. 1). Make sure you can legally import your chosen item Most items will be allowed, but there are certain guidelines that must be followed for some types of items. The United States imposes stricter guidelines on agricultural products, for example. Additionally, Chinese laws may prohibit the export of certain items, like animal by-products or fake designer clothes and accessories. Check with the laws and regulations of both countries before making an order. 2. Identify the goods you want to import You make money by selling products. Choosing the wrong products means you are losing time and money. If you’re going to…

  • Elksourcing:How to Secure Availability for Peak Periods?

    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…

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