Finding the right products to sell at a profit isn’t always an easy task. You will need to research the target market, find the right suppliers, and maintain consistently high product quality so that you can sell them at a marked-up cost to make a profit.
Each vertical has its own set of challenges, demands, and strengths. The trick to success is to find and implement what is best for your business. Dragon Sourcing is your ideal partner in this regard, helping you source products from emerging and established markets at a sustainable competitive advantage.
To know more about our approach to sourcing products for different verticals, get in touch with us at the earliest.
What exactly is product sourcing?
Sourcing essentially refers to the process of finding high-quality products and selling them at a cost that drives profits. While the definition appears straightforward, the process itself is anything but simple. It involves thorough product research, price calculation, supplier negotiation, logistics, etc.
Most of the time, product sourcing involves exploring overseas, emerging markets like China, Vietnam, India, Turkey, etc. Sourcing products from these markets allows buyers to leverage the lower production and labor costs to purchase products at a lower cost than established markets, allowing them to resell the products at a higher cost.
However, sourcing from overseas markets has many risks. First and foremost, there is no way to ensure optimum product quality since there is nobody at the location as a representative of your company. Secondly, there is a possibility that you might encounter hidden charges that are buried in the fine print. You might also face issues with logistics as you will have to deal with the rules and regulations of two different regions.
This is where a product sourcing company like Dragon Sourcing comes in. The cost of hiring a third party to handle sourcing is placed on your profits, which acts as leverage, ensuring you get the best price. Moreover, outsourcing your product sourcing allows you to focus on your core business area, which is a huge benefit if you are adding a vertical to your business in the form of merchandise.
Why work with Dragon Sourcing for product sourcing?
Dragon Sourcing is one of the leading procurement service providers in the world. We have helped countless SMEs and MNCs across the world with sourcing products from emerging markets around the world, enabling them to establish long-term supplier relationships. Here is a brief into we are one of the most relied upon procurement companies in the business.
- Thorough market research
At Dragon Sourcing, we conduct thorough market research to find all the suppliers in your target markets who can meet your requirements. Our research process incorporates multiple steps, including identifying the latest market trends, evaluating the consumer demand for various categories of products, etc. We provide a tabulated report at each step of the process to our clients, keeping them on the same page.
- Supplier evaluation
With sourcing products from overseas markets, a supplier offering the lowest prices may not be the best one for your business. So, we conduct supplier evaluation on multiple criteria like corporate social responsibility, ethical sourcing, prices and price patterns, etc. This process is done in multiple steps, ensuring that only the suppliers who can match your product demands and quality standards can contact you.
- Negotiating the best deals
We send a comprehensive RFI-RFQ form to each supplier that passes our telephonic evaluation and then we compare their responses to plan the next step. Our experience in emerging markets allows us to negotiate the best deals possible without affecting the quality standards, ensuring that our clients get the best price possible. Moreover, we focus more on establishing long-term relationships between the supplier and the buyer so that both parties can benefit by working together.
- Quality control
Dragon Sourcing acts as your eyes and ears in the target emerging markets, ensuring that optimum product quality is maintained in each batch. Since we are local in such markets, we ensure that your exact specifications are sent to the supplier and nothing is lost in translation. Even on the off chance that the product does not meet your requirements or quality standards, we can negotiate better terms so that both parties do not incur losses in the process.
Our experience as a procurement service provider is our best marketing tool. We have helped countless companies around the world source products at a profitable rate from emerging markets. We are supplier independent and have helped companies in multiple industries source high-quality products. The success stories are documented as case studies that you will find on our website or on request so that you can evaluate our performance before signing a deal.
If you want to know more about how Dragon Sourcing approaches sourcing products, contact our customer representatives with your requirements, today!