6 Common Product Sourcing Questions Answered - English

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6 Common Product Sourcing Questions Answered

It's likely that someone else has already asked the question you have about your e-business. The six most often inquiries he receives from customers wishing to launch an online business are addressed by Matthew Hedges, customer service manager for product sourcing specialists worldwidebrands.com and author of The Online Research Guide to Picking Products That Sell.

1. Will suppliers care if I’m a new online retailer working from home?

generally, no. Hedges claims that they are seeking for new accounts because they want to reach as many consumers with their goods as they can.

2. How can I convey to a supplier that I’m a serious professional, not a fly-by-night home business?

Read over the supplier's website before you phone or email with inquiries. Frequently, the solutions are in plain sight. It is disrespectful to them to waste their time with inquiries to which you might simply find the answers.

Be direct in your communications with suppliers. Business is busy for wholesale vendors. Despite not having time to converse, they want to support their retailers. So, focus on the main points of your inquiry as soon as you can.

Verify your emails' accuracy and spelling. Professionalism cannot be conveyed in an email that is riddled with errors, run-on sentences, and sentence fragments.

 

Stay calm. There is no need to become irate if a supplier doesn't answer your inquiries the same day you email them. It's likely that they won't cooperate with you if they believe you'll be a demanding client.

3. I found a supplier I want to work with what’s my first step?

Finding an online account setup form and completing it should be your initial step. In order to set you up with an account and provide you access to their true wholesale pricing structure, real wholesale suppliers require documentation that you are an authorized retailer. Working with actual wholesalers requires that you have a registered business name and tax ID. Just get in touch with your Neighborhood County Clerk's Office to get these documents.

4. I only want to sell popular name brand items how do I get a supplier?

Selling just names-brand products is a restriction you simply cannot afford to make. The foundation of any product line should be your research. In some demographics, many companies you've never heard of are hugely popular.

5. Should I be focusing on hot sellers like iPods, gaming consoles, designer clothes, and DVDs? Can I drop ship them?

Market saturation occurs when everyone is aware of a popular product. Supply is also present, as is the demand. The profit margins are extremely thin as everyone competes to offer lower prices than the competition.

Further, the manufacturers of these goods impose absurdly high purchase minimums, such as $100,000 per contract period. Your wholesale pricing would still be significantly more than those of the big chains that receive further discounts for spending millions with suppliers, even if you had to take out a mortgage on your home to reach the minimum.

It is really difficult to locate a supplier who will drop ship these products separately. In the case of apparel, where return rates are frequently high, it is prohibitively expensive for them. And once more, you won't be able to compete with merchants that buy in quantity if you only have a single item at a wholesale price.

6. There’s an item I really want to sell, but I can’t find a supplier who’ll work with me what now?

Look around more. Don't completely give up if, after doing your research, you are still unable to locate a supplier for that specific item; instead, look at alternative product options. You can sell one of the millions of available goods. You can find products that enable competition, Hedges argues, but you must base your product decisions on your market research.


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