Procurement 101: Where to Source New Products

General

Finding a trusted supplier or partner distributor can be hard, especially when you’re just starting your business. These people tend to keep a low profile. So, to help you out, here are three platforms where you can look for them:

Trade Fair

Trade fairs are where businesses from a specific industry showcase their products and services. They’re also a great place to talk about current fads and upcoming trends. The organizer typically invites experts to share ideas on a variety of topics.

Going to a trade fair is a great way to scout for new suppliers or partners. Meeting people face-to-face helps establish a rapport that builds a positive business relationship. These merchants can also show you the actual items so you can see how they work, and examine if their quality is up to your standards.

Local Shops

Another option is to look for small but successful companies around you. Talk to them about expanding their business, and how that benefits them.

Of course, that has advantages for you as well. The nearer you are to your partner, the greater the control you have over your supply chain. Whenever there are issues regarding the vendor’s products, it’s easier for you to get in touch with them by going to their shop. Face-to-face visits allow you to quickly address concerns and ensure the quality of your goods. There will be lesser chances of misunderstandings.Sourcing Platform

Technology has made the world smaller and more connected. With just a few clicks, you can reach a person on the other side of the globe. So, if it isn’t convenient for you to visit local shops and trade shows, you can always search the internet for potential partners and suppliers.

Start with an app or sourcing website that facilitates procurement. They won’t be able to show you the actual item, but some of their sellers can send you samples of their products. And, what’s good about these platforms is they have special features that make your tasks easier. For example, they can automate shortlisting suppliers and computing invoices.

Finding the right suppliers and business partners is a crucial step for your company, whether you’re just starting or looking to add variety to your inventory. Keep your product lines fresh all the time for good customer retention. Try visiting a trade fair, using a sourcing app, or getting in touch with local shops around you today.

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