BuildANicheStore, OneSource, World Wide Brands, Product Sourcing, eBay Affiliate
The World's Largest Database of eCommerce Wholesalers
World Wide Brands, OneSource & Dropship
Focus
Finding Product for
Your Business Chris Malta OneSource & Worldwide
Brands
Chris Malta is the
founder and CEO of Worldwide Brands, the Internet’s
leading
authorities on Product Sourcing for Home E-Biz, and the publishers of
OneSource, the World’s largest Source of eCommerce Wholesalers.
The idea of product sourcing may seem overwhelming to you as a new business
owner, but it’s really very simple: It just means finding products
at a
wholesale price that you can resell at a retail price. Whether you’re
starting
an eCommerce site or a physical retail business, you need a steady, reliable
source of inventory. Otherwise, you are going to end up disappointing
your
customers through lack of product variety, back orders and more. For
the vast
majority of retail entrepreneurs, the main source of products will be
a
factory-authorized wholesale supplier. The first thing to understand
about
product sourcing is who wholesale suppliers really are and why you must
work
with them.
Buying Wholesale Many startup business owners have the false impression
that
buying at wholesale means they should be able to source their products
directly from the product manufacturer. A manufacturer’s job is
to make
products. They are not interested in selling their products, a few cases
at a
time, to thousands of retailers. Wholesale suppliers operate in a service
industry consisting of warehouses, sales forces, support and logistics
offices, merchandising teams, delivery mechanisms and much more. The
wholesale
industry is the infrastructure that bridges the gap between the manufacturer
(who makes very large numbers of products) and the retailer (who sells
the
product, one unit at a time, to the end consumer). Wholesalers turn very
large
numbers of products into smaller, more easily distributable numbers of
products. As a rule, wholesalers are the source from which large manufacturers
require you to obtain your products.
Factory-Authorized? When a wholesale supplier is factory-authorized,
that
means it has been chosen by the manufacturer to have a direct relationship
and
certain exclusive rights to wholesale that manufacturer’s products.
Becoming
authorized as a wholesaler for well-known, brand-name products isn’t
easy.
Wholesalers sometimes spend years working toward authorization to sell
big
brand names. Most manufacturers will choose only a relatively small,
strategically located number of wholesalers to sell their products because
it’s more cost-effective for them. When you’re looking for
factory- authorized
wholesalers of particular products, there may not be many choices available.
As a retailer, you must make sure you’re working with genuine,
factory-
authorized wholesale suppliers. For the vast majority of physical products,
brand name or not, that’s as close to a manufacturer-direct relationship
as a
retailer can get. Because the factory- authorized wholesaler is connected
directly to the manufacturer, that is also where you will get your best
pricing. When it comes down to it, there is only one good way to research
genuine wholesale suppliers: Ask the manufacturers. Contact the manufacturer
of the products you want to sell, and simply ask them who their authorized
wholesalers are. They know. They’ll tell you, and you’ll
be sure you’re not
being scammed.
To Find a Product Manufacturer:
Buy a sample of the product, or look at a display model. Somewhere in
the box
or on the product you’ll find the name of the manufacturer. Call
the corporate
headquarters of the manufacturer, and ask for the sales department. Tell
the
sales representative you are a retail business owner, you want to sell
their
products in your store, and you need to know who their factory-authorized
wholesale suppliers are. This research process does take a long time,
especially if you want to locate drop-ship and light bulk suppliers who
will
work with you as an online retailer, which are fairly rare. If you’re
going to
do the research yourself, you should start now, and continue doing a
little
research each day.
Sourcing Success Startup retail entrepreneurs who take the time to understand
product sourcing have won half the battle before they even begin selling.
Take
that time, and you’ll be doing the best you can to ensure your
success.
Info to Grow Product sourcing isn't just something you do once and forget
about – it's an ongoing process that continues throughout the life
of your
business. You must take the time to learn what you're doing in this critical
process if you truly want to succeed.
www.WorldWideBrands.com: This site contains several free e-books, a
large
collection of free articles and videos, a product sourcing newsletter
and
more. www.ProductSourcingShow.com: Home of Product Sourcing Radio, a
weekly
show dedicated to product sourcing information, interviews, articles,
podcasts, audio archives and more.
Chris Malta is host of Product Sourcing Radio, product sourcing editor
of The
eBay Radio Show, and founder and CEO of WorldWideBrands.com, publishers
of
OneSource, the World’s Largest Source of qualified, factory-direct
eCommerce
Wholesalers.
Successful Product Sourcing:
Get the Free Ebook
from Onesource & World Wide brands at our Web
Site
. How To Find Real Wholesale Products To Sell Online.
. What Is Product Sourcing.
. What Does Proper Product Sourcing Do For Your Business.
From Product Sourcing To Growing a Business.
How to Select Your Product Line: Researching Your Market
by Chris Malta & Robin
Cowie
Make Fact-Based Decisions
Choosing what products you’ll sell is
one of the
most important decisions you’ll make regarding your eBiz. If you
choose your
product line based on personal preferences or hot-item lists, you’re
gambling
with your business. There may not be a market for your particular tastes
or
the market may be saturated. And by the time an item reaches a hot-list,
the
supply has met or exceeded the demand.
That’s why
you need to base all your decisions on your market research. Gather
information about specific products, not just overall market data. You
want to
know exactly what the demand and competition is for your particular item.
You’re looking for products with steady demand, but without a huge
amount of
competition niche markets. Research can reveal a lot about what you should
sell and how you should sell it.
Determine If Your Product Will Do Well You need to find out if you can
compete
with a product before you decide to sell it. There are some questions
you can
ask that will help you determine if it’s a good choice for you:
How much demand is there? Use tools like WordTracker.com or Terapeak.com
to
see how many people are searching for your product. You want items with
a
consistent, median demand.
How much competition will I have? You can find your competition the
same way
your customers do type the name of your item into a search engine and
sift
through the results. If the market’s flooded, be willing to keep
looking there
are plenty of product markets out there with enough room for you.
Can I be competitive?
Consider your competitions’ retail prices
and their
shipping costs. They may offset the one with the other, so it’s
important to
look at both. Compare them with your own wholesale and shipping costs,
and
determine if you’ll be able to charge competitive prices and still
make a
profit. WorldwideBrands.com offers a Market Research Wizard that takes
all
these factors into account and tells you how likely you are to be profitable
with an item.
Find the Best Way to Market Your Product In addition to showing you
which
items you should be selling, market research can also show you how you
should
be selling them. You can see what keywords people are using to search
for your
product and pick keywords for your ads and your optimization accordingly.
You
want focused words that will bring in the right kind of traffic users
specifically searching for what you’re selling.
You can also look at your competitors to see what the successful and
unsuccessful ones do differently. Pay attention to their advertisements
and
auction listings to get an idea of what works and what doesn’t.
The more
familiar you are with your market, the better equipped you’ll be
to succeed in
it.
Global Sourcing:
By Chris Malta Home
EBiz Product Sourcing Expert World Wide Brands & OneSource
Importing products can be an overwhelming prospect for the online seller
the
thought of dealing with international laws, Customs, and tax issues is
intimidating. But according to Ron Vinceslio, of UniPacInternational.com,
The
pay-off is worth the effort. If you’re even at the point of buying
inventory
in case lots, learning to import is definitely something to consider
as a next
move.
Help Wanted If you
choose to begin importing yourself, it’s important
that you
do everything possible on the front end to validate that a supplier is
genuine
before doing business with them. By performing due diligence, you can
minimize
the risks inherent in importing. If, however, you’re not yet ready
to deal
directly with overseas manufacturers on your own, there are numerous
outsourcing services that can help you get started right:
A Strategic Global Sourcing Company, like UniPacInternational.com, can
help
you, not only in finding legitimate suppliers, but in every area of importing.
They provide stateside reps who take the time to understand your product
needs. Some even offer online project management systems that let you
view the
factory’s production schedule, and interact with your overseas
sourcing agent.
Additionally, these companies actually visit every factory they deal
with. To
ensure quality, they place agents onsite while your goods are in production.
And they conduct competitive bidding with manufacturers around the globe
to
bring you the lowest possible manufacturing costs.
Online Overseas Wholesalers, such as GlobalSourcesDirect.com and
Chinavasion.com, buy inventory direct from overseas manufacturers and
make it
available to you through their online stores. Their low minimum orders
allow
you to start out with small, affordable quantities, and increase your
orders
as you grow comfortable with the processes involved.
Overseas wholesale sites let you source thousands of products at factory
direct prices, while avoiding long lead times. They offer an easy entry
point
into importing, with little risk or investment.
Online Import/Export Marketplaces, like GlobalSources.com and AliBaba.com,
connect you to global product suppliers for your E-Biz. You can make
inquiries, and negotiate directly with manufacturers. Some sites will
even
send you email updates regarding new supplier products.
Some sites, like
GlobalSources, verify and regularly update their suppliers’
details. They also visit every factory they list, so you know you’re
only
dealing with genuine manufacturers and suppliers. Other sites are paid
listings so while they’re great for finding product sources, you
need to be
careful and take steps to ensure those sources are legitimate.
Customs Brokers and Freight Forwarders are another resource for importing
help. They can assist you in locating suppliers, calculating duties and
landing costs, and determining the most economical shipping arrangements.
They
can also ensure you’re complying with international trade laws,
and resolve
any Customs problems that arise. To find a reputable broker or forwarder,
check with the trade association to which your products pertain.
When done correctly, importing can enable you to see significant cost
savings
in your E-Biz. Encourages Vinceslio, To whatever degree you need, there
is
help available as you learn the importing process, so don’t let
a few
complications stop you from experiencing lower prices and higher profits.
Welcome to DropShip Focus by Worldwide Brands & OneSource
The 'Insider Info' & Wholesale Products You Need
To Start A Profitable
Dropshipping Business From Scratch
The 'Insider Info' & Wholesale Products You Need To Start A Profitable
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