Find the best product sourcing method that best fits your business. Try through warehouses, manufacturers, or trade shows; ultimately, you will find one that best matches your business model.
Product sourcing is a process that includes market research, analysis, cost assessments, and the bargaining of products or goods to sell with suppliers. Product sourcing primarily aims to find the correct product for your business idea. To find products, you can visit manufacturers, wholesalers, warehouses, artisans, or any other place to find the product that best fits your store, including yard sales.
Be open for networking: product sourcing is more than search. It is a bundle of processes that together produce the desired outcome. So be prepared to meet people, attend conferences, learn about trade shows, learn about sourcing agents, and more.
Learn about your competitors as you learn about your desired product. All competitors have a specialized sourcing method. Find out by doing a Google search, visiting trade shows, asking manufacturers, or going to conferences (can be virtual). Finding out your competitor's sourcing procedures is time-consuming. Today's technology is your way to find out more about their process.
Look at other small business models. Learn how they did it. Then, if necessary, replicate their model and adapt it to your business.
Keep your alternatives open. Focus on more than just one product. Always check for products that you can upsell. These are products that match the first one and add value. For example, if you sell cellphones, add headphones, cases, cables, and other accessories that help you increase your sales.
Send samples to influencers. They are the best option to start the WOM (word of mouth) strategy.
Blog about your products or services. Explain what it is about, the features, how it helps your clients, and all the details that will be great and set you apart from the competition.
A product sourcing agent or supplier has vast experience working in product sourcing. In most instances, these professionals have worked with trading companies and have a list of reliable suppliers with whom they source products.
The product sourcing agent can help you with various tasks, for example…
