First slide

Your Journey

Many factors impact the successful sale of consumer products. The right idea. The correct product specification. A quality sourcing partner. Demonstrable quality controls. On-time shipping. Then, and only then will your customer be satisfied, place more orders and reduce returns due to poor quality reduce. Each stage has distinct quality risks that need to be understood and addressed to experience a smooth sourcing journey.
Your Journey
Your Activity
Your Products
INSIGHTS
Concept/ Idea
Sourcing Partner
Supplier / Factory Selection
Product
Shipment
Sales

Sourcing Partner

Over the last decade, outsourcing of consumer products has become an increasingly routine decision about which provider to use and how. However, in today’s world of digitalization and online marketplaces, a trend is emerging where a number of organizations are considering whether to insource. There are many options available in terms of who your sourcing partner should be, the below table outlines some pros and cons of the most popular options.

PROS

USE A MARKET PLACE

  • Easy to use.
  • Instant access to hundreds of thousands of manufacturers and suppliers
  • Basis vetting process for listed sellers.

ATTEND A TRADE SHOW

  • Access to networks, people, resources, recommendations, and referrals that you would not have access to otherwise.

VISIT A FACTORY

  • Showing up lets the factory know that you’re a serious buyer. They’ll treat you seriously.
  • Verify the factory can actually produce your product.
  • You can tell a lot by visiting on-site and looking at the working conditions.
  • Faster and clearer communication in person.
  • Build a stronger relationship with factory manager.

HIRE AN AGENT

  • Agents will speak multiple languages, and have access to supplier networks that you don’t.
  • Saves you time by not needing to deal with multiple factories.

WORK WITH A PRODUCT DEVELOPMENT FIRM

  • Everything about the production is managed for you.
  • In-house expertise for design, production, sourcing
CONS

USE A MARKET PLACE

  • No competitive advantage (your competitors have open access just like you do)
  • Need to sort through a large number of trading companies and middlemen masquerading as manufacturers.
  • <p>Some of the best manufacturers aren’t listed<br></p>

ATTEND A TRADE SHOW

  • Initial cost of attending (flight, hotel, ticket).
  • Time investment.

VISIT A FACTORY

  • Showing up lets the factory know that you’re a serious buyer. They’ll treat you seriously.

HIRE AN AGENT

  • Agents will charge anywhere upwards of 3% - 4% of sales.
  • Sometimes agents will refer business to factories that pay them a commission, rather than working in your best interest.
  • They may not have domain knowledge like you do, which means their judgment may not be reliable.

WORK WITH A PRODUCT DEVELOPMENT FIRM

  • It will cost a lot more than a sourcing agent
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