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JungleScoutMillionDollarCaseStudy– Howtofindagoodsupplierwhensourcinga
productPresentedbyGaryHuang
80/20Sourcingwww.8020sourcing.com
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Roadmap– Howdowefindgoodsuppliers?
1. Whattolookforinasupplier2. Thegood,thebad,andtheugly– howtospot
them3. WHEREdoIfindthem?4. Gotta PAYtoplay- Makingpaymentssafely
andloweringyourcosts5. Takeawaybonusandnextsteps
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JungleScoutMillionDollarCaseStudyProducts
BabytowelswithHood MagneticTiles
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Findingatrustworthysupplier– thedatinggame• Goal:Longterm,mutuallybeneficialrelationship• KNOWwhatyouwant– andbespecific• Relationshipsareatwo-waystreet• Tellthemalittleaboutyourselfandyourbusiness• Ultimatelyyouwanttogettobeinterestedindoingbusinesswithyou
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Turningthetables– whatdosupplierslookforinBUYERS?• Knowledge- Knowingtheproduct– beingspecificinRFQs• Price– fairbutnotoverkill• Ordersize• Longtermbusinesspotential• On-timepayments• Guanxi
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BreaktheicebysendingaRequestforQuotation(RFQ)1. Introduceyourself2. Defineyourproductandbespecific• Productmeasurements• Material• Specifications• Packaging• Anyothercriticalpoints– safety,branding,etc.
3.CalltoAction– Askquestionsandrequestaquotation
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RFQtemplate– bestpractices
• BESPECIFIC• Keyquestions• Cantheymanufacturethisproduct?• Pastexperiencewiththisproduct?• Productmodifications• Requestpriceforvolumeorderandsample
• BUTdon’tjustinterrogatethem,talkalittleaboutyourselftobuildTRUST
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SampleRFQforhoodedbabytowelsHi there,
We are looking to purchase Baby hooded towels for the US market. See attached photos. Our primary sales channels will be online. We estimate up to 20,000 to 30,000 pcs annual purchase volume after a trial order of 500 sets and samples evaluation.
Specifications:-Size - 34in x 34in (92cm x 92cm)-Hood should have "ears"-Material: 100% Bamboo, organic preferred-Quality: high thread count and very soft-No loose threads-Color: white, no dyes
Do you manufacture these types of bamboo baby towels with hood? If so please provide the following:
1) Photo, Specifications and EXW Quotation
2) Are you a manufacturer or trading company?
3) What is your lead time for samples and trial order?
4) Where can we add our company logo to this item?
5) What is the sample cost with shipping by express to USA?
Appreciate your reply. Thank you.
Gary80/20 Sourcing
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Howtoevaluatesuppliersandresponses?
• AUDITIONTHEM- 80/20Rule
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Firstcastawidenet,thengodeepdiving
• Firstcastawidenet– filteroutthenon-qualified• Thengodeepdivingwiththeremainingsupplierstofindtherightmatch
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WheredoIfindthem?
• Online • Offlinesourcing
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TheYinandYangofagoodsupplier
• BalanceofHardskills,capabilities• Canmanufacturetheproduct• Fitsthecommonthreadtest• Hasexperienceandqualifications• Priceisintheballpark
• Softskills,intangibles• Goodcommunicationsandlanguage• Responsive• Cooperative
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TheArtofAlibaba
• Firstthingsfirst• Yellowpages– gotta doyourhomework• Gettingstarted– openanaccount
• Entersearchterm• Evaluateresults– productsand/orsuppliers• Contactthem- Castawidenetandthendeepdive
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Whattolookforinagoodsupplier
• Goldsupplierswithatrackrecord• Qualifications• Productfit- Commonthreadtest• Qualityfit– Countrytest• Factorydirect• Iftheypasstheinitialscreeningthencontactthem
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Signsofabadsupplier
• Lackofexperience• Lackofproductfit• Pricingiswayoff
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Avoidtheseguys
• Noreply• Doesnotanswerallofmyquestions• Dishonest
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Tradingcompanies
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Trackresponsesinspreadsheet
• SupplierNameandlocation• Contactperson’snameandcontactinfo• DateRFQsentandreply• Pricequotation• Samplecost
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Communicationsbestpractices
• InitialcontactthroughAlibaba• FollowupbyEmail• Wechat forquickquestions,pictures,andvideo
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PaytoPlay- Paymentmethods
• Paypal – goodforsamplesandsmallorders• BankTransferaka“T/T”– mediumandlargeorders• Redflags• Bankaccountnamedoesn’tmatchcompany’sname• Westernunion
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PaymentTermsfororders
• Goal– Paylessupfront• Reduceyourrisk• Maximizeyourcashflow
• Recommend:• Startoutwith50%advance,50%beforeshipmentor30/70
• Warning:Donotpay100%advance• Bestpractice:Putthisinwriting• Exception:productsamples– pay100%upfront
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Introducing80/20Sourcing
• Advancedtrainingvideocourses• PrivateCoaching• Learnsourcingbestpracticesthroughfreeemailnewsletter• Formoredetailsvisit:www.8020sourcing.com
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Thankyou– Here’syourfreebonuses
• Getyourfreebonuses• RequestforQuotation(RFQ)emailscript• Alibaba bestpracticesworksheet• Signupfornewsletter• www.8020sourcing.com/jsmillion
• [email protected]• 80/20Sourcing:www.8020sourcing.com