I had the privilege of being invited to Jungle Scout’s Million Dollar Case Study with Greg Mercer to share sourcing best practices on how I would source their product. Here’s the replay in case you missed it. We covered a ton of high value material on what to look for in a good supplier (and how to avoid the bad ones), how to use Alibaba, and how to negotiate pricing and payment terms.
I’m curious – what’s the #1 pain point you’re facing with sourcing right now? I’d like to help.
- [07:00] Finding a trustworthy supplier is like dating.. how to be successful
- [09:44] What would a supplier look for in a buyer?
- [10:32] Gary’s surprised that nobody mentions one of the key factors that instantly gets the attention of suppliers
- [13:25] The 3 parts to a Request for Quotation (RFQ)
- [15:07] Gary breaks down a RFQ for baby towels
- [18:35] How to evaluate suppliers and responses… 80/20 rule!
- [20:00] Where do I find suppliers?
- [20:45] The Art of Alibaba
- [21:15] The Yin and the Yang of a Good Supplier.. Hard Skills balanced with Soft Skills
- [22:36] What to look for in a good supplier on Alibaba
- [25:33] Signs of a bad supplier fit
- [30:30] How to negotiate pricing – Gary and Greg’s views
- [33:45] Walkthrough of how to use Alibaba to find baby towels
- [39:23] Gary finds a trading company on Alibaba
- [44:50] The common thread test
- [46:00] What are the top things Gary looks for in a supplier on Alibaba?
- [48:30] Don’t believe what you see – Pictures online and even samples in the showroom don’t necessarily reflect the supplier’s manufacturing capabilities
- [50:47] How to track responses from suppliers
- [52:00] Communications best practices – Alibaba, email, WeChat
- [53:50] How to reduce risks when paying suppliers – PayPal and Bank Transfer (T/T)
- [56:33] How to negotiate payment terms
- [61:00] How many responses would you expect if you contacted 20 suppliers on Alibaba
- [62:28] How to arrange Quality Control – Order inspections
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