Product Sourcing From India, Finding the right supplier from India
It is important to spend some time to research and analyze the benefits of choosing a supplier from India. To find a supplier in India we suggest you follow the process given below:
- Determining what you expect from the supplier– This is an important prerequisite so that you end up finding the correct suppliers and don’t waste time and money or wrong traders.
- The product and product features- Decide on the product and the features that you want in the product, any extra that could be a bonus in the product and their charges.
- Type of supplier- Whether the supplier you need has to be a third party supplier or a manufacturer himself. Also, determine if you want to deal with big corporations or smaller companies. Usually, bigger companies can be slightly higher in charges but will have better supply and logistics than the smaller ones. Smaller ones are more economical but services might be less. However, they might be able to give you adaptation in the product as per your need.
- Budget costs- Decide your budget in advance so as to spend accordingly. It is better to divide the costs as per the process so that you don’t spend more than how much you want to spend. Be sure that you know all the costs and ask the supplier clearly about them.
- Services provided- What services will the supplier provide and analyze if there is anything that you need to ask the supplier. There can be things like whether the goods can be returned in case of any defects or quality problems.
- Search the suppliers that could have the potential to supply the product or service you need in India. Many suppliers are available in India it will take some time for you to research and analyze the plus and minuses and then you will be able to find out the potential suppliers that could be the ones you are looking out for.
- Create a table of candidates and add their details as and when you find out for an easy reference.
- Search Online- Google search is the most basic tool to find out suppliers. Social media, Linked In and many such platforms are available where you can find out about the suppliers and their ratings and reviews as well. There are groups that you can find online which can easily give you many suppliers.
- Websites like Indiamart.com and Tradeindia.com are specifically dealing with trade in India and it is easy to find the suppliers on these. However, please check the credits of supplier before associating with them.
- Networking with people in the same line to find out suppliers of competitors. These can guide with the risks involved, process and also help you in getting the right contacts.
- Find out business chambers and trade organizations that operate in India. They can provide you a list of suppliers recognized by them.
- Participate in trade shows and online sourcing hunts and you will get to connect with suppliers and learn more details of the industry.
- Hire a sourcing agent if you don’t have the time to research and analyze They will add to costs but can be very helpful in finding the right suppliers. However, check the sourcing agent’s credibility and conditions before associating.
- Contact with the potential suppliers– Connect with the suppliers you have identified. There as many suppliers who have their representatives in many countries and can be easily contacted. It is good to discuss all details face to face whether you meet their representatives in your country or visit India to connect with them. In case you are visiting India, book the meetings before hand to make sure you are meeting as many suppliers as you want to and making the most of the visit. The business chambers also can be useful to make these contacts
- Hiring a lawyer or law firm to help with legalities and formal work.
- Analyze the actual product quality and after services provided by the short listed suppliers- After the meetings, you would have a final list of short listed suppliers from which you can choose the final supplier based on the product quality and after service quality. Start with ordering a small sample order which will give you the correct picture of the product quality and features. Also, during this time you can see the suppliers’ after service and how he deals with you and responds to your queries.
- Finalize the supplier which meets all your criterion of product quality, responsiveness, after service, budget and more. Hire an expert in legalities to prepare the papers and deal with the formalities that you are not aware of. Decide on the payments process and decide on the bank or other modes of money transfer. Work towards building a long term relationship with the supplier.
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this is retired VP of an international trading organization, since 15 years ‘am in assisting able buyer from around the globe.
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