Hi, Brendan here from China Import Formula. Now one of the biggest concerns that new importers have is how do I know that I’m getting my product at the cheapest possible price? Well, there are 5 points that you need to consider when getting your product in a cheapest possible price.
First things first, make sure you don’t get 3 but you get 5 quotes. Go to at least 5 factories even more if you can to make sure that you established exactly where the line is between cheap, middle price and more expensive.
And that brings us to our next point. You need to make sure that you also establish what the bulk product price is. So you get that by forming the average so out of the prices of the 3 or the 5 quotes that you found together, divide it by 3 or 5 and that will give you the average and you’ll find out what the bulk pack is.
Now the third thing is that when you do actually negotiate with the factory, you tell them 2 things; Firstly, tell them a large quantity that you’re gonna order whether it’s gonna be a 20 foot container or a 40 foot container, but secondly remember you can also get a cheaper price by letting the factory know that you planned to order frequently, alright? Not once a year but potentially four times a year or even monthly. That would get the factory very excited and help them lower the price even a little bit more than they would for another potential customer.
The fourth thing that I wanna say is this; don’t just go for the lowest price. Often if the factory is offering a very low price, there’s often a very good reason for that and you’ll probably find yourself stock with low quality goods.
And the fifth and final tip that I wanna give you to get the lowest price possible is go to China. I’m here right now at the China Canton Fair in Guangzhou and what I found over the many years of my importing is that if you go and make the supplier face to face and form a human relationship, you’ll never ever beat that and that’s what’s gonna get you the best price overall. Now, you don’t have to go today, you don’t have to go tomorrow but secondly, by your second or third shipment or your first 6 to 12 months in the importing business, that’s when you get to go to China and that’s when you gonna get the cheapest price.
So I hope you find those tips helpful and may you stay tuned for even more tips that are gonna get you to the next level of your importing.