Safety measures to adopt when buying from an overseas wholesaler
Safety measures to adopt when buying from an overseas wholesaler
Nowadays, many retailers and small merchants are looking to buy from overseas suppliers, in order to get products at low wholesale prices. For example, countries like China or India where cost of labor and raw material is quite inexpensive, one can expect to get a price considerably less than other parts of the world. Getting your supplies from the suppliers based in these countries means that you can have a great profit margin even after paying the custom duty or other types of tax. Internet has also made it easier to find and get in touch with wholesalers from all four corners of the world. Does it mean that it's as simple as finding an overseas supplier offering minimum prices, buying and selling these products with huge profits? Certainly not, as buying from an overseas wholesaler have many downsides. However, by adhering to the following guidelines, you can deal with majority of these drawbacks.
Things to look out for:
The first thing you should check is the local laws concerning that particular product. When importing from an overseas supplier, you should make sure that the product and its ingredients/components are in line with safety guidelines set by governing bodies.
A complete description (and ideally a free sample) of the product you are going to get together with some sort of a guarantee. Examine the product details like durability, its usage, and if there are some outstanding features (even though there's unlikely to be any special feature since you are buying at lowest possible price).
Do the supplier offers any warranty? If yes, then read the warranty document carefully. Even if there's no warranty, there must be some terms and conditions regarding the shipment, return and refunds, and delivery time. Make sure that the price mentioned at their websites or business proposal is all what you'll have to pay (and there's no hidden cost).
Try to verify if you are dealing with a legal business entity or not. There are different options available for verification, you can ask for the registration number and confirm from local chamber of commerce or other governing authorities in that part of the world. Or you can ask them to provide references that a legit business shouldn't find hard to furnish.
Contact local traders who are already buying from overseas wholesalers and seek guidance. Chances are that you will get valuable advice and resources. You can also seek help from some of your friends or relatives, if any of them is living in that particular region.
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