How Retailers Can Benefit From Global Trade Connections
For retail entrepreneurs preparing to launch businesses – whether online or via a brick-and-mortar model with a limited reach – the question of where to obtain inventory is perhaps the most important. How you structure your business model and pricing, delivery and return policies often depends on the merchandise you offer and the means by which you obtain product. A bold step into the world of global trade networking is one way you can build contacts in your line of work, and gain trust among customers and clientele searching for quality materials and a reputable provider.
Why Consider Global Trade Options?
These days, people want to support local businesses. They may patronize the “mom and pop” convenient store over the chain grocer, and have dinner at the neighborhood pizzeria as opposed to the national brand restaurant. As an entrepreneur, you have a vested interest in earning a profit from retailing your inventory, and to survive among corporations with the ability to undercut competitors you must be able to provide goods at a comparable price. The key to your success lies in finding the right product.
Networking with international based manufacturers and suppliers can benefit your business model:
Good Merchandise: Yes, we do tend to joke about products made in certain countries being of questionable quality, but in truth global manufacturers are capable of producing strong merchandise at affordable wholesale cost. Not everything is made in Taiwan or China – you’ll find a wealth of companies in Africa, South America, and other parts of Asia willing to network with you.
Quantity You Can Afford: When it’s necessary to buy in bulk, you can negotiate to keep costs down with global suppliers. This in turn allows you to resell at a price that satisfies the customers and maintains a decent profit margin.
Drop-Ship Opportunities: When you are ready to broaden your reach, working through international suppliers can increase your ability to ship to worldwide destinations without incurring massive shipping costs. Depending on your connections, you may work directly with wholesalers to grow your retail trade.
Meeting the Right People for Your Business
With the Internet, communicating with suppliers on the other side of world heightens a greater sense of real-time networking.
Search for and register with specialized portals and forums dedicated to global trade and supply chain management, and forge contacts through social networks like LinkedIn to secure the deals that keep your retail business booming.
Don’t be afraid to negotiate for the price and materials you want – be it food, art, antiques or clothing. The more you network, you’ll find suppliers are willing to compromise to secure your business.
This in turn fills out your inventory and makes for better opportunities in sales and profits.