Are you constantly frustrated by high prices and poor quality of your product? Look no further…
Because the key to success in product sourcing is negotiation.
By utilizing the power of negotiation, you can secure a better deal and find the perfect supplier for your products.
In this post, we’ll share our success story of how negotiation helped us find the perfect supplier for our table lamps, despite our challenges.
So, if you want to learn how to negotiate like a pro and take control of your product sourcing, keep reading!
We were sourcing table lamps for our latest project.
We contacted a variety of suppliers and took quotations from them. Still, unfortunately, we were not able to find a supplier that could meet our target price of $8 with DDP (delivery duty paid).
Many of the suppliers were charging more than our expectations, with prices ranging from $15 to $19, almost double our target price.
We started negotiations with suppliers, contacted more suppliers, and took their quotations.
Through this process, we were able to find a few suppliers that offered more competitive prices.
However, we did not ignore the product quality in our search for a cheaper supplier.
We verified the product specifications and details.
Because our product was from the electronic category, we were extra careful about product quality and features, most importantly, the product’s price.
After a detailed and long negotiation period, we finally found a supplier that met all of our requirements.
We locked the deal at $6.5, which was significantly lower than our original target price.
Although it took a lot of time and effort it paid off in the end.
However, our struggles did not end there.
The supplier we had chosen was unwilling to send batteries with the product due to shipment issues.
We knew that the size of the batteries was very small and they were not harmful to shipment, so we utilized our experience and convinced the supplier to send the batteries with the product.
After much negotiation, the supplier finally agreed, and we were able to order 1000 units of the table lamps and successfully ship them to the Amazon warehouse.
Overall, the process of sourcing table lamps was challenging, but we overcame the obstacles and found a supplier that met all of our requirements.
The final learning from this case study is that sourcing products at the right price and quality can be a challenging task. Still, with determination and experience, it is possible to overcome obstacles and find a suitable supplier. Negotiating with suppliers and considering multiple options is key to finding the best deal.