Product Sourcing


What is product sourcing? 

 
Product sourcing is basically the process wherein the business looks for products to sell. But before you begin product sourcing, the company must be already ready to operate.
This means that the entity should have already fulfilled the paperwork required before officially putting up a business, like registration. Most importantly, the company's niche and target market must already be identified before continuing with the product sourcing process. 
 

Types of Product Sourcing:

Manufacturing or wholesaling  
By definition, a manufacturer is an entity whose primary function is to make finished goods or products available for sale. And these products produced by the manufacturing company will then be sold to wholesalers.  
The role of wholesalers is to sell the products from the manufactures to the retailers. Furthermore, wholesalers are considered as the middlemen between the manufacturers and retailers. So, in product sourcing, you have the choice to purchase from wholesalers or directly from the manufacturers themselves. To further get an understanding of the distributor profiles, refer to the illustration below: 
 
 
Hand-crafted/ hand-made goods 
You can also decide to sell products made by hand, like sculptures, paintings, clothing pieces, and more. And while these products may take more time than the others, they are considered more environmentally friendly and better for the economy.
 
 
Because not only are the wastes reduced due to the lesser production volume, but putting up a business that sells hand-made products will open job opportunities. Besides, who does not enjoy receiving hand-crafted gifts
 
Dropshipping 
In this type of business, you won't need to handle inventory physically. Instead, all you will need to do is list a vendor's products on an online store. And once customers make orders from your online store, you won't also need to deal with the deliveries since the vendor is in charge of that too. However, keep in mind that the charges for the product will be addressed to you.
 
 
If you want to pursue this retail fulfillment method, consider the following suppliers: 

National Dropshippers 

Sunrise Wholesale

TeleDynamics

ASI Partner

BryBelly

 

LEARN MORE ABOUT PRODUCT SOURCING FROM OUR BLOGS HERE. 

 

    Reference: 

    What is Product Sourcing?. The concept of product sourcing is one… | by Zber Sourcing | Medium
    3 Ways to Source Products for Your Online Store [and Save Big] (bigcommerce.com)
    What is Product Sourcing? | Freelancer Blog
    Wholesaler: What Is It? (thebalancesmb.com) 
    20 Types of Handmade Items You Can Sell Online - Small Business Trends (smallbiztrends.com) 
    Benefits of Buying Handmade Products - DC Knits
    What Is Dropshipping | How Does Drop Shipping Work? (shopify.com.ph) 
    20 Top US Dropshipping Suppliers For Ecommerce | Repricer.com
    Benefits of Buying Handmade Products - DC Knits