How to source products for your business in India with 100% Trade Assurance ?
Updated on Mar 2021
5 min read
India is on the verge of becoming one of the largest digitally-led economies in the world.
Currently, there are 63.05mn MSMEs and 55k startups operating in India. The number of MSMEs increased by a CAGR of 8.5% from 2019 to 2020 alone.
India has also become the third-largest tech startup ecosystem in the world during the pandemic year.
This observed growth in the retail sector & startups is due to the increasing consumer demand. To stay afloat and outperform in the competitive market, businesses are taking innovative steps and accepting new technology. Often companies invest their resources in acquiring new customers and keep loose ends in sourcing goods. However, sourcing goods is the backbone of a business that most companies ignore. Keeping the inventory intact with a robust supply-chain can result in intensive growth. With the rise of competition, a tech-driven supply chain is taking over and acting as a key factor to source quality goods.
Product-based businesses require goods for Research & Development and reselling purposes. Modern businesses including tech startups rely on technology and machines to improve efficiency. They need a comprehensive list of technology that is not easily available in India. As most of the tech components are manufactured in China, Korea, and Japan. So, these startups have to face a lot of challenges to import such tech tools.
If you run a business and require products in large quantities, you know how hard it is to procure them. Finding a reliable supplier is one of the toughest parts of sourcing a product. Not only this but finding one supplier who can provide all products according to your need is nearly impossible. For big companies, it is easy to travel abroad and buy goods. But for small businesses procuring goods has become utterly painful.
What companies need is an all-in-one reliable sourcing platform.
Racerfly has always stood out to be one of the best platforms to source goods in India. Our prospective customers considered us as one of the most trusted B2B platforms.
We have observed that companies are always interested in getting quality goods along with great services. So, when a buyer orders goods, they don't want to face any trouble throughout the process. They expect to get the product first-hand at their doorstep.
Earlier, companies used to go through a conventional supply-chain process to source goods. The downside of this process was - it consumed more resources than needed. The overall experience of buyers always turned out to be unsatisfactory.
Racerfly gets to the bottom of the problem occurring in the supply chain. And created an integrated tech-driven platform for sourcing goods.
At Racerfly you will find a wide variety of goods listed by verified manufacturers. You get authentic products at factory prices. You get the option to chat with the suppliers, negotiate prices and close the deal according to your convenience. Once you place an order, Racerfly handles end-to-end logistics. Deliver goods to your doorstep with 100% Trade Assurance. Racerfly provides a viable solution to buy goods directly from the factory.
Here we have highlighted 4 major problems businesses face while sourcing goods and how we easily solve them.
Purchasing counterfeit products.
Do you know that counterfeit products shave off $ 7.8 billion from the Indian exchequer annually? Purchasing duplicate items by mistake usually stem from not having an effective purchasing approval process. However, some businesses are willingly buying duplicate products to save a few dollars. But getting duplicate products will affect your business in the long run. If you have a small team and do not have time to verify the authenticity of the goods.
Let us ensure you this problem will not occur in the first place. How?
First of all, Racerfly lists verified suppliers on the platform. Our suppliers are mostly manufacturers who are involved in continuous R&D and you can buy first-hand products from them even in less quantity. So all the products you order through our channel are delivered from brand-authorized factories. Our priority is to deliver quality goods to customers. We also provide the facility of sample buying. So you can order a sample product first before placing a large order. This will help you decide whether you want to continue to do business with the supplier or not. Although! We believe once you buy something at Racerfly, you will not look somewhere else.
Not to buy from verified vendors.
Did you cross-check the vendor's background before purchasing goods? No, you Didn't! We don't blame you for this as it's not your fault. There are no criteria to check a vendor's background and learn about their history. Many vendors don't have an online presence or a portfolio. Even on Alibaba and eBay, people get scammed by the middleman or unverified suppliers. But that doesn't mean these platforms are running scams. People who get scammed are often first-time buyers who have little or no buying experience.
How Racerfly deals with the vendor situation?
To overcome this problem. Racerfly follows a systematic verification process with all suppliers. Because of our strict policy, we only list manufacturers on our platform. Right now you will see that we have fewer products on our website. It's due to the reason that we do not allow anyone to sell on our platform. We first verify their business and then list them. Not only this, we provide free 100% trade assurance too. So you can buy hassle-free from any supplier on our platform. There is a 0% chance that you will encounter an unverified vendor on Racerfly.
Paying for damaged goods or things that never arrive.
This often happens with B2B purchasing. Companies order goods in large quantities and sometimes receive damaged or missing products. The best course of action they take is to ask for reimbursement from the supplier. It is the responsibility of the supplier to rectify the situation. But in some circumstances, suppliers do not take things into consideration. It occurs mainly due to a communication error or a poor shipping policy.
Racerfly counters this problem effectively.
After the packaging of goods, all orders go through regular quality checks. Sealing, strapping and binding is deeply scrutinized to check they are compliant with regulations. The packaging manner is designed systematically so they are less likely to get damaged during shipment. Once the package is delivered to the buyer, the Racerfly team contacts the buyer within 48 hours to complete the live video call verification of the consignment. In the verification process, we will look through each item(s) to make sure that there is no damaged item(s) and match the item(s) details with the invoice.In case of damage or different items, the return will be taken under the return & cancellation policy.
Asking for multiple quotes from the supplier.
When businesses order goods they need an estimate before closing the deal. So, companies follow an official procedure to ask for quotes from a supplier. They would send a request letter, email to the supplier asking price quotation. This procedure becomes hectic when you repeatedly do this with 5-6 suppliers. Moreover, the problem doesn't end there. Quotes are generally revised after the negotiation process. So, this endless cycle keeps continuing until both parties settle down at one fixed price.
At Racerfly, we eliminate all the unnecessary tasks.
Products are listed along with their factory prices. Moreover, you can negotiate the prices further too. A chatting tool is available to communicate with the supplier. After closing the deal, you can add the required products to the cart. Then, you can select the option of generating a Pro-forma invoice. With a Pro-forma invoice, you will get an estimate that outlines the goods and services cost. So in case if you want to alter some detail regarding the purchase. You can do your own anytime without including a third person.
Businesses need an ideal supply-chain platform that is designed for speed, efficiency, and transparency. A platform like Racerfly can help you source factory goods for your company.
Fix your sourcing problem for good.
Interactive, fast, easy to use - Racerfly is an all-in-one solution for your company's purchasing.
If you run a business and require goods in bulk. Create an account now.