Real is RARE

How To Tell If Products Are Guaranteed 100% Original And Genuine?

by Sourcing News

Gadgets and technology are among the most popular products that people buy in this day and age. We are dependent on technology, and they are considered a necessity for many of our daily tasks. There are many electronic products available, and it can be challenging to identify which ones are genuine. This can be anything from mobile phones and watches to simple things like an electrical cable. This is especially the case with e-commerce that has become quite prevalent.

If you are interested in buying something but have doubts about its quality, you are not alone. It can be pretty distressing to purchase something and then realize that it’s not what you pay for. Such scams may make people distrust e-commerce websites, especially small retailers with not many reviews. Do not fret; we are here to help you. Here are some ways you can tell if products are original and genuine.

1. Seller Reputation

Before buying any product, you need to make sure that the seller you are buying from is reputable. Buying directly from the brand’s shop or website will assure you that the product is original, but these websites will not have sales that e-commerce or wholesale retailers will have. Of course, this does not mean that third-party vendors are not legit. There are many authorized and genuine sellers, and you can confirm their reputation by checking their profile. Look for any feedback and reviews that customers have left. Of course, if you still have doubts, you should ask them any specific questions that you may want to be answered. A reputable vendor will not shy away from answering your questions. A reputable vendor will also provide you with secure means of checkout, making it less difficult for them to scam you.

2. Product Packaging

The packaging in which you receive your product is another telltale sign about whether the product you buy is original or not. If a seller tells you that a product does not come with packaging, that is a sure sign the product is fake. This is because companies tend to invest heavily in packaging and add their logo and seals to it. However, just because the product comes with packaging, that still does not mean it’s genuine. Some scammers will go through a lot of effort to make sure the packing looks original, and for that, you will need to be a bit more focused. Look for any misspellings, smeared ink, or blurred graphics on the packaging as a sign that the product is fake.

3. Product Appearance

After you have checked the packaging, it is time to move on to the product itself. Even if it seems fine at first glance, still examine the product and its features. Are there any imperfections or embellishments on it? If the material your product is made of seems cheap and flimsy, then chances are it’s a fake that has been made with imitation material. Are the logos and components where they should be? Genuine products will usually have specific places where the logos on the product will be placed. Additionally, even if it seems perfect on the inside, check the inside of the product to make sure the specs and serial numbers are legitimate. Items that are made from real gold and silver will usually have hallmarks stamped onto them. Consider searching for telltale signs of the originality of a specific product online and looking for them on the product you buy. Usually, the manufacturer itself may have listed these telltale signs themselves to protect their customers.

The bottom line

Electronic products are among the most popular products you will find on the market, whether physical or online. This popularity allows scammers to sell counterfeit products to unsuspecting victims. Finding out the product you have bought can be pretty stressful and can result in distress for victims. However, there are many ways you can make sure the product you buy is genuine through the ways we have mentioned. We hope this has been helpful and protects you from counterfeit purchases in the future.

dtl-sourcing stragetic sourcing key factors success

3 Key Things for Strategic Sourcing Success

by Sourcing News

Strategic sourcing is a process that reduces costs across all expenditure categories. By improving supplier selection, it lowers supply risks. Pricing and forecasting visibility can also be enhanced by strategic sourcing. When strategic sourcing software is combined with a digital business network, productivity increases, supplier risks are reduced, and money is saved.

For example, CDL-training programs are an alternative for those who want to get a CDL license but don’t want to pay the exorbitant tuition costs. Data gathering, market research, expenditure analysis, negotiation, and contracts are part of the strategic sourcing process. It does not include the actual purchase of goods and services.

Strategic sourcing can be tailored to a customer’s particular requirements. The main objective is to increase profitability by using a single and integrated system. The traditional purpose of strategic sourcing is to find and reward a provider who best satisfies the company’s needs. In addition, strategic sourcing has been proved cost-effective and a game-changer in 2020. Companies have had to rebuild their supply networks to suit the demands swiftly. Following are the three critical steps for strategic sourcing success.

 

1. Evaluate, Collect Data and Build a Strategy

The first step is to conduct a systematic and coordinated assessment of your sourcing requirements. Evaluate, collect data and build a strategy consist of the following steps:

Developing and strengthening supplier connections
Make sure you have the right relationships with your vendors. The goal is to learn about any significant initiatives that are coming up shortly. This step includes innovations or growth plans, for which you can appropriately plan.

Analysing expenditures

Complete a comprehensive analysis of how much your company spends. It includes determining what and where expenditures are finished. It also includes areas where spending may be improved.

Validating the project

Determine whether you need a new supplier for the category or not. You also have to determine if you can renegotiate the terms or not. In this way, you can validate the project.

Obtaining information

To gather the information and requirements, you will need the following:
• Existing supplier contracts, including terms and conditions
• Work Statement
• Analysis of the Supply Market
• Spending information gleaned from your spending analysis

Planning for the project.

In this, you have to create a project strategy that outlines the scope and complexity of your project. It also includes the sorts of providers you will need during the project.

 

2. Research and Award your Supplier

When looking for possible award winners, keep the following points in mind:

Communication abilities

To select the winner, you have to find some things like how has your supplier’s communication been thus far? Are they willing and capable of responding to your inquiries? Is it handled over the phone, by email, or via an online portal? It might be a bad sign if you cannot get in touch with the provider throughout the tendering process.

Operation of suppliers

In this, you have to examine whether your selected provider can meet your needs in the short and long term.

Finances

In this category, you have to find that the provider you have picked financially is stable and profitable? What is the total amount of debt they owe? Consider giving a shorter-term contract as a trial if their financial position does not appear to be ideal.

Supply chain

In the supply chain, you have to question the supply chain of the suppliers. Are they strong enough to keep them afloat if things go wrong? Would the supply chain of one of your suppliers be able to handle an increase in the volume of a particular item? Look into if they can address short-term needs. Short-term needs include unseasonably warm weather or unforeseen events.

Competency

In this, you have to compare the capabilities of the provider to your requirements. Speak with account managers or other representatives from the potential provider. Inquire about their ability to deliver under unusual situations. The unique conditions include harsh weather or raw material shortages.

Following a thorough examination of all of the above, a clear winner is determined. Once you have decided, send a “Commitment Go Document” to the supplier and internal stakeholders. Commitment Go Document should include the following information:

• Award proposals
• Implementation plans
• Financial benefit estimates
• Communication to senior management
• Contract considerations

 

3. Contract Implementation

To develop a communication strategy, you will need to collaborate with your new customers. It is done for implementing the latest products for your company. The relationship’s possible hazards should be recognized and then addressed with adequate compliance procedures.

These agreements are subsequently formalized by a contract that is signed. Previously, this was a time-consuming process that necessitated reams of paperwork. Today, technology can produce contracts automatically based on pre-prepared data uploaded into the system. Targets should be established and tracked to hold suppliers accountable.

Finally, you are ready to hand over control of the provider to the appropriate individuals inside your company.

tyres storage

How are container storage and high freight rates affecting the goods price?

by Sourcing News

The world economy is currently recovering from the pandemic. We are witnessing inflation in prices of goods mainly due to high demand for commodities, protectionist measures, and increased freight rates. The speedy recovery of the world economy that follows the first wave of COVID-19 has made a faster rebound in overseas trade, which was entirely unexpected.

Due to this, a large-scale supply change disruption has been seen in storages which plagued many industries, especially the manufacturing and real estate development sector. Detailed analysis of effects of container storage and high freight rates on reasonable price is well articulated in buildersbook.com. The major contributing factor in this scenario is the longer supply lead time, which caused a surge in input prices.

The critical element regarding container storage and high freight rates that has caused a surge in prices of goods is the increase in demand of goods in post-pandemic time has disrupted the entire supply chain, critically affecting the container storage and high freight rates in inflationary prices of goods. Due to the high volume of goods demand, the container storage capacity of shipping companies is at an all-time high.

As per Mr. Hua Tan, a market analyst at a container shipping company, the current spike in the price of a good is mainly because of the high demand for container freight, which is driven by post-lockdown re-stocking, acute need for protective equipment, and stay home goods, and limited airfreight capacity.

Another highlighted reason for the inadequate container storage is limited alternates. Airfreight companies usually use the space at the belly of a passenger plane to transport goods. As the flights are limited due to COVID-19 restrictions, there is no air freight commercial feasibility available. Lack of alternates, mixed with high demand in consumer goods, has severely affected the goods price.

The world economy is currently recovering from the pandemic. We are witnessing inflation in prices of goods mainly due to high demand for commodities, protectionist measures, and increased freight rates. The speedy recovery of the world economy that follows the first wave of COVID-19 has made a faster rebound in overseas trade, which was entirely unexpected.

Due to this, a large-scale supply change disruption has been seen in storages which plagued many industries, especially the manufacturing and real estate development sector. Detailed analysis of effects of container storage and high freight rates on reasonable price is well articulated in buildersbook.com. The major contributing factor in this scenario is the longer supply lead time, which caused a surge in input prices.

The critical element regarding container storage and high freight rates that has caused a surge in prices of goods is the increase in demand of goods in post-pandemic time has disrupted the entire supply chain, critically affecting the container storage and high freight rates in inflationary prices of goods. Due to the high volume of goods demand, the container storage capacity of shipping companies is at an all-time high.

As per Mr. Hua Tan, a market analyst at a container shipping company, the current spike in the price of a good is mainly because of the high demand for container freight, which is driven by post-lockdown re-stocking, acute need for protective equipment, and stay home goods, and limited airfreight capacity.

Another highlighted reason for the inadequate container storage is limited alternates. Airfreight companies usually use the space at the belly of a passenger plane to transport goods. As the flights are limited due to COVID-19 restrictions, there is no air freight commercial feasibility available. Lack of alternates, mixed with high demand in consumer goods, has severely affected the goods price.

Fluctuating and unprecedented ocean freight rate is also a factor that affects a good’s price. The ocean freight rate is a shipping company’s fee for transporting the freight cargo from one place to another. Therefore, it is essential to understand the ocean freight rates to determine the final shipping cost.

The main reason for fluctuation in freight rates is demand and supply. However, the need for maritime services and the volume of cargo are subjected to various pressures. These pressures may be environmental, political, or economic. For example, global trade imbalance, sanctions, lousy weather, and conflict can affect the demand, affecting the cost.

Other factors that can affect goods prices through freight rates include:

Distance of the exporting and importing destination: It is a simple rule that the shorter the length, the lower will be the freight rate. Even popular destinations have lower freight rates. Less popular destinations with a lower capacity for handling freight are costly.

Cargo type: Freight rate also depends on the types of goods in the cargo. The kind of good that attracts higher fees increases the goods process. The main includes perishable, heavy, dangerous, or out of gauge goods.

Currency: The exchange rate has a significant impact on the cost of goods. As the Ocean fright rate is charged in US Dollars, so every country has a different pace.

Seasons: There are specific seasons in which certain goods are in high demand, for example, Chinese New Year, Eid festival, or Christmas. It is a common phenomenon that whenever demand rises, freight rates and associated costs also prices, and vice versa.

Bunker Fuel: Bunker fuel powers the engine of the ship. Its price highly fluctuates in the international market. Therefore, it is also an essential factor in determining the freight rate.

Environmental laws: After implementing IMO-2020 (new legislation by the International Maritime Org.), the ocean freight rate has been increased.

Vessel size: The vessel’s size and cargo carrying capacity are also crucial with the bunker fuel. Giant ship consumes more power, but they also carry more container.

Economists and maritime experts believe that the impact of the pandemic on the global economy will last till 2022. Once the demand and supply are synced, the cost of cargo, including container storage and freight rates, will reduce. Thus prices of the goods will also plunge.

canceled-contract-desk

Coronavirus Severs Supply Chains: A Sourcing Agent Could Help

by Sourcing News

A sourcing agent may help manufacturing companies get an insight into their factors in China now that travel is restricted due to Coronavirus. The agent acts as a representative of the company.

China is the ultimate manufacturing hub of the world. A combination of resources and cheap labor has seen many companies set up production plants in the country. In fact, most overseas firms ship either complete items or parts from China.

Unfortunately, when Coronavirus hit China and the rest of the world, travel restrictions were put in play to check the spread. This meant that company representatives from parent companies could not travel to China to check their supply chain status or source for raw materials.

This came with some challenges to the said firms. First, they could not ascertain the quality of the OEM parts as they used to before travel restrictions were put in place. Second, they experienced difficulties coordinating supply dates and other information required to get items ready on time. Shipping was also delayed due to extra protocols, either leading to delays or forcing companies to cancel some orders.

A Sourcing Agent Could Help

A sourcing agent assists a company in locating sources of products at the quality and budget required by the importing entity.

Where the company has subcontracted another firm to produce and export goods on its behalf, the sourcing agent may help ascertain the product quality, delivery times to issues like packing and branding. The agent will give companies an accurate picture of what is happening in those factories in China to enable them to adjust delivery times and terms.

The agent-based in China has access to the factories and can act as the representative of the firm until and after travel has been allowed. It helps prevents disruption of the supply chain while ensuring that the parent firm gets good in the right quality, quantity, and on time.