Effectively maintaining inventory can be difficult, especially for retailers trying to manage a vast product catalog for large consumer bases. According to a survey of business owners by Alibaba.com, difficulty forecasting demand (23%) and unrealistic consumer expectations for delivery times (20%) were key pain points for business owners trying to manage inventory.
The inventory management process can appear even more complex once global supply chains are factored into the equation, but businesses now have more options than ever before to navigate this process. Gone are the days of the yellow page-like platforms where business decision-makers' only option was playing phone tag with potential suppliers. As the popularity of global sourcing has grown in recent years, so have offerings from online global sourcing platforms aiming to deliver sourcing solutions to business decision-makers.
Leveraging the experts in a fast-paced environment
As a business owner or decision-maker, your expertise is in the industry in which your business is trying to distribute your products, not necessarily navigating the complex world of cross-border e-commerce. However, online global sourcing platforms have a team whose expertise is dedicated not only to connecting you to a sourcing partner but also to helping to ensure a strong, ongoing relationship.
In order to help achieve these long-lasting relationships, many online global sourcing platforms vet suppliers before allowing them to leverage the sourcing platform. With the added confidence that suppliers have already been vetted, you can focus your effort on finding the sourcing partner who can deliver the products you need at agreeable price points.
Furthermore, the relationships that some online global sourcing platforms develop with suppliers through the vetting process allow them to deliver even more helpful services, such as fixed prices with shipping included and the dispatch of goods within a certain timeframe. As you work to meet your inventory needs while leveraging your financial resources effectively, these types of assurances pre-negotiated by the platform mean all you have to do is connect with your preferred supplier to set your supply chain in motion.
Post-order services mean post-order peace of mind
Since the onset of the COVID-19 pandemic, global supply chains have faced their fair share of disruptions. As retailers of all sizes know, these disruptions have the potential to disrupt not only inventory but balance sheets too. Think of the collapse of the Francis Scott Key Bridge in the Port of Baltimore, a post that represents an economic value of $4.7 billion for Maryland.
These types of disruptions can cause a host of order issues. On top of that, no product is immune to localized issues, such as defects.
Recognizing these threats to all retailers, some online global sourcing platforms have shifted from not only providing retailers the supplier directories and the ability to order online but also introducing services to support businesses after a payment has gone through. Amongst these after-sales services, quick money back for order issues and free local returns for defects mean that business decision-makers can rest assured that any issues they have will be handled by the sourcing platform, saving the business both time and money.
Online global sourcing: Just like shopping for retailers
As consumers, we want the smoothest shopping experience we can find. Why should business decision-makers have a different experience when trying to meet consumer demand? Leveraging offerings from online global sourcing platforms such as Alibaba.com’s Alibaba Guaranteed can help businesses source globally with the peace of mind that their sourcing partners are vetted and their transactions are secure. In a world as fast-paced as today’s, even the smallest guarantees can take retailers a long way.
