When starting your own business, every retailer must look out for how they source their products.

This is because efficiently sourcing products from the right place can result in considerable benefits for you in the long run.

Due to the advancements in technology, there are now many interesting avenues which have opened up that you can take advantage of to further expand your retailing business when it comes to sourcing the products. At the heart of any successful retail business lies the quality of the products they sell.

To ensure that the products are of top-notch quality, here is a guide that can help you determine how you can sour products in the most efficient manner possible and save you quite a lot of your finance which you can add to your overall revenue stream in the future.

Before understanding how you can source products for your business effectively, we must first look at some common issues retailers tend to face when sourcing for their inventory.

1. Cost too High, Profits too Low
Every retailer's goal is to source products at the least expensive rate they find. This is because the less the product's retail price, the higher the profit margin, which is the goal for every retailer.

Due to this, one of the biggest challenges retailers faces when sourcing for their inventory is that their investment-to-profit ratio might be off by a sizeable portion. This means that the capital they are putting up to source their products and the profit they make from their sales is less than their sales projection.

2. A Slow Process
In addition to profits, the time at which you receive the products to be retailed is also a factor contributing to any retailer's success. This means that a process that could be optimized and requires making complex calculations manually can cause a delay in the time the products reach the end consumer.

3. Inefficient Employees
Another issue a retailer may face when sourcing is not the process but the team in charge of sourcing the goods. There have been cases where the sourcing team may not be efficient when handling product collections, and practices similar to these result in the company not being productive enough, causing a ripple effect which can affect the entirety of the supply chain.

As a well-established e-commerce company that primarily deals in helping businesses with proper sourcing, the teams here at Sourcy understand that sourcing and procurement are essential parts of the supply chain.

Due to this, Sourcy has numerous safeguards and contingencies set in place that allow retailers to tackle all of these issues head-on and ensure that retailers' global sourcing process goes without a hitch.

Sourcy has a thoroughly optimized procurement process set up, which provides you with globally sourced products that will ensure maximum profitability and boost your revenue stream. This works because Sourcy lowers logistics costs in a way that requires a low minimum order quantity, ensuring maximum financial gain for small retailers.

Furthermore, to ensure retailers have a safe and risk-free sourcing experience, Sourcy has practices such as quality assurance on all orders and extensively analyzing the products when curating them to ensure they fall in line with the current marketing trends.

We understand that there are many other companies in the market based around procurement, so the question is: what sets Sourcy apart?

●"Find new products" service: Helps retailers source the products they are looking for, for free. Simply fill up a form that takes less than 3 minutes on the desired products.   ● 100% replacement policy: In the scenario of faulty/missing/ do not look as described items, a full replacement or refund will be made to make sourcing for retailers, risk-free.  ● Profit Margin Filter: To help retailers maximize their profits, Sourcy has a profit margin feature on all collection pages that allow retailers to pick the profit margin they are interested to, up to 500%+, and view the products within that range. This filter is created through extensive research by Sourcy's analysts across various markets and wholesalers for better accuracy. With this filter, retailers no longer have to worry about pricing their products again.

Additionally, we understand that versatility is also vital to every retailer, which is why Sourcy has a highly fleshed-out catalog that features many different products:

● Hair accessories

● Women's Clothing

● Decorative Ornaments

● Cookware

● Beauty & Wellness

● Candles & Scent

● Customizable products

As an e-commerce platform, Sourcy is a company that targets retailers around the globe, determined to make sure that all your global procurement needs are met and the process goes as smoothly as possible. Due to the multitude of different platforms which have shown up online, procurement and sourcing have also become a tricky affair. However, Sourcy is here to help you ensure you do not face any of those issues.

We hope this blog has given retailers a good sense of how to source affordably and conveniently.