7 Questions you MUST ask Suppliers at the Canton Fair

Summary

This video offers expert advice for sourcing products at trade shows like the Canton Fair in China. Key strategies include asking suppliers about new, unlaunched products in different global markets for potential exclusivity deals, which can be negotiated by quantity, region, or time. The speaker also shares tips on obtaining free samples, particularly on the last day of the fair, and emphasizes the importance of being kind and respectful when interacting with suppliers. A positive attitude and genuine interest can lead to long-term business success and valuable relationships.

Takeaways

• 😀 Understand the importance of attending trade shows like the Canton Fair to connect with suppliers and discover new products in different markets.
• 😀 Research and inquire about products being sold in other regions (e.g., Brazil, Japan, Germany) to spot items that could be successful in the U.S.
• 😀 Consider requesting exclusivity agreements to secure a product for yourself, ensuring that the supplier doesn't sell it to others in your region.
• 😀 You can secure exclusivity in three ways: by quantity (large orders), by region (exclusive rights for your area), or by time (e.g., 6 months or a year).
• 😀 Exclusivity agreements should be negotiated based on order volume or specific timeframes that work for both parties.
• 😀 Suppliers may offer free or discounted samples, especially on the last day of the fair, to test your seriousness as a buyer.
• 😀 Always ask for samples during the last day of the fair, as suppliers may not want to take unsold products back to the factory.
• 😀 Suppliers may charge a small sample fee to gauge whether you're a serious buyer, but this charge is often refundable upon order placement.
• 😀 Building strong relationships with suppliers is key; kindness, respect, and attention will lead to better deals and opportunities.
• 😀 Remember to have fun, smile, and engage positively with suppliers at trade fairs; people buy from people they trust and enjoy working with.
• 😀 Utilize additional resources such as supply chain quizzes, PDFs, and checklists to optimize your sourcing and supply chain strategies.

Q & A

What is the key strategy to secure exclusive rights for new products at trade fairs?

You can secure exclusivity for new products by negotiating based on order quantity, region, or time. For example, you might need to place a large order, ask for exclusivity in a specific market, or request exclusivity for a defined period like six months or a year.

How can you negotiate exclusivity with a supplier?

Exclusivity can be negotiated in three main ways: by quantity (e.g., ordering a large number of units), by region (e.g., securing exclusivity for a specific market), or by time (e.g., negotiating exclusivity for a set duration).

What should you do if you are interested in a new product at a trade show?

If you are interested in a new product, you should ask the supplier if you can get exclusivity for that product. Discuss terms like quantity, region, or time to ensure you get the best deal.

Why is it important to negotiate the terms of exclusivity carefully?

Negotiating exclusivity carefully is important to protect your business from competition. Exclusivity ensures that the supplier only sells the product to you in your market or during a specific time period, giving you a first-mover advantage.

How can you secure free samples at trade shows?

You can secure free samples, especially on the last day of the trade show, by showing serious interest in placing an order. If you pay for the sample, it’s a way for suppliers to gauge your seriousness, but often suppliers will offer free samples as a courtesy after successful discussions.

What is the purpose of a sample charge at trade shows?

A sample charge is often used to assess whether a potential buyer is serious about purchasing the product. If the buyer agrees to pay, the supplier knows they are not just looking for a free sample but are genuinely interested in ordering.

How does having a good relationship with suppliers benefit you?

Having a good relationship with suppliers is crucial as it helps you gain favorable terms, better communication, and access to exclusive products. Suppliers are more likely to offer good deals to those they like and trust, fostering a positive long-term partnership.

What is a key tip for interacting with suppliers at trade shows?

Kindness and respect go a long way when interacting with suppliers. A friendly attitude, eye contact, and attentiveness will make suppliers feel valued, improving your chances of receiving favorable terms and building a solid relationship.

What is the significance of the last day of a trade show for obtaining samples?

On the last day of a trade show, suppliers are often more willing to give free samples, as they are packing up their goods and may not want to transport unsold products back to their factories. If you've had a good conversation with the supplier, they might offer you a sample free of charge.

How can you increase the likelihood of getting exclusivity for a product?

To increase the likelihood of securing exclusivity, you should be prepared to place a larger order, negotiate a specific region for exclusivity, or agree to a time frame. Suppliers are more likely to grant exclusivity when they see that you are serious about the order and the potential for long-term business.