How do I find a sourcing agent?
Select a sourcing agent that can give you authentic references from other businesses. Make sure you take the time to talk to these references and also check their websites. Find out how long they have been working with the sourcing agent and the quality they provide. Ask them if they would recommend the sourcing agent.
What is a sourcing agent?
Sourcing agents or buying agents are third party providers that you can contract to locate high-quality manufacturers in their home nation on your behalf. They know the customs and speak the native language. They work closely with the manufacturer and will tour the factories and do on-site testing.
How do you pay a sourcing agent?
The most common forms of compensation a sourcing agent will receive are the following: Flat rate commission: This rate is usually advertised and ranges between 1% – 10% of the factory price. They collect this fee when it is time to pay the supplier, and tack it onto their clients invoice.
How do sourcing companies work?
A Sourcing Company or a sourcing agent helps a company find sources for products and supplies at a low cost and/or of a certain quality or attributes. Some may represent a few select factories or serve multiple companies. At Cosmo, we have no exclusive contracts and search for the best factories for a company.
What should I ask my sourcing agent?
Here are a few questions to ask sourcing agents before you engage one:
- How will they get paid, and by whom?
- Will you be able to visit the factories before/during production?
- Can they provide referrals or testimonials from satisfied customers who are using his services and who buy the same type of product as you?
How do I get an agent on Alibaba?
First, the agent must be part of a trading company listed on Alibaba (so these are not individual freelancers — these are middlemen). Second, the company must have been a “gold supplier” for at least 3 years. In other words, they must have been paying for Alibaba’s services for at least 3 years.
What is a wholesaler sourcing agent?
A sourcing agent is a person or agency that represents a buyer to source commodities, buy products that are out of the buyer’s reach. Sourcing agents or sourcing companies are often needed in international trade. Traditionally, a sourcing agent is only to source suppliers for his client.
What is a China sourcing agent?
A China sourcing agent or company links international buyers with reliable suppliers in China. Whether your company is new to importing products from China or needs specialty products or high quantities – a Chinese sourcing agent or company will link you to the best suppliers in China.
Should I use a sourcing agent?
On the one hand, a sourcing agent can provide access to a network of high-quality, vetted factories and have the potential of saving entrepreneurs time and money. They can help you navigate the process and serve as your in-country representative, dealing with local customs, regulations, and the language.
What is sourcing fee?
Sourcing Fees means the product of (i) the lesser of (A) the Outstanding Balance of an Investment at the time that such Investment is purchased or otherwise acquired by Owner and (B) the purchase price of such Investment, multiplied by (ii) 0.02, multiplied by the Sourcer Fee Multiplier.
How many types of sourcing are there?
There are a number of different definition of sourcing but mainly there are two major definitions: strategic sourcing and global sourcing.