More people are buying from Amazon or the other online platforms today as they are enjoying the fast delivery and multiply options from online stores.
Where are those products come from? What is the largest wholesale market in the world?
Today we will discuss the massive China wholesale market: The Yiwu market.
It is the market that consists of five different districts and covering an area of over 4 million square meters. More than 100,000 suppliers are distributing over 400,000 different types of products in the different wholesale markets.
You can find almost every product in this Yiwu market.
- Where is the Yiwu Market? How can You Start the Product Sourcing Journey?
- How to Check the Product Details with the Local Yiwu Booth Owners?
- 3 Tips when Sourcing in Yiwu Wholesale Market
- 3 Steps to Import Products from Yiwu Wholesale Market
- Here are the tips for your reference
Where is the Yiwu Market? How can You Start the Product Sourcing Journey?
Yiwu city is not far away from Shanghai, and you can take the bullet train from Shanghai to Yiwu station, which took around 1. 5hrs. After you arriving at Yiwu Station, then you can take a taxi which took about 30 mins to the Yiwu Market.
The first step is to do research about the products you are looking for and find the corresponding exhibition area for a specific product category. This is a massive market, so a touring plan is essential before you get lost in such a significant market.
How to Check the Product Details with the Local Yiwu Booth Owners?
Every day, there are many buyers from both the domestic market and international enterprise visit the Yiwu markets. The booth owners in Yiwu know how to deal with the different buyers.
It would be best if you showed that you are a serious buyer and can bring them the business opportunity then they would quote the best quote and service.
For example, if you are a buyer of the wooden toys, then you can visit the District 1, first floor, A-E sections in Yiwu wholesale market to find the right vendor.
Below are the key questions you might need the answer from the Yiwu wholesale suppliers:
- The MOQ of the order. (Minimum Order Quantity)
- Material Breakdown: (Understand if the material is eco-friendly and comply with your local market compliance standard)
- Price: (The vendor would usually quote the RMB price without tax)
- Packing info: to check the detail packing information would help you to calculate the shipping cost
- Production Lead time: You need to put this on your product sheet to understand what would be the production period for launching the new product.
- Payment Term: It’s critical to know if you can pay this vendor directly or through a China sourcing agent or trading company.
3 Tips when Sourcing in Yiwu Wholesale Market
No.1 Take notes and product photo
You would talk with many vendors, so you need to make a note for the ideal product or vendor you met. It can significantly help you to recall the details. Ask for a sample if possible because it’s essential to review the sample quality both at the booth and with the team member together when back to the office.
No.2 Make a Sourcing Plan
If you are new to the China wholesale market, then you might feel that you are in a massive supermarket and forgot your product sourcing task. A sourcing plan would help you collect the info quickly and try your best to explore more products and vendors instead of just spending too much time at a single booth.
No.3 Check the Sample quality and defective points at the booth
Visiting the vendor on site is an excellent opportunity for you to review the sample quality and discuss with the vendor. You can evaluate the quality and ask if they can improve during the production instead of sending emails or texts back and forth after you back to your office. If you have any trouble navigating the China Yiwu Wholesale Market, you can always find China sourcing agents such as OwlSourcing that can help you.
Their job is to monitor the business and orders in Asian wholesale market and help you import from China smoothly.
3 Steps to Import Products from Yiwu Wholesale Market
Step 1: Check the Sample Quality and Confirm the PO
After you received samples submitted by different vendors, it’s time to make your decision to continue the purchase order with a specific vendor. Please include all the necessary product details in the proforma invoice before signed the PI.
Step 2: Pay the Deposit and Understand the Payment Term Works
Usually, the vendor in the Yiwu market would request for a 30% deposit payment and the balance payment before shipping. So please make sure the payment schedule works for you and check what would be the best way for you to pay them. You can pay through TT transfer, Veem, PayPal, Payoneer, World-First or other solutions that work best for both parties.
Step 3: Find a Shipping Forwarder and Arrange for the Shipment
You need to follow up on the order status and ensure the vendor can finish the production on time. Before that, you would need to check the shipping partner no matter it’s about sea shipping, air freight or by air couriers. You must provide the correct packing information and ask for a quote from different forwarders. They may have different advantage shipping routes but select the best from them.
You may have the questions when choosing from shipping by sea, air freight or air couriers.
Here are the tips for your reference
Use the air courier service when it’s for sample order.
If the cargo weight is over 100kgs and you want to deliver at the destination urgently, then you can consider shipping by air freight.
Sea shipping is the usual shipping method, and it’s the best option when the goods cubic meter over 15m³. It’s cheap, stable but just took a long shipping period than air freight and air courier.
Check with your shipping forwarder and tell them the detailed packing information before making your decision.