The Chinese Itwaar Bazaar
When I was in matric, a friend whose father owned a poultry shop came up with a terrific idea; we went to the "Itwaar Bazaar" and purchased some "Desi Murghe". ?
Some days later, he told me that he sold them at his father's shop for three times the purchase price.
Indeed it was a business plan that was just realized. ?
Are you thinking: This may have been a good idea, but Itwaar Bazaar & China are worlds apart. ?
Let's dive into the Chinese world of doing things and explain how these two are similar.
There is a very famous website 1688.com in China, it is the same as Alibaba, but it is made for Chinese people only. Its language is Chinese, and payments are also made in RMB (Chinese Currency).
"Product prices in 1688 & in the local factories are much lower than Alibaba."
Like in our "Itwaar Bazaar," where the only local language is spoken, you have to access the products on the spot (no warranties are provided there). Similarly, 1688 does not have the feature to protect your money as Alibaba does with the trade assurance.
Same things as we did with the Itwaar Bazaar. Some Chinese agents purchase your products from 1688 or local factories (who don’t know how to sell on Alibaba or can’t speak English) at low prices and sell to you on Alibaba or other platforms at much higher prices. These Agents are called Traders.
? Depending on your requirements (MOQ & Manufacturing Cost) some times, dealing with Traders may be better than dealing with the factories directly. Because the Factories may have a lower price, but they require high MOQ, and branding is difficult for them.
Stay tuned for more awesome tips & tricks, and don’t forget to invite your friends to Ecommerce Galaxy Forum.