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More businesses are now turning to China for their procurement and manufacturing needs. This is mainly due to the allure of cheaper sourcing and shipping costs in the country. Pricing is an important procurement consideration as it affects the bottom line directly.
Even so, it is not advisable to just choose the cheapest supplier you can find. You should opt for one that offers the perfect balance between quality and price. Well, comparing the pricing offered by different vendors is not as easy as it seems.
JustChinait make price comparison easier and make your profit growth instantly.
Learn more about our price comparison services, below. Or contact us by free-quote or calling us at:
Learn More About JUST CHINA IT Price Comparison Services
Just China It is one of the best full-service sourcing and shipping companies in the country. Our main office is in Shenzhen, China. We also have warehouses in different parts of the country.
What sets us apart is the fact that we have an in-house team of specialists in every department. Right from sourcing and trading to shipping, you will only interact with skilled and experienced professionals. This norm applies to our price comparison department as well.
China is one of the cheapest manufacturing markets in the world. Despite this fact, supplier prices in the country have been rather volatile over the past few years. This is why you need an expert on the market to manage your price risks. Leveraging on our expertise and experience, we can get you the perfect blend of product quality and price.
The first step in this process is to find enough comparable suppliers or products. Some importers cannot get past this initial step on their own. We have the right procedures in place to help validate prices for even the complicated sole-source products.
Here are some supplier details we use in our analysis:
- The type of labor and number of labor hours required to produce your product
- List of materials the supplier uses and their prices
- A list of special tooling or facilities that may have been used to produce your product
- The reasonable plan the supplier uses to dispose of scrap
- Additional costs that the supplier may have incurred to produce your product
1.Comparative Price Analysis
This is where we examine the price proposed by potential suppliers to check whether it is fair and reasonable. First, we research the market to find potential suppliers for your products. Our aim in this step is to find suppliers that can meet your product specification needs.
You are likely to find the perfect match in our list of verified suppliers. If we do not have a supplier that meets your requirements, our experts will find some. After we have identified a few comparable suppliers or products, we can now proceed to analyze their pricing.
Here is how we go about it:
Step 1: Choosing the Items to Be Compared
To begin with, we figure out what to use as the base for the comparison. The base is a price point that our experts deem as fair for that product.
These are some of the bases we often use in our analysis:
- Commercial price levels for the product in question
- The price quoted by other suppliers for the same product
- Prices arrived at through parametric estimation
- Prices that were charged by suppliers for similar products in the past.
- Price estimates for the product in question by the government.
In most cases, we use the price for the same or similar products as the base. We obtain this price through market research. Our research covers prices quoted in the past, commercial prices, and rough yardstick price estimates.
Having decided on the price to use as the base, we can now find and qualify suppliers for our price comparison service. By comparing the price charged by a supplier against the base price, we can tell whether it is a fair price or not.
Step 2: Finding What Affects Supplier Prices
At this point, our experts figure out the factors that are likely to influence supplier pricing. We then use the most recent pricing information to limit the effect of these factors. When comparing a supplier’s offer with prior pricing, for example, we use the contract price recently provided by the supplier.
This is meant to limit the effect of time on the market conditions. Even so, we do not settle for a price simply because it is the most recent. Instead, our experts look for prices that were established under comparable market conditions.
Step 3: Evaluating the Potential Effect of these Factors on Supplier Pricing
- What factors are likely to affect the price we want to compare?
- How does each factor affect the pricing?
- Will the current comparison contribute to our price analysis?
- How have certain changes in contracting conditions affected the supplier’s pricing?
Step 4: Adjusting Supplier Prices for Comparison
Most of the time, we come up with a comparison base that does not require any adjustment. If we need to adjust a price before comparing supplier prices, we keep the adjustment objective. In either case, we use algebraic formulas or statistical techniques to find a common base for comparison.
To establish the comparability of different supplier prices, our experts do the following:
- Find any price-related differences—bearing in mind the factors affecting comparability
- Factor out any differences that are related to the price
Step 5: Comparing Supplier Prices
- Can the supplier explain the difference between their pricing and the market average?
- Is the current purchase situation any different from the average sourcing conditions?
- When compared to other analysis bases, does the price appear to be reasonable?
- How does the price compare to historical prices for the same product?
2.Proactive Financial Risk Management
Do you intend to import products from China more frequently? If, you need to build a relationship with the right supplier(s). Choose a supplier that can offer your business affordability and stability right now as well as in the long run.
Changing from one supplier to another can be costly to your business. In addition to time and effort, the shift can lead to unexpected disruptions in your supply chain. In other cases, you may incur cancellation fees. Again, there is no guarantee you will get a perfect replacement for your products.
Our skilled supply managers can help you avoid such inconveniences while sourcing products from China. During the search, we seek to answer the following questions:
- Is the supplier a price leader or follower (matches prices to those of the competitors)
- Does the supplier apply a favorable long-term pricing strategy?
- Is the supplier using a market-based or cost-based pricing model?
- Is the supplier offering a low price just to establish entry barriers to its competitors?
Such information helps us understand how supplier pricing is likely to change in the future. Get in touch with our supply managers to learn more about our price comparison methods. Let us help you Q the right supplier relationships.
3.Quality Vs. Price Analysis
At Just China It, we do not choose a supplier simply because it offers the lowest prices. Our main objective is to help foreign buyers source products from China in a cheap and sustainable environment. With our wholesale and sourcing services, you can get high-quality products at the lowest price points in the market.
This is also what we seek to accomplish with our price comparison services. For just $99 per product, we will get you a supplier of quality products at the best rates possible. We will provide you with accurate I formation for the supplier.
4.Similar Product Comparison Service
For price comparison to be meaningful, you need to find comparable items. We can find products that are similar to your desired product within a very short period. Our experts will research the market to find appropriate items for comparison.
We only compare the pricing for products that meet your specifications. Get a thorough comparison of supplier pricing for your product in less than four hours.
5.Comparison of Previous Quotations
Would you like to know the cost efficiency of your current supplier? We can help you determine the viability of your current supplier. Our experts will analyze the supplier’s pricing over time and advise you on the right course of action.
This service will come in handy when the delivery time of your order is critical. In such a scenario, soliciting competitive quotes would only delay the process.
6.Evaluation of Supplier’s Financial Stability
It can be very inconvenient for your business when a supplier goes out of business unexpectedly. This service is meant to help you steer clear of such an eventuality. We will assess the financial standing of your preferred supplier.
This way, we can predict the supplier’s ability to deliver your products in the foreseeable future.
7.Real-Time Monitoring of Supplier Prices
You need to continuously monitor the procurement process in your business to improve efficiency and lower costs. Strong supplier relationships are an important part of your supply chain. Even so, you should be able to identify cost-saving opportunities when they come up.
So, how do you decide on whether to continue with your current supplier or change to a cheaper alternative? We have the required skills and experience to help you make that daunting decision. Our artificial intelligence actively monitors the market to spot relevant changes.
When this happens, our experts can evaluate your situation and help you make the right choice. We could help you get a cheaper supplier or lower prices with your current supplier.
Price Comparison Services: Why Use Them?
Simply put, comparing supplier prices helps you to find the best deal in the market. Let us analyze supplier pricing to find you the best price for your product or cheaper similar products. So, why should you pay more money for a product when there is a better alternative?
Are you sourcing for the best supplier in China? Well, you need to do much more than a simple scanning of supplier prices. This is why we do not just go for the cheaper option with our price comparison services. Instead, we consider several other factors.
For instance, we consider product quality, value for your money, and the reliability of the supplier. Our expert supply managers weigh these factors based on your business priorities. These are the top reasons you should use our price comparison services:
a) Helps You to Find Notable Suppliers
We have aggregated information on thousands of reputable suppliers. These are the suppliers we have verified in person and have probably worked with in the past. Chances are that you will find the right supplier from our list.
Our professionals can also research the market for a supplier that meets your specific requirements. Our sourcing and price comparison services give you a bird’s-eye view of the market in China. Just as is the case with other products, your desired item probably has hundreds of suppliers.
Let us research the market, verify the suppliers, and compare their prices on your behalf.
b) Saves You Money
For just $99, you will get a detailed price comparison for a single product within four hours. Our main focus is to get you high-quality merchandise at the lowest price point in the market. The improved product quality will win your business more customers and improve customer retention.
Affordable products, on the other hand, increase your profit margins. This way, you could price the products a little lower than your competitors and still make a good profit. Our price comparison services will improve your business reputation and profitability in the long run.
c) Compares the Deals that Matter to Your Business
d) Close Monitoring of Product Quality and Supplier Reliability
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To succeed in your business, you need to adjust your supply chain in response to market changes. We can help you find high-quality products that conform to your requirements at the best rates in the market. Our experts a periodic analysis of supplier prices to ensure that your supplier is meeting your fulfillment needs.
Through our price comparison services, you can find the manufacturers offering the best products and prices in the industry.
Contact us to talk to an experienced supply manager regarding our price comparison services. We are delighted to work with you!
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