With the vigorous development of the global pearl industry, the competition in the wholesale pearl accessories industry is becoming more and more fierce.
Optimizing procurement channels is the key to reducing costs, improving product quality and enhancing market competitiveness. Therefore, this article will provide four practical procurement suggestions for pearl accessories wholesalers to help you gain a firm foundation in the industry, optimize procurement channels and gain profits.
Pearl accessories wholesale suggestion 1: supplier selection and management
To optimize the procurement channels for wholesale pearl accessories, the first step is to select suppliers and manage them well. First of all, how to choose suppliers? That must be to choose pearl suppliers with good reputation, stable supply and high-quality products!
According to industry statistics, about 80% of the world’s freshwater pearls are produced in China, among which Shanxiahu Town, Zhuji, Zhejiang is known as the “Chinese Pearl Capital”, accounting for more than 70% of China’s freshwater pearl production. Therefore, looking for high-quality suppliers can select suppliers from high-quality freshwater pearl producing areas such as Shanxiahu Town, Zhuji, Zhejiang, and Jintan, Jiangsu to ensure the quality of pearls and the stability of supply.
Xinye Pearl is also one of the well-known high-quality freshwater pearl wholesale manufacturers. If you have any needs, please contact: https://www.pearlswholesaler.com/contact/
Xinye Pearl has more than 10,000 acres of solar-powered pearl farms, which are very environmentally friendly, with large pearl production and a variety of varieties, and a stable supply. You don’t have to worry about out-of-stock problems.
In addition, you can use industry exhibitions, B2B platforms, social media and other channels to widely search for high-quality pearl accessories suppliers at home and abroad, and screen out the most suitable suppliers by comparing product quality, price, service and other factors.
Regarding management, it is divided into two aspects. The first is to establish a long-term cooperative relationship. Studies have shown that companies that establish long-term and stable cooperation with suppliers can reduce cost control by an average of 15% – 20%. How to establish a long-term and stable cooperative relationship? First of all, you have to sign a long-term cooperation agreement. The agreement should clarify the rights and obligations of both parties to ensure a stable supply of goods and preferential prices.
Secondly, in the process of cooperation, timely communication and feedback should be given to jointly solve problems. This will help avoid unnecessary misunderstandings, further deepen the cooperative relationship, and make suppliers a strong support for the development of the company. Finally, certain rewards and incentives should be set. Such as increasing the order volume, paying the goods in advance, etc., to improve the enthusiasm and loyalty of suppliers.
The second is supplier evaluation and optimization. Some large international jewelry companies adopt the method of regular (quarterly or semi-annual) comprehensive evaluation of suppliers. The evaluation indicators cover multiple dimensions such as product quality, delivery time, and after-sales service. Data shows that through strict supplier evaluation and optimization, companies can reduce the defective rate by 30%-40% and increase the on-time delivery rate by 25%-35%.
According to the evaluation results, classify and manage suppliers. For excellent suppliers, continue to cooperate and give more support; for suppliers with poor performance, promptly put forward rectification requirements or terminate cooperation to ensure the quality and stability of procurement channels.
Pearl accessories wholesale suggestion 2: procurement cost control
Optimize the procurement channels for wholesale pearl accessories, the second step: control procurement costs. Procurement is the most important part of the entire wholesale process, and at the same time, procurement costs are also a decisive factor affecting profits. Therefore, the following three points are important aspects of controlling procurement costs. Learning and applying them will help you be more competitive in the wholesale of pearl accessories.
The first point is to learn bulk procurement strategies. From a global perspective, many successful pearl accessories wholesalers are good at using bulk purchasing strategies. According to the survey data of the International Jewelry Industry Association, in the past five years, about 70% of large pearl accessories wholesalers have reduced their purchasing costs by an average of 15%-25% through reasonable bulk purchasing.
However, bulk purchasing does not mean blindly purchasing in large quantities. A small pearl accessories wholesaler in Brazil, due to lack of accurate market judgment and inventory management capabilities, over-purchased a batch of pearl pendant accessories that were popular at the time but were updated quickly in a bulk purchase.
As a result, with the rapid change of market trends, this batch of accessories was in large backlog and eventually had to be cleared at a price 50% lower than the cost price, causing serious economic losses to the company. Therefore, when making bulk purchases, it is necessary to arrange the purchase plan reasonably according to market demand forecasts and sales conditions, and at the same time, scientific decisions should be made in combination with the company’s actual inventory management capabilities and market changes.
The second point is to learn to use negotiation skills. Negotiation skills are to fully grasp market information. The price fluctuations in the global pearl accessories market are affected by many factors, such as the climate conditions of the pearl production area and the international raw material price trend. So before purchasing, wholesalers can obtain detailed global pearl market price reports through professional market research institutions. When negotiating with suppliers, they can make reasonable price reduction requests based on this.
In addition, competing with multiple suppliers is also an effective way to obtain favorable purchasing terms. In South Korea, a pearl jewelry company negotiated with three suppliers in Japan, Australia and China when purchasing a batch of seawater pearl accessories.
By showing the preferential conditions offered by other suppliers, the three suppliers were prompted to compete with each other. In the end, the company not only obtained the best purchase price, but also obtained a more relaxed payment method. The payment cycle was extended from the original 30 days to 60 days, which greatly alleviated the company’s financial pressure.
The third point is to expand procurement channels. In addition to traditional procurement channels, new procurement channels should be actively explored. For example, the pearl industry in Southeast Asia has developed rapidly in recent years, and the pearl accessories it produces have certain advantages in price, and the quality is also constantly improving. So wholesalers can try to import some basic pearl accessories from Vietnam and Myanmar.
In addition, emerging procurement platforms and models have also brought convenience to procurement. Taking cross-border e-commerce platforms as an example, according to relevant statistics, the number of companies that purchase pearl accessories through cross-border e-commerce platforms has increased by about 35% in the past three years.
At the same time, industrial Internet platforms have also provided new channels for the wholesale of pearl accessories. In the United States, some pearl accessories wholesalers have achieved direct docking with suppliers and digital management of the supply chain by joining professional jewelry industry Internet platforms. This not only greatly improves procurement efficiency, but also reduces procurement costs.
Pearl accessories wholesale suggestion three: procurement quality control
Optimize the procurement channels for wholesale pearl accessories, the third step: control procurement quality. To control procurement quality, we must first formulate procurement standards. Clarify the procurement quality standards for pearl accessories, including the quality grade and shape of pearls, as well as the material and size requirements of metal accessories.
For example, the shape of the pearl is required to be close to a perfect circle, the gloss must reach an extremely strong level, and the surface defect rate is controlled at an extremely low level. For metal accessories, it is required to use pure silver or 18K gold materials, with fine craftsmanship and extremely small dimensional errors. Clearly inform suppliers of these standards and write them into contracts to ensure that the products provided by suppliers meet the quality requirements of the company.
Secondly, inspect and confirm samples. Sample inspection is a common practice in international jewelry procurement. Before purchasing, suppliers are required to provide samples. Through a combination of professional jewelry identification equipment and manual inspection, the appearance, size, and firmness of the combination of pearls and metal accessories of the samples are strictly tested.
The contract is signed only after the samples are confirmed to be qualified. In subsequent bulk purchases, random inspections are carried out at a rate of 10%. If quality problems are found, they are promptly negotiated with suppliers to resolve them. If necessary, products that do not meet quality standards can be refused.
Finally, establish a quality traceability mechanism. A complete quality traceability system will help you better solve problems or troubles to a great extent. First, the supplier must keep detailed records of the source of pearls, breeding process, raw material origin and processing process of each batch of pearl accessories.
Once it is found that the pearls of a batch of products do not meet the standards, wholesalers can use the traceability mechanism to find out which link has problems. In this way, timely negotiations with suppliers for improvement can be made, and corresponding penalties can be imposed on suppliers to ensure the stability of subsequent product quality.
Pearl Accessories Wholesale Suggestion 4: Procurement Information Management
Optimize the procurement channels for wholesale pearl accessories, the fourth step: manage procurement information. How to manage it? First, establish a procurement database. According to statistics, more than 80% of enterprises have established a complete procurement database. A large pearl accessories wholesaler in Singapore, their procurement database covers detailed information of more than 200 suppliers around the world.
By analyzing the procurement price data in the database, we can timely understand the market situation and supplier performance, provide a scientific basis for procurement decisions, and also help optimize the procurement process and improve procurement efficiency. For example, centralized procurement during the price trough period can reduce procurement costs by about 12% on average each year.
Secondly, monitor market information. According to data from international pearl industry research institutions, the annual global pearl farming output will fluctuate by about 10%-15% due to factors such as climate and disease, which directly affects the raw material prices of pearl accessories. Therefore, timely adjust procurement strategies according to market changes, such as appropriately increasing procurement volume when pearl prices are low, and timely adjusting the styles of purchased accessories when popular trends change.
Finally, establish a procurement risk warning mechanism to identify and evaluate risk factors that may affect procurement channels. What is a perfect procurement risk warning mechanism?
1. Regularly evaluate the financial status of suppliers. Suppliers with financial crises and possible bankruptcy risks are discovered in advance.
2.Real-time monitoring of raw material prices. When the price of pearls fluctuates abnormally, the emergency plan is activated in time. By negotiating with other suppliers to adjust prices and inventory strategies, the impact of price fluctuations on the company is minimized, ensuring the stability of procurement channels.
In short, when risks occur, timely measures can be taken to reduce the impact of risks on the company and ensure the smooth and stable procurement channels, which is a perfect procurement risk warning mechanism.
Conclusion
The above is the business intelligence about pearl accessories wholesale: four procurement suggestions for optimizing pearl accessories wholesale. By understanding the business intelligence of pearl accessories wholesale, not only can procurement and inventory management be optimized, inventory backlogs can be avoided, but also efficient capital turnover can be ensured. For more business information about pearl accessories wholesale, please bookmark this website.
