Sourcing products for your business: where to look
If you’re sourcing products on a regular basis for your business, India is the place to look. It provides a diverse range of goods at fantastic prices.
Indian-based entrepreneurs can reap big benefits by tapping into a steady source of goods from local suppliers. They can then sell these goods at an attractive profit in the vast Indian market.
Sourcing products has never been a problem in India; a large number of small businesses have benefitted from selling in the Indian market.
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Severe disruption hit the supply chain system during the COVID-19 lockdown, affecting many small businesses in the local market.
The long closures hurt a large number of businesses across segments.
However, the good news is that supply chains have started witnessing a visible and pronounced bounce back. There have been many concerted efforts to help revitalize the supply chain across sectors like:
- Food processing
- Gems and jewelry
- Information technology
- Medical devices
- Retail and eCommerce
- Textile and apparel
Slowly, these sectors have started to rejuvenate, revitalize and reenergize the Indian supply chains.
Supply chain bounce back
There’s no denying that the Indian supply chains are recovering.
Based on the data trickling in from the market, sales of fast-moving consumer goods (FMCG) witnessed a 23% jump in the first three weeks of June 2021.
This signals a healthy revival in consumer demand and a noticeable bounceback in supply chains. It is particularly apparent in healthcare products like:
- Other immunity-boosting products
These products are seeing a growing consumer demand, particularly in rural India.
Despite the pandemic, or perhaps because of it, there’s been significant growth within the Indian eCommerce sector. Supply chains have accordingly realigned with the Indian warehousing sector and are expected to attract more investment as time progresses.
For example, major Indian eCommerce players like Grofers and Big Basket are rapidly rising in the online groceries market.
Recent reports show a five-time growth in sales during the initial phase of lockdown.
As a result, these companies are looking to maximise efficiency by storing large proportions of their inventory closer to where their customers live.
Related: Learn about supply chain risk management
Where to source products in India online
Despite the years-long headwinds, Indian businesses are still sourcing products at relatively reasonable prices from Indian supply chains. This is especially true when compared with sourcing products from abroad. Oftentimes, certain product categories are made better and cheaper in the country than elsewhere.
Let us take a look at where one might be able to find the best suppliers in India.
This happens to be one of India’s most popular online marketplaces for domestic suppliers and manufacturers. If you plan on sourcing products from them, you would be well advised to carry out some research first.
However, it’s best to check the legitimacy of the suppliers listed on the IndiaMart website.
A good idea would be to use the location filter to ensure that the suppliers you source from are based in India.
Without the filter, you might encounter trading companies that pass on goods imported from China.
That being stated, IndiaMart is the definitive online marketplace for sourcing products and has a diverse range of Indian-made products at fair prices.
Founded in 2012, Power2SME positions itself as a buying club for small and medium enterprises (SME). Here are some categories of materials one can acquire from them:
- Power tools
- Hand tools
- Power transmission
- Medical supplies
- Office supplies
This supplier affords SMEs a great opportunity to procure raw materials at reasonable prices.
IndustryBuying.com is an online marketplace that’s par excellence for buying industrial goods and services. What’s more, regular buyers can even avail on credit.
Among the products that one can procure from there are:
- Lab supplies
- LED and lights
- Electronics and robotics
- Industrial automation
- Lubricants and oils
- Powder and coatings
All in all, they sell goods belonging to more than 40 different categories.
Related: Business B’hai is back with a message about Make in India
Other in-person suppliers to consider
There are also in-person suppliers catering to diverse needs of businesses big and small. One could find them in places like the biannual India Handicrafts and Gifts Fair.
This event is held in Delhi, where one can source the best of:
- Home decor
- Gifts and accessories
As a matter of fact, there are a large number of trade fairs and exhibitions organized throughout the year in different parts of the country. You can visit these events to source supplies of all kinds.
It’s best to consult a calendar, which can be obtained from TradeFairDates.com.
Sourcing products close to home
India is a fabulous place when it comes to sourcing a diverse range of products at very reasonable prices.
Despite the disruption to the Indian supply chain during the lockdown, a very large number of small businesses are still sourcing products locally.
This is especially true for the e-commerce sector, which has seen a marked uptick over the last year or so. Many of these companies are now looking at renting warehousing space nearer to where their customers live, benefitting local businesses even more.
[blockquote] Compared to sourcing products elsewhere, Indian businesses are at an advantage when procuring goods locally.
You can source high-quality goods at reasonable prices from leading online local Indian marketplaces. Besides convenience, these online marketplaces offer an extensive range of B2B products to a wide range of small businesses looking to boost their growth.