News and trends from the exhibition (April 2016)

So this post seems to be a recurring and I won’t break habits and therefore continue this series of giving you the news and trends from this April exhibition with the following sum up 🙂 I am also doing a Q&A at the end of this post, check it out. 

It has been a very busy 5 weeks for me as I’ve been to 12 different shows and I can see that more and more Amazon sellers are coming to Asia to visit the suppliers and shows. 

When I asked suppliers at exhibitions 2 years ago if they sell into Amazon they had no clue as to who Amazon is. When you ask them now if they sell to the US you get: “oh yes sure, we have many buyers on Amazon”. 

Not that I am afraid of competition but there is clearly a sign that sellers realize you need to go to the source to find the right products and suppliers. 

In recent months I have seen a gradual decline of my business to retailers (offline business) and more and more eCommerce sellers are starting to come to Asia to see the suppliers. 

This is a huge sign. Whether you plan selling on Amazon, your own eCommerce store or other online platforms (eBay, Spotify etc.) NOW is the time to get into importing and private labeling.

I see a lot of repetition at the shows but there are clear trends in several categories and I was able to find a few golden nuggets that I am thinking of launching as my next products:

Personal Transportation

The famous “hoover board” is almost outdated and I saw many new types of transportation devices. Personally I am not getting into this category as I believe it is too risky and their are no clear saftey standards. 

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Decorative items

Lots and lots of nice products at both the Houseware fair (HKTDC), Cantonfair (Phase 2) as well as the Home and Premium show (Globalsources). 

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My wife would have a difficult time choosing from the huge variety of products – there are lots of nice looking items 🙂

Interestingly but not surprisingly I met most of the Amazon sellers from overseas at the house ware/kitchen shows. A clear sign that this category is heavily competitive but also very popular AND still profitable. 

High quality and branded Chinese/Korean/Japan goods

Be it a mini projector screen from Korea, a “Lego” like learning tool for kids from Japan or high end bycicle helemts (with bluetooth) from China. Asian brands are starting to make waves and their quality is excellent. 

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However in most cases these factories are only looking for distributors and are selling their products with their own brand on Amazon or other channels. Private Label is not really welcome and if it is very high MOQ’s are necessary. 

However it is a good sign and nice to know that the asian brands are catching up in terms of quality, innovation and development. 

Sporting and camping products

A category that I personally love because I like the outdoors and love to work out. Seen a lot of suppliers offering things from kettle bells to yoga mats to roof tents. I found myself 2 products that I am thinking of launching soon. 

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While it is getting more competitive I think that with the right marketing, packaging and photos on your listing this is still a very good niche. 

Two categories that I have seen everywhere no matter if it was a houseware or gardening show: 

1) Silicone kitchen products! 

You see them everywhere on nearly every booth. Either from a trading company who’s main manufacturing line are electronics or from the actual manufacturer. My advice – be creative and don’t try to private label the next silicone mat. 

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This category is too saturated 

2) Vaccum flask / Tumblers 

Same here. I don’t know what it is but it seems when factories hear that their neighbouring factory is selling stainless steel tumblers like hot cake, they have nothing better to do than adding them as well into their assortment thinking they will sell them too – even though 40 other factories in the area are selling them already as well. Nearly every booth at the house ware and gifts show had tumblers and flasks in their booths. So unless you have a buyer list of 50,000 people and can sell your next stainless steel tumbler – Please don’t go into that category – the competition is too big. 

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The Global Sources Sourcing Summit:

https://smartchinasourcingsummit.instapage.com/

I had the honour of being the opening speaker at the Global Sources Sourcing Summit. There were about 65 (or becoming) Amazon sellers attending this event and I can say that it was truly a very exciting opportunity.

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During my speech

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Discussing strategies with a fellow Amazon seller

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Shall we go into Silicone products?

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Impressions from and after the Sourcing Summit with attendees.

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Q&A panel at the Sourcing Summit

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Will Tjernlund and fans 🙂

The line up of speakers was really impressive and to be honest I felt intimidated to be among such great speakers. We had Greg Mercer from Junglescout, Anthony Lee from Zonblast, Will Tjernlund (the Multi-Million $ Seller) Ash Monga from Imexsourcing, Mike Bellamy from Passage Maker …… among many other great speakers. The line up and summary is here: https://smartchinasourcingsummit.instapage.com/

But most of all it was great to meet so many Amazon sellers. I had some time in between to discuss strategies, procedures, importing and all that comes along being an Amazon seller myself. 

This was such a great event and I am happy to say that I will be at the next one in October 2016: 

https://smartchinasourcingsummit.eventgrid.com/

Factory trip to Shenzhen:

I had the opportunity to go with some ImportDojo members to their factory in Shenzhen to see the production and help negotiate prices:

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Arriving in Shenzhen

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At the factory with Omar who started less than a year ago and now working on several SKU’s.

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These guys seem happy with their product and factory choice 🙂

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Checking out the production.

UPDATE CASE STUDY: 

In the midst of everything I launched my newest product and case study item:

http://amzn.to/1TdzvFI

As of today my inventory down to 580 pieces (from 1008 pieces), 417 pieces sold in less than 6 weeks in a very competitive niche. I have nearly re-couped my entire investment (8000$) and I just put in a re-order with my factory for 2500 pieces (shipped by SEA this time) which should last me at least 4 months from date of arrival. 

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You can read on my previous update here and I will soon post another one: 

https://importdojo.com/case-study-how-i-went-from-zero-to-7000us-in-10-days-in-one-of-the-most-competitive-amazon-niches/

Impressions from the shows

CANTONFAIR 

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Breakfast for champions! A fellow Austrian brought me the famous Manner Schnitten from Austria and I had to have them for breakfast – thanks Stefan!

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As usual a crowded train on the day before the Canton Fair starts. Make sure to book your tickets in advance and pick them up at the train station in Hung Hom (HK) otherwise you end up waiting for a train hours later: http://www.it3.mtr.com.hk/B2C/frmFareGuangdong.asp?strLang=Eng

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walking to my hotel trough Guangzhou

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I usually don’t stay at fancy hotels as I see my business trips as a business trip, not a vacation. So I checked myself into the Lavande Hotel at an amazing rate of 60$/night. It’s right next to the Subway station so you can get to the Canton Fair very quickly. It’s not the greatest hotel and staff speaks poor English but you’ll get your room.

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Another foggy day in Guangzhou.
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One of the halls at the Canton Fair Phase 2

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Walking the floors.

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Could already use a bath after a day at the show 🙂

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You can literally find everything here.

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This might be a good camping product?

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Not sure if this prototype will make it into production 🙂

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Just one of the many many halls, full with suppliers…

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Baby products

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Heading back to the hotel

HKTDC 

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Beautiful covers and bags

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a nice kitchen gift set

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Is this my next coffee product? A drip – cold press coffee maker

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Heading to Hall 3

Globalsources 

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Mugs, mugs and mugs

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A DIY learning tool for kids

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gaming headsets

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Interesting cable organizer

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checking out gaming hardware

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iPhone lenses and covers

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Getting myself some new ties. Even though I never wear them 🙂

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Accessories, accessories and accessories

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Looking to create your own brand of shoes? This supplier works for Li Ning (the big Chinese brand) as well as New Balance (NB). I just love flyknit (see my orange Nike sneakers :))

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Gaming headset

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Time to do some sight seeing with a colleague


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Meeting up with Peter Zapf from GlobalSources

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Interesting Solar camping lantern

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High end headphones

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Silicone cooking pods

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Decorative copper items from India

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Kids travel luggage

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This bike weighs less than 10KG and costs over 800$

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My next PL product? 🙂

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Having a coffee break with Will and colleagues (Pete & Laura) from Uganda who are looking for their first products.

Yiwu

One thing I should mention is the wholesale market in Yiwu. 

Where is that? It’s a “small city” near Ningbo (Zheijang province) that houses “The World’s Largest Wholesale Market.” 

Here is a report from Business Insider. 

http://www.businessinsider.com/yiwu-china-largest-wholesale-market-2011-10?op=1#ixzz3V5meL6e8

I personally didn’t go but I have heard of a few people that came to HK that they went there before the shows. Is it worth it? Yes and No. If you have no contacts and there is no exhibition going on at the moment then YES. But if you are looking for serious suppliers with good quality and buying from factories directly then NO. The thing is that these showrooms and “suppliers” in Yiwu are thousands of trading companies mostly selling stock (with Chinese packaging and NO quality control) to you in small quantities. Yes you can give it a try and not all suppliers are bad but I personally had bad experience with suppliers there. It’s worth to see and there are a few nuggets and you can buy small quantities, just make sure to check out the supplier in-depth and have agreements and if possible inspections in place. 

Planning on coming to the shows later this year? Here are the dates for October:

http://www.globalsources.com/NEWS/SIC-trade-shows-in-hong-kong-guangzhou-october-2016.HTM?source=GSOLHP_Product_Guide

Interested in last years reports? Check out these links: 

https://importdojo.com/news-and-trends-from-the-exhibitions-in-asia/

Recap and conclusion for myself:

While I have met many amazing people, fellow Amazon sellers and suppliers this has also been a fruitful trip for me. Apart from making new friends and business partners I have also placed order for 4 new items that I found during those weeks and after initial research I can say that there won’t be any or limited competition. I have invested a total of close to 20,000$ into new products and I am expecting to get a return of 6-10,000 on each product after the first order. Once again, I can’t stress enough how important it is of actually coming to Asia to source your products. 

I hope that this update gave you a bit of an overview of whats happening in China/HK and if you have any questions please do not hesitate to contact me.

All the best and happy sourcing,

Manuel

https://importdojo.com/importdojo-masterclass/

The Cantonfair – All you need to know about the biggest expo in Asia

The Cantonfair is coming up and I thought I’d give you guys an insight on the exhibition, how you can prepare, what you can find there and who it isn’t for.

I first went to the Canton Fair in 2005 and things have certainly changed since then. There were literally not many places to eat, find an ATM or book hotels around the area.
China and the Cantonfair have seen the potential and improved the general experience a great deal since then. I can only imagine how it was 20 years ago.

Some general information first:

The Canton Fair is the holy grail of exhibitions. This event is so large that it is held twice a year and each time runs over a span of 3 weeks in three different phases. Each phase comes with different product categories.
As of 2014 there were over 22,000 exhibitors. This exhibition is a must for me and it should be for you too. You will find a lot of suppliers, big brands, small factories, or the product you have been looking for for so long.
Plan at least 2, or better 3, days for your product category/phase. Sign up once and get a badge that will be valid forever.

Insider tip: Don’t throw away your badge. You can use it for your next visit without paying 100 Yuan for a replacement card.

How to register?

Most exhibitions require you to pre-register if you want to get in for free. Registration on-site is also possible but usually there will be a fee of 10-20USD. You will need to provide a name card for your registration.
When you pre-register online, just fill in your company’s details and print out the confirmation. Bring that confirmation and you will be handed a badge for entry.
The Canton Fair has the same procedure, however you can keep your badge for years to come. If you lose your badge you will have to pay a fee of 200RMB for re-issuance.
There is a first time registration fee of 100RMB. If you have a supplier who can invite you, you don’t need to pay any fees. Also remember to bring along a passport photograph for the application (required).
You can register here, among many other useful tools for the Canton Fair:
http://invitation.cantonfair.org.cn/Home/Index
Remember to keep the badge for the Canton Fair, as it is valid for years to come.

Know your goals

Remember you don’t have all day. I usually try to finish an exhibition within 1 day (except the Canton Fair). But this is also because I know how to spot the good from the bad ones and know which questions to ask. As a first timer I recommend you take some more time but don’t try to spend more than 20 minutes per booth with each supplier.
If you spot some item that really catches your attention and you would like to discuss further steps with the supplier right away, take your time. It is likely you will have 2-3 meetings that can take an hour.

Price preparation

You will likely be looking for a category of a product so you should prepare yourself with some basic prices that you have received from suppliers beforehand. Knowing your prices is essential before going to an exhibition.
If you are looking at new products and are not aware of prices try my “rule of thumb” calculation of 30%, adding this to your margin and calculating your selling price. You will quickly figure out if the price the supplier gave you at the booth is realistic or not.

Prioritizing

The Cantonfair is enormous in size. Grab a map at the entrance or the information counter of the exhibition and take a moment to study the areas of interest. You can also look online prior to going to the exhibitions at which hall or category is where to save some time.
Once it is clear where your suppliers are situated, start there. Go through each hall in an organized way and prioritize the halls by importance.
Once you completed all the halls you wanted to see you could go to the halls that were initially of the least interest to your business. You may find some ideas on other products in less interesting halls too.

Hotels during the exhibition:

Many hotels will provide a free shuttle bus to exhibitions. Check with the hotel staff to see if this service is provided.
Book hotels now if you haven’t booked them yet! Hotels during exhibitions can get very expensive. The sooner you book the better.
I usually won’t stay too far from the exhibition area, as I don’t want to waste time. Unfortunately that carries a price tag.
If your budget doesn’t allow this, find a hotel near a subway station (MTR).
Whatever you do, don’t take a taxi TO and FROM the exhibition. Take the subway or free shuttle buses provided by your hotel. At the Canton Fair, for example, it is impossible to get taxis at night. You can take a taxi in the morning TO the fair; that should be ok.

First things first. Here is what I bring to exhibitions:

• Name/Business cards (an absolute MUST)
• Trolley to carry all the catalogues that I collect
• My own (printed) company presentation
• Notebook & pens
• Passport photo (some exhibitions such as the Canton fair require a passport photo)
• Comfortable shoes (you will be walking all day)

At the exhibition:

Once you are at the exhibition, get a map; you should be able to get them anywhere at information counters.
Walk the aisles until you find something that interest you is definitely an approach but I prefer to prepare a little and do some research on my main interests.
You will want to work with manufacturers only at the exhibition and not with representatives. There are hundreds of representatives at the fair ground offering translation services, negotiation, insight etc. Do not go with them! They usually charge very high fees and aren’t totally honest with you. They are probably also no experts in every product category and that might end up in a disaster.
Never place orders right away. You should negotiate prices, ask questions and maybe show more than interest and tell the supplier that you may want to order when you are back. But don’t tell them to enthusiastically that you want to order right away. Why?

  • The prices you get at the fairs are usually not the best prices. Negotiate when you are back home.
  • You will want to clarify your terms first via email/phone calls before you place an order. Have him sign a purchase order agreement.
  • You will want to compare prices of more than one supplier for the same product

To determine if the person you are speaking to is a manufacturer or representative make sure to ask a lot of questions:

How to act and ask questions at exhibitions

I usually prepare a little speech before I go to the exhibition. It depends on my project or product that I am looking for but I like to introduce myself a little bit and give the supplier a professional image of me.
He is likely more interested in giving me answers, good prices or proper email feedback after the exhibition. Here is how it could look:

Hi, I am Manuel and I am the Managing Director of Mandarin-Gear Limited in Hong Kong.
I manage/own a sourcing and buying office for many large retailers worldwide.
My customers are looking for product “X” and I am interested in discussing more details or receiving a quotation based on my customer’s requirements.

Then I ask my questions and once I am satisfied I will ask him to provide me a quote based on my requirements. I will hand him my business card and I will MAKE SURE that he wrote down everything we discussed.

Could you please send me a quote of this item (from his booth) based on “X” quantity, including certification “XY”?

I will also take his name card and catalogue to study later.
Here are some questions that I ask the suppliers. You can adapt these to your product or requirements as necessary. You can also make yourself a checklist with these questions and print it out for each supplier meeting you have.
Obviously you can also memorize these questions and make notes on your notepad.
Clip the supplier’s name card to your notebook and write down answers to these questions:
• When was his factory established?
This is important as to figure out if he has been doing business for a long time or if he is newly established. If the factory is brand new I will be wary of dealing with them, while if they are older than 5 years I will probably go ahead with further questions.
• What is the total count of staff, workers, engineers and managers?
A well-organized factory has at least 200 employees. That could be 160 workers, 30 sales staff, 10 engineers and 10 managers.
• What certifications can he provide for product “X”?
Know the certifications that you need for your product. If a supplier has no idea about FCC, CE, RoHS, ERP, GS or other certifications of a chemical or other nature, you can probably leave the booth right away. If he is aware of the certifications and requirements but hasn’t applied them to all his products it’s not an eliminating criteria, but make sure to ask if he is willing to apply for the certifications after order-placement.
• Who are his main customers?
Do you know the customers he is talking about? Do they have a certain reputation in your country that would make you feel comfortable working with him? If he is working with customers that you know, it should be a good sign of his competence.

• Mention a few of your competitors or bigger clients
Drop a few names of the bigger competitors or clients of yours. If he knows them it’s a good sign. If not, it is very unlikely that they are doing overseas business and perhaps aren’t even interested in your business, knowing that your requirements are too high or “too much work” for him.
• What is his main market?
If he operates already within or near your country it is also likely that he can fulfill your requirements. It’s usually a good sign if he works for countries like the UK, Germany, Switzerland, Sweden, the United States, Canada and other first world countries. It means that his factory is able to pass audits, tests and certifications needed for these countries.

• What is the factory quality management standard?
Remember that good factories are also easy to spot if they have a certain quality management System (QMS) such as ISO 9001, BSCI and so on.
• What is the MOQ?
Can he actually provide the low or high MOQ that you need? Is he willing to produce a first order based on a very small quantity or does he have the capacity for large volumes?
• What is the rough price of this item based on X quantity?
Most suppliers will give you a very rough figure for the product they are exhibiting. These can be vague as often these are “blank” prices that do not include any certification, licenses, etc. But it is necessary to ask for prices (and write them down in your notebook) for your follow up. You can also use my “rule of thumb” to add on 20-30% on top of the supplier’s price to calculate if the price is competitive.
• What certification is included in his price?
Does the product currently fulfill your minimum requirements for certifications or standards? If not, is he willing to apply for certifications after order placement? Is he aware of the different certifications that you need or do you get the feeling he doesn’t know what you are talking about?
• Ask if he can provide samples after the exhibition
If you would like to have a sample after you come back home ask him if he is willing to send samples. Most likely he will agree but make sure you remind him once you are back home to send you the sample. Some suppliers will actually sell or give you a sample right on the booth if you ask for it. It is actually not allowed but if there is a sample I would need right away because it’s that good and I want to show it to customers back home, I will ask anyway.
• Ask for payment terms
Are his payment terms a K.O. criteria? Make sure he agrees to your payment terms and doesn’t insist on 100% payment upfront.
• Ask for his top-selling items and who his customers are
Sometimes you may not have time to look at all products so you might miss the best selling items. Ask him either to show you his best selling items or send you a quote later for his top-sellers. Make a note that you are expecting his prices and offers later.
If I get the feeling after 1 or 2 questions that a supplier has no idea what I am talking or asking about, I politely end the conversation and leave the booth. There is no use in screening a supplier with all questions when I already know he is not interested or can’t fulfill my requirements.
After all, I need to scan the entire exhibition and I can’t waste my time with suppliers that are ignorant or need a basic education on my market’s/customer’s requirements. You will develop a gut feeling pretty soon if it is worth it to speak to a supplier longer or if you should leave the booth right away.

Hall arrangement:

Once you arrive you need to pass trough the registration area which is pointed out through signs. Don’t forget to pre-register trough the link I gave you and bring 2 passport photos. At the registration area you will have to line up for “pre-registered buyers”. You will be guided trough the process by the staff there and then get your entry badge. You can then move to the main halls.
There are 3 main areas on each phase:
http://www.cantonfair.org.cn/hall/en/index.aspx?start=bn
Once you choose your phase you can hover over the hall and see what products you will find in these halls. Within the 3 main areas (A,B,C) you have numbered halls as for example 6.1. (ceramics). Within this hall you have over 200 suppliers!

Depending on your priority products I recommend you start with the most important halls first.
During the registration you will also get a printed guide with all hall details that helps you to navigate. But you can already write down the main halls now when you look at the link above.

At the Entrance of each hall:

Look at the main halls you want to see and prepare to walk them trough in order. It is your first time to visit the fair so I am guessing you have no appointments with suppliers. Therefore I recommend you just start walking until you see something of interest. That could either be a product that you have on your agenda or an item that really pops out.

In the halls/at the booth:

Suppliers will either be eager to give out brochures of their products or you simply walk into the booth of this supplier if there is anything of interest for you. Unlike in the US or at European exhibitions, the suppliers are very open and welcoming in receiving you in their booths. No appointments are required. Just walk in and introduce yourself and what you do or what you are looking for. You don’t need to hand out any business cards at this point since you don’t want to be spammed later from suppliers that do not interest you anyway.
If you see anything of interest within the booth point to these products and start asking the questions I mentioned above:

If you are happy with the discussed (make sure they also take notes) hand over your business card and tell them to email you all the details. Nice touch with the “thank you in Chinese” on the back by the way
Take a catalogue or a brochure from the supplier as well, have him staple his business card on it and note down what is important to you. Try to get catalogues from each supplier that you visit. They will be happy to give you a catalogue in exchange of your business card.
You will quickly see which booths you should walk in. The goal is to find manufactures or good trading companies.
For example avoid booths that have only a few products in the shelves (A) or booths that have too many different kind of product categories (B). Go for booths that have maybe 3-4 product categories but seem to be specialised on each category (C).

 

A: Few products only indicate a small trading company with high margins and no real expertise and little value
B: Say you see a booth that has all these products inside: towels, pet supplies, electronics, ceramics etc. It’s a clear sign that this supplier trades everything and anything. They may have expertise in certain areas but their prices are high.
C: A booth that has 3-4 product categories. For example a booth that has: bathroom accessories, shower cabinets & faucets. They all relate to each other and thats a good sign for a real manufacturer. Try to focus on these.

Miscellaneous:

Food: There are a few western restaurants and coffee shops on every corner
Money: There are a lot of ATM’s everywhere in case you need to withdraw money.
Printing services: Printers and business centres everywhere available.
WiFI: Is available for free. Just ask for the log-in at the info centres.
Hotels & ticketing: Travel agents are available on several main levels to book flights, train tickets or hotels
Bus: There are buses leaving to major hotels during peak hours (9am 5pm) for free. Major hotels also arrange buses TO the exhibition. Check with your hotel.
Taxis: Taxis are a nightmare to get. You can take a taxi to the exhibition in the morning from your hotel but in the late afternoon you can sometimes wait up to 2 hours to get a taxi. There are illegal taxis everywhere but they charge 10 times the price. I recommend to take the hotel bus or the Subway.
Subways: There are 2 subway stations at the exhibition grounds. One at the beginning & one at the end. I usually take the Subway as it is the most convenient way to get back to the hotel. When booking your hotel see to book one close by a subway station.
I hope this gave you a bit of an overview and I wish you all the success at your trip during the Cantonfair 🙂
Happy sourcing guys!

Podcast Interview with SellerDojo

I recently got interviewed by SellerDojo and I wanted to let you guys listen in on the (49mins) episode.

SellerDojo are the guys behind AMZshark and they have just started this podcast. I was honoured to be the first one they interview for their podcast. Here is the link to the podcast directly:

http://sellerdojo.libsyn.com/interviewing-manuel-from-importdojo-on-sourcing-products-from-china

If you don’t have time to listen all the way through, just browse the show outline below to find which spot to listen.

Begin Show Notes: ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

In this episode the SellerDojo meets ImportDojo and we have a party talking about ninja tips for sourcing from China. Manuel, the ImportDojo Sensei, has been living and working in China for over 10 years, with 17 years in the sourcing business. He has his own brand, sells to retailers, is a supplier, and does FBA on Amazon. Enjoy this episode as we talk about everything from Alibaba tricks, demystifying electronics, and the Canton Fair.

Show Outline:

Opening & Manuel Introduction, his history in working with suppliers for Austria’s largest retailers. And his internship in the Hong Kong sourcing office.

  • 3:35 – What did you learn and what sparked your interest to get into your own Amazon and sourcing business?
  • 4:35 – About Manuel’s brand, Mandarin Gear and also Import Dojo.
  • 8:05 – What advice do you wish someone had told you when you first began sourcing from China?
  • 10:20 – What types of products do you source? Because I know many people avoid things like electronics or moving parts, but I see that you don’t shy away from them? Why is that?
  • 13:25 – Manuals ninja rule of thumb: nothing lower than 30% margin (after fees etc)
  • 14:00 – What category would you go into if you were just beginning?
  • 14:30 – What sourcing sites do you recommend for importing from China?
  • 18:15 – What is Global Sources and how is it different?
  • 20:05 – Tips for paying suppliers in China. Small orders and big orders etc. Paypal, trade assurance, and inspections.
  • 22:25 – Sourcing certain product categories based on their location and Province in China. How to use Alibaba’s search filters to determine and find the right suppliers in the right location.
  • 24:30 – The 3 reasons it’s important to find a supplier in the correct Province.
  • 25:45 – What are the biggest mistakes you’ve ever made in sourcing and selling?
  • 27:30 – How should buyers navigate the many parts of the long negotiation? What about large sample fees? Or transaction fees?
  • 28:45 – How to get a refund / reimbursement on sample costs from your supplier.
  • 29:15 – Why there are sometimes large transaction fees, especially with PayPal.
  • 30:30 – How to ask your supplier to refund sample fees once you place a larger order.
  • 31:20 – When first vetting suppliers, what essential questions do you ask every time? And which ones are deal breakers?
  • 33:45 – Once you’re happy with your samples, then let’s talk about customs, freight forwarding, how to get your inventory, do you send to yourself, or to FBA? What’s the process?
  • 35:00 – Manuel’s rule of thumb for calculating landing price to FBA warehouse. Tips for shipping directly to FBA.
  • 37:30 – Pretend you are starting over tomorrow. What niches do you think look most promising? What do you wish you were in now?
  • 38:50 – The niche Manuel thinks is really promising in the future.
  • 40:45 – All about China’s giant expos, Canton fair, and other niche fairs in order to find trends and new products.
  • 43:20 – What’s an interesting trend that you’ve noticed from within the supplier industry in China that most people outside don’t know about?
  • 46:40 – What’s one weird lifestyle habit / skill you’ve gained which you think helps you as an entrepreneur?

Hope you enjoy this podcast and would love to hear your feedback in the comment section below.

Please share on social media if you have the chance 🙂

All the best and happy sourcing,

Manuel

Lessons learned. Re-cap of the Global Sources & Electronics show in Hong Kong

As most of you know I exhibited at the Global Sources Electronics show from 11-14th of April with my brand “Mandarin-Gear” and I went to source at the HKTDC Electronics show on 15th of April.

Here is a re-cap and lessons learned from the shows.

Global Sources show (exhibiting part)

 

 

  • When you exhibit, make sure you get a corner booth or a booth in the middle of the hall where people pass by.
  • Create some buzz on your booth and show enough of your products or just the packaging, play some music if the venue allows it and have some banners that quickly show what your booth is all about.
  • Make sure you have friendly and approachable people ready to explain what your product is all about at your booth.
  • Ask your friends to come visit you. It gives the booth a crowded feeling and people will want to know what’s going on.
  • Have enough marketing material ready (catalogues, business cards etc.)
  • Know your products and make sure any assistants or other people at your booth know everything as well. Be prepared for questions that are unusual. Study your products that you are displaying and make sure that you fully understand them.
  • Take notes and follow up immediately after the fair. Buyers tend to forget who they have visited.
  • Take photos with people that visit you at your booth and send it to them afterwards. Create a relationships. A fair is not just about sales it is more than anything else a networking event.

 

Hong Kong electronics show (sourcing part)

Prepare an introduction for yourself before you go sourcing at a trade fair.

This comes across as more professional and people will be more willing to invest time and resources into you if they feel they deal with someone professional who knows how to do business properly.

You are more likely to build a good relationship if you leave a good first impression. Here is an example how you could introduce yourself:

Hi, I am Manuel and I am the Managing Director of Mandarin-Gear Limited in Hong Kong. I run a Sourcing & Buying office for many large retailers worldwide such as COMPANY X, COMPANY Y. My customers are looking for product “X” and I am interested in discussing more details or to receive a quotation based on my customers requirements.

After the introduction ask questions and once you are satisfied ask him to provide a quotation based on your requirements. Hand him your business card and MAKE SURE that he wrote down everything you discussed.

  • Prepare an introduction of yourself and / or your company
  • Bring name cards, your own catalogue (in case you have one), comfortable shoes and a trolley to carry all the collected catalogues.
  • Pre-register online often saves you money and time
  • Look at freely available maps to find out where the products you are looking for are located before you start walking around. Plan your way through the fair systematically. This is especially important for bigger trade shows.
  • Take photos of products that you are interested in.

Prepare and ask the suppliers questions such as:

Sourcing at the HK Electronics Exhibition

I went to the Hong Kong Electronics Fair in Wan Chai early morning today.

Here is a general link of the fair:

http://www.hktdc.com/fair/hkelectronicsfairse-en/HKTDC-Hong-Kong-Electronics-Fair-Spring-Edition.html

It is hosted by HKTDC (Hong Kong Trade Development Council) and it’s located at the Wan Chai exhibition centre which is the biggest exhibition centre in Hong Kong.

I mentioned about the fairs from HKTDC in the Import Bible. They are the biggest in Hong Kong and they host most of the fairs here. They cover all kinds of products from Jewellery to Electronics to Textile, Gifts & Premiums and much more.

The easiest, fastest & cheapest way to get to the exhibition grounds is by MTR (Subway). You can take a taxi as well which is pretty cheap compared to western countries but it might be difficult to get a taxi in the mornings.

Head over to Wan Chai MTR and exit at A5 (HK Convention & Exhibition centre).

 

 

Just follow the crowd on the skywalk towards the exhibtion centre. There’s a lot of promoters running around handing out leaflets & maps already. Grab one.

 

 

 

Global Sources Expo Part 2

The Global Sources Expo at the Airport in Hong Kong is a wrap.

I didn’t have a lot of time for sourcing but I did see some new ideas & suppliers. I will elaborate more on that in the next post.

All in all from a exhibitors view I am satisfied with the results. The feedback on my brand & packaging was good and I am now following up on quotations to buyers.

The majority of buyers came from China (60%). There were also a lot of buyers from India, the Middle East & South America & few from Europe. What surprised me the most was that there were not many buyers from the United States, given that the USD exchange rate is very attractive for imports right now.

Most buyers were out looking for the newest gadgets & trends in consumer electronics. What I was missing most was products in the VR (Virtual Reality) sector. There was literally nothing at all booths despite the recent developments in the media.

Will update more on sourcing in the next post.

all the best,

Manuel

Global Sources Electronics exhibition move-in day

As I mentioned to you guys the other day, I am exhibiting at the Global Sources exhibition in Hong Kong at the Asia World Expo from 11th-14th of April.

They claim to be the largest Electronics Sourcing show of its kind. It is my first time exhibiting there so I am really excited for tomorrow.

 

 

With 90% exclusive exhibitors, the show is Asia’s leading sourcing event for consumer electronics. Electronic components, and security products, and the platform of choice for a growing number of buyers, including big-name importers like Sam     sung, Hewlett-Packard and Panasonic.

My main goal for the show will be to find new customers/wholesalers for my brand Mandarin-Gear. I am showcasing all of my products in my private label (see previous post) and I am certain that I will get some interest from buyers. There should be well over 5,000 buyers from different countries worldwide, so I am sure it will be worth it.

I went there early morning and my assistant helped me move in things:

 

I ordered a few packaging boxes & banners prior to the fair and was able to set up my booth pretty quickly:

 

ImportDojo

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