Part 2/3 - Welcome back! In this week’s episode on the rising product prices in China 2022 mini-podcast series, Ardencraft’s CEO and founder Abid Ali dives into how US stimulus cheques, inflation and exchange rate changes are affecting global demand.
I find that you’re in a stronger position to negotiate with your supplier if you better understand the challenges they are facing and what their primary challenge is. If it’s a raw material price increase, you can ask for a pricing structure based on different pricing bands of raw materials. That way if raw material price increases or decreases, your quote will also dynamically change without constantly talking to the supplier. You can then time your orders based on current prices.
You’ll find that your factory relationship improves by implementing simple tactics such as this and having open dialogues with them. The supply chain squeeze is affecting every person in the supply chain including yourself!
You can find out more in this Link or below:
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