How to identify a reliable whisky supplier from China?
Global whisky sales are set to almost double over the next decade to reach US$108 billion by 2031, according to a new report. The global whisky market is set to grow at a compound annual growth rate (CAGR) of 6% between 2021 and 2031, according to a study by market research firm Fact MR. At this rate of growth, whisky revenues, which reached US$60 billion this year, will reach US$108 billion in 10 years' time. This forecast represents a faster rate of growth than has been seen before. From 2016 to 2020, the category will grow at a CAGR of 4%.
As we can see from the above data, the whisky finance is considered to be optimistic for many years, so how to identify a reliable whisky supplier? I will base all of the following on Chinese whisky as an example: Negotiation of weak contracts, extended payment terms with clients, overconfidence in boom times.
1. Identify Certifications
Many buyers have minimal requirements when it comes to the quality certification of Chinese whisky suppliers. However, it is not always easy for suppliers to view and verify their certifications. Discover suppliers who have been certified to your quality standards, including ISO, QS and many more.
2. Measuring Financial Stability
Three financial risks in manufacturing: negotiation of weak contracts, extended payment terms with clients, overconfidence in boom times. According to an informal survey, nearly half (50%) of buyers have worked with a supplier who unexpectedly went out of business.
3. Careful Review of Product Information
Detailed product descriptions and related information will help you determine if they have the right product for your application. Assume a supplier takes the time to provide easily accessible product specifications, charts and cautionary notes. In this case, it shows that they value your time and are willing to help you in any way possible to win and keep your business.
4. Request Information on Accessible Inventory
It is beneficial to have visibility of your Chinese whisky supplier. It shows their commitment to you as a customer and their ability to provide what you need, when you need it.
5. Check Their Commitment to Customer Service
Expect the best and plan for the worst. Evaluate the customer service offered by each potential whisky supplier. If you work with 24-hour lights-out production and may need to call suppliers at any time of the day or night, then include this in your research. The language in the contract regarding their return policy should also be understood in depth. You don't want to get stuck in the bag.
6. Get Delivery Time and Lead Time Statistics
Delivery performance is key for industrial buyers. Ask for their delivery time forecasts compared to on-time delivery rates. If these cannot be provided, then they are not being tracked or are not very good. Either reason is a cause for concern.
7. Read the Payment Terms Carefully
Identify Chinese whisky dealer who is willing to work with your payment requirements. As long-term needs and delivery schedules may dictate how PO or Net 30 is billed, don't be afraid to ask for what you need to properly run your business.
8. Contact References
Testimonials, testimonials, testimonials! An endorsement ticket from another business that the supplier works with can be a good indication of their true capabilities. Although confidentiality agreements can cause difficulties in this regard, suppliers should always have a ready list of happy clients or references - and it is even better if they have them on their website.
9. Field Visits
If you have high expectations of a supplier and at the same time have the time to visit them on site, then no better. General for the ingredients of Chinese whisky - water and grains and yeast - you can visit the corresponding water source and the base for growing grains and yeast types.
10. Government Customs Data
Through a Chinese whisky supplier in each country's customs data, you can determine the company's product direction, financial strength, operating foreign trade time, etc., from a multi-dimensional analysis of a Chinese whisky supplier whether the strength of international trade.
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