The International CHamber of COmmerce updated the Incoterms for the First time in a decade. The new Incoterms 2020 have some major changes over the 2010 Incoterms and it’s important that you know what is new.
What is a Request for Quote (RFQ)? An RFQ is a process in which you make a list of requirements and solicit responses from Factories. It’s often the first contact you’ll have with a potential supplier and thus is a crucial step to in the sourcing process.
What do RFQ, RFP, RFT, and RFI mean. These terms are short for Request for Quotes, Request for Proposal, Request for Tender, and Request for information. The requests are four different ways to make initial contact with a potential supplier, in order to get a product made.
Incoterms are created by the International Chamber of Commerce (ICC) to dictate when and how a shipment is to be handed off between a buyer and a supplier. The ICC updated the terms into what is called Incoterm 2020. Incoterms also define who is expected to pay the insurance and when the transfer of risk happens between the buyer and the seller. This is the first time that the Incoterms drafting group has included representatives from China.
Check out our step by step guide on Barcodes for Amazon FBA. FBA Barcodes are a critical part of making sure that your FBA product can be received and stocked by Amazon. It’s important that you understand exactly what type of barcode you need and how to apply it. We cover everything you want to know!
What does OEM, ODM and Contract Manufacturing mean? Original Equipment Manufacturing (OEM), Original Design Manufacturing (ODM), and Contract Manufacturing (CM) are three important keywords to know when you are looking for a supplier of our product. It’s important to know what each is so that you can be selective in your search. ODM vs OEM
Ordering and evaluating product samples from a manufacturer is a great way to determine the quality of the product before you make a purchase order. This step comes after sourcing and before initial production. You need to make sure that the product samples match your expectations of the final goods, as manufacturers will be used the samples as a benchmark when it goes into production.
