Yiwu Market for Buyers to Get Quality Products in Affordable Price


插图1.jpgFinding a reliable made-in-China wholesale provider could be a crucial step towards building a successful e-commerce business. Yiwu wholesale market is a global hub for the exchange of artefacts, information, and exhibitions. The government named it "the most significant wholesale flea market in the world."

According to the Yiwu market guide, the trade town has about 40 million square meters of the business area and over 60,000 booths. The commodities were divided into sixteen major industries and 4,202 classifications. Each district is linked together for one-stop shopping, giving buyers the most convenient shopping experience. The advantage here is the variety of options, competitive pricing, and low Minimum Order Quantity (MOQ) and interval.

Yiwu China wholesale market is the world's largest wholesale market, with over 40,000 dealers selling practically any antique imaginable. The most successful feature of this wholesale market is that it can support extremely small order amounts, such as one or two cartons.

The size of this wholesale business is overwhelming. It was founded in the 1970s and has steadily developed over time to become one of the largest districts in the world, with over 4000 stores (It is double the size of any branded mall). If China is the world's factory, then Yiwu can represent the stature of a country's capital instead of Beijing. 

As the name says, Yiwu China wholesale market, often known as China Artefact Town, is located in Yiwu, a small town in Zhejiang Province.

Thousands of Chinese suppliers sell to customers all over the world in this market. The vendors represent manufacturers from all around China. However, several are situated in Yiwu, Zhejiang, and many may handle special orders in addition to the products they currently manufacture.

A lot of merchants stated that they only sell to a specific country, but recently they have seen an increase in orders from South America and the Middle East.

Aside from Chinese goods, the market also has a section dedicated to international goods and a separate display hall dedicated to African goods. More than 100,000 suppliers display over 400,000 distinct items, from 9 a.m. to 5 p.m., with 65% of those items being exported from 215 nations and territories.

History of Yiwu Market

First Generation

Based on the Yiwu market guide, it is said that the Yiwu Small Commodity Market began in the late 1960s. Since the beginning of China's Reform and Opening-up Policy, the small artefact market in Yiwu exploded. Under the conflict between the superior's order to ban and make semi-legal "exchanging candy against chicken feathers", and the desire for the market to exist, a wholesale and retail regular market was secretly established during the special era. In 1984, the market's turnover was 24 million RMB, and the products were primarily sold to the cities near Yiwu.

Second Generation

The need to grow the market skyrocketed with the development progress. When the second generation market first opened, about 2,000 stalls were rapidly established, and nearly ten thousand people came to trade the market every day. Many of them weren't local people. The Yiwu market was incomparable at that time. The Yiwu wholesale market had a turnover of over 100 million RMB in 1986, and gradually the market expanded covering various counties and provinces near Yiwu.

Third Generation

The third stage was all about deciding to retain the old traditional market or to expand the new commodity market. Finally, the market opened in December 1985 and by September 1986, a huge market was constructed with a railway station that covered a massive area of 44,000 sq. metres, 4,096 shops, with a venture of 4.4 million yuan. The area was huge enough to accommodate 34,000 people trading on the location. The Yiwu market had a revenue of nearly 1 billion RMB in 1991.

Fourth Generation

In the 4th generation, the Yiwu market was established in 1990, but the building construction started in 1991. Finally, it was ready by January 17, to accommodate around 7100 stalls. Until now, the building’s construction space has grown to 228,000 square metres, with the number of stalls increasing to 23,000. In 1992, the market’s turnover was 2 billion RMB, in 1993 it was 4 billion RMB, 10 billion RMB in 1994, and 15 billion RMB in 1995.

Current Scenario of Yiwu International Trade Market

Commodities are exported at high speed, more than 90 percent of business dealings are involved in international trade, and all items are sold in more than 140 international regions. This location is welcoming to businesses from all over the world. 

Yiwu Market Guide

The International Trade Market is divided into 5 districts. Each district consists of various floors and each floor is known for products and services. We have mentioned below the complete Yiwu wholesale market guide based on each district and floors –

Yiwu Market

  • Floor 1

  • Floor 2

  • Floor 3 

  • Floor 4

  • Floor 5 

District 1

  • Artificial Flower / Artificial Flower Accessory/Electric toys / Plush toys / Inflatable toys /Electric Toy

  • Hair Ornament / Jewellery

  • Festival Crafts / Tourism Crafts / Ceramic Crystal / Photo Frame / Decorative Craft / Jewellery Accessory

  • Hall of Taiwan Merchants / Factory Outlet

District 2

  • Rain wear / Packing & Poly Bags / Umbrellas / Suitcases & Bags (Schoolbags)

  • Lock / Electric Products / Hardware Tools & Fittings / Vehicle

  • Hardware Tools & Fittings / Home Appliance (Shaver) / Electronics & Digital / Battery / Lamps / Flashlights / Telecommunication Equipment / Clocks & Watches

  • Honking Hall/ Korea Hall / Sichuan Hall / Hardware & Electric Appliance/ Clocks & Watches / Electric / Quality Handbag and Luggage

District 3

  • Pens and Ink / Paper Products / Glasses

  • Office Supplies and Stationery / Sports Products / Stationery and Sports

  • Cosmetics / Mirrors and Combs / Zippers and  Buttons & Clothing Accessories

  • Cosmetics / Clothing Accessories/ Stationery and Sports / Buttons and Zippers

District 4

  • Socks / Indoor Parking Lot

  • Daily Consumable / Hat / Gloves / Other Knitting Products

  • Towel / Necktie / Wool Yarn / Sewing Tape and Thread / Lace

  • Scarf / Belt / Bra and Underwear

  • Tourism and Shopping Centre / Factory Outlet

District 5

  • Imported Products / Consumer Goods / African Products / Jewellery / Arts and Crafts Photo Frame / Foods

  • Beddings

  • Towel / Knitting Material / Fabrics / Curtain

  • Auto (motor) Accessories

Yiwu Market List

Futian Market

The Futian market is located on the Yiwu Market's fourth floor, Section-A in District 1. Futian Market contains large wholesale marketplaces such as belts, art & craft, Yiwu Scarf, and Shawl Market, and hair accessories. It's most known for its artificial flowers, as well as the small home appliances that are oversubscribed. The shops are open from 8 AM to 5 PM. 

插图2.jpgThe International Production Material Market

The International Production Material Market, located at Chouzhou North Rd, is all about raw material, which includes instrumentality, glass, woodwork, and ceramics that may be used in the manufacturing of any product or service.

Huangyuan Clothing Market

The Huangyuan clothing market in Yiwu wholesale market has a longer history than the Yiwu wholesale market, and it is well known for selling clothes and garments. The market is located on Jiangbin Bei Road. and Huangyuan Road. It opens from 8 AM to 5 PM. 

Digital Market

Yiwu Digital Market is the world's largest marketplace for purchasing technical instruments, LEDs, cell phones, and other accessories at the most affordable prices. Located at Binwang Road the market is open from 8 AM to 5 PM. 

Communication Market

Radios, walkie-talkies, networking equipment, cables, and cell phones are all sold in the communication sector. For your communicative needs, anything you might require will be found in this marketplace.

Yiwu Material Market

The Yiwu Material Market is renowned for providing all of the industries' raw materials. During this market, you'll simply supply everything from machine components to raw materials and accessories.

Zhejiang Timber Market

The Zhezhong timber market is all about building materials, like wood, that are used for flooring and other infrastructure.

Tip: Yiwu Market is a huge market, larger than some of the world's largest cities. The market has a wide range of products in every corner. As a result, it would be confusing for many importers when planning their trip to the market and looking for the essential product. There are specialised streets designated within the Yiwu market to reduce such misunderstandings. Each specialised street in Yiwu's market is solely for a specific type of merchandise. 

These streets can help you plan your vacation and visit a variety of vendors selling comparable products. You'll be able to easily obtain the products on your list. You can also compare the product's quality and save money by selecting the most cost-effective option. We recommend that you visit numerous merchants on such specialised roads so that you can compare the quality and prices of all products. Otherwise, you can also seek the help of an agent or a Yiwu wholesale market guide who knows in and out of the Yiwu market and can take you to the right Chinese supplier. 

The Right Way of Dealing with Yiwu Market Suppliers

Select the Supplier Specialising in your Product

Some market vendors in Yiwu sell various products, while others specialise in a specific category. If you require specialised service, then go with the one that offers specialised products with varieties in it. A specialised provider can supply you with the most affordable prices, the best product quality, and safe shipment. These suppliers, who deal in a variety of classes, usually have several factories. Providers that sell a variety of products, on the other hand, are less skilled than those who specialise in one type of merchandise.

Check Product Quality

When you're able to make a large purchase from Yiwu wholesale market providers, it's best to make certain that the large range of items is identical and of the best quality. It should match the sample product. When buying in bulk, you should not assume that the product quality will be the same as that of the sample.

It is preferable to inspect the product twice for confirmation and assurance. In the majority of cases, importers are surprised by what they got and what they were assured will be delivered. The colour, size, material used, quality, and weight of the product can differ compared to the sample you selected. (checked)

Price Negotiation

There is not much difference in price whether you order in bulk or in lesser quantities. Generally, if you're purchasing products in huge quantities, the supplier may give a reasonable price, and some suppliers may also offer you a 3%-5% discount on the entire order.

Some people believe that if they directly raise the order amount, they would receive a good discount from the supplier. However, it doesn’t matter if you place a huge order or small, everyone gets almost the same percentage of discount from the supplier.

This is because the suppliers don’t trust buyers blindly. They know well that it is a trick to get the cheapest price with the best product. The price can remain the same for all orders of goods with a set discount.

Tips to Buy Best Products from Yiwu Market Directly and Not from Sourcing Agent

  • Buyers know about their potential customers and their demand more than the suppliers. Thus, it is better to communicate with the supplier directly than going with an agency which may lead to miscommunication and waste of time. 

  • Hiring sourcing agents may ease up your task, but they don’t know exactly what you’re looking for. To avoid the whole process of getting a sample, inspecting, and approving it, it is wise to contact suppliers directly over the phone, email, or live chat.

  • If you’re a small business, then it is wise to negotiate with the supplier directly because you are the one who knows the budget well. Talking directly to suppliers saves a lot of time. 

  • Hearing all information online or over a phone through an agent is generally considered a Chinese whisper. It is wise to take out some time and get the deal by yourself to save yourself from other hassles and miscommunications. 

Yiwu Online Market 

During digitization, everything is available online. However, many buyers prefer meeting suppliers physically instead of booking the deal online. Still, those who are unable to travel internationally can get on the Yiwu official website: Yiwugo.com to purchase things from the Yiwu wholesale market. There are more than thousands of suppliers available online. You can also place minimum orders in the beginning to confirm their authenticity. 

Tips to Deal Chinese Suppliers

Audit the Factory

Sometimes what you see on a supplier's website may or may not be authentic. We don’t say that every time it is the same case, but most of the time those suppliers are nothing but middlemen pretending to be manufacturers. They may not have the capability to provide the product you're looking for, and when you place orders with them, they try to locate someone to subcontract it. If you’re an international trader, you can always hire a Chinese sourcing agent who will do the task for you of inspecting the supplier’s factory. You'll have to pay some money to hire them, but it will save you a lot of money in the long run.

Sign a Contract

Create an honest contract that contains all responsibilities, including the price quotations, payment terms, product specifications, delivery time slot, quality control processes, etc. for both parties. Although a contract will not save you from the hassles of inspecting products, it will still assist you in resolving any disagreements that may develop in the future. If there are any production delays, you will have no say because you are powerless without a contract.

Suppliers can also change the line of action or payment terms whenever they want because there is no written and signed agreement. Thus, if you want to reduce your chances of ending up on the wrong end, make sure you've signed a legitimate contract before entering into any business with the Chinese supplier.

插图3.jpgTrack Commodity Pricing to Avoid Scam

You must be aware of your supplier's price that includes labour cost, materials cost, etc. You must also keep track of production expenses, which are important components of your product prices. These two important measures will help in dealing with an unexpected price increase. You will be able to scrutinise if:

  • If the request is reasonable

  • Evaluate the true impact on the pricing

  • Decide whether you should increase the price 

Tip 1

Individual businesses own most booths in the Yiwu market. However, some trading companies also have their shops. These trading companies are tied up with various factories that supply the products on a long-term basis. If you do not want to shop in large amounts and still want a quality product at an affordable price, you may make a deal with them rather than buying from individual businesses. 

Tip 2

Many of the popular items in Yiwu are produced by various major manufacturers and are only available for purchase in Yiwu. The United States is one of Yiwu's top three export destinations. Each year, China exports a large number of high-quality goods to the US. Yiwu also sells certain low-cost items that are focused on developing countries, but that doesn’t mean that all Yiwu products are of poor quality.

After reading this article you may find the Yiwu market quite complicated. But that is not what it is. If you hire the right sourcing agent, then things can always be in your favour. 

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