Overcome stagnant transactions through verification of buyer’s credit ratings!
Recently, a matching representative of tradeKorea received a short inquiry from an Omani buyer for the purchase of power drums. Since a “power drum” is widely known as either a part for a washing machine or a musical instrument, it was difficult to accurately pinpoint the product requested by the buyer but, as a result of continuously requesting images from the buyer via messenger in addition to other efforts, it was confirmed that the buyer was looking for an item called net hauler.
This particular product serves to easily pull a net out of the water during work on a ship and is widely used by being attached to small vessels. Made of stainless steel, GUMJOO MARINER’s power drums are resilient against the salinity of the sea and can be used semi- permanently by simply replacing the rubber on rollers. The products also have significantly reduced adhesion between a net and a net hauler to minimize damage or loss of fish.
The tradeKorea matching representative found and contacted the manufacturer to whom the inquiry from the buyer was delivered. Then, representatives of GUMJOO MARINER visited Oman to have a short meeting with the buyer but they had concerns owing to the fact that the buyer's credit rating could not be confirmed, which led to stagnation of a deal.
The tradeKorea matching representative located and summarized the buyer’s credit rating and company data through a credit information website run by Hoovers and GSR (Global Reference Solution), and delivered it to GUMJOO MARINER. In addition, the transaction history with Korean companies was obtained from the buyer and subsequently relayed to GUMJOO MARINER, which led to the re-start of in-depth discussions for a purchasing deal.
The discussions, which had been smooth after the buyer’s credit was verified, encountered another roadblock when the buyer requested an unreasonable price negotiation. For this, the tradeKorea matching representative additionally matched two domestic manufacturers for cost comparison, and GUMJOO MARINER also confirmed verified buyer's credit rating and expects buyers to continue to purchase in the future. As it decided to accept certain portions of the request, the buyer responded by confirming to purchase the products.
Thus far, most of the manufacturers of small domestic vessels merely copy Japanese or European products. But we have found out that there are also a breed of companies like GUMJOO MARINER that steadily develop and reinforce their own technology and competitiveness but often fail to enter desired markets because they cannot be certain of a buyers' credit and reliability. GUMJOO MARINER showed gratitude towards tradeKorea Matching Team's variety of services and asked for undivided support in discovering other clients in the future.