In the health-conscious era, more and more people in Singapore are becoming serious about achieving their wellness goals. So, to make up for the nutrients that their diet lacks, they often rely on different supplements. That is why the health supplement market in Singapore is poised to reach SGD 740 million by 2024. (https://www.globalcompliancenews.com/2022/04/29/singapore-updates-to-the-hsas-health-supplements-regulatory-framework/)
Do you have plans to start a supplement business in the country? If yes, it is indeed a great idea. However, in case you do not have the in-house capabilities and resources, outsourcing the manufacturing process can be a smart move. But be sure to look for a low MOQ supplement manufacturer. Wondering why? Read on to explore the details!
Low MOQs prove to be beneficial for startups and businesses with limited budgets. It allows them to produce supplements in small batches, thereby lowering their upfront costs. Moreover, with large orders, there is a chance of getting stuck and not being able to sell all the products. As a result, your business might incur a huge loss. However, by partnering with a low MOQ supplement manufacturer, you can easily lower the risk of not selling and save more on the costs.
More Variety and Customisation Opportunities
In the competitive era of today, staying ahead of the curve is challenging. For that, you need to introduce something unique in the market. Low MOQ manufacturers can better accommodate your unique product requests. They can provide you with custom formulations, flavours, and exceptional packaging services. As a result, standing out among your competitors becomes easy.
Better Product and Market Testing
When you have just started a supplement business in Singapore, you would definitely want to find out which products sell the most and plan strategies accordingly. Low MOQ manufacturers offer you the opportunity to test new flavours and formulations. You can introduce the small batches of the products in the market and gain insights into the interests of the customers. Based on the feedback, you can make the necessary changes. As a result, you can grow your sales and boost revenue.
Faster Product Launch
If you want to obtain a greater market share, launching your products faster is the key. The shorter minimum order quantities usually have a shorter lead time. It helps accelerate your time to market and gain a competitive edge.
Reduced Inventory Risk
When you place a bulk order of supplements, there is always a risk of excess inventory. If they are not sold on time, they might expire or become obsolete. Moreover, you will also have to bear the storage costs. However, with low MOQs, you do not have to worry about inventory risk or storage costs as they match the immediate demand in the market.
Are you ready to collaborate with a low MOQ supplement manufacturer? If yes, make sure to invest time in doing research and choosing the best firm. APD Pharmaceutical is one of the leading supplement manufacturers in Singapore that can guarantee you the best solutions at competitive prices. Talk to the experts and get custom services!