6 Tips on How to Secure Shortage Parts

6 Tips on How to Secure Shortage Parts

The increasing global demand for electronics at a time when supply is unpredictable is causing shortages and inflated pricing in the component world. The impact of COVID-19 has not helped, and the severe lockdown of Shanghai is not only hurting the supply chain backlog, but port congestion as well.

In an effort to provide support for our customers, we have some advice on how to secure the product your need at a reasonable cost:

1. Don’t Flood the Market with RFQs

Don’t Flood the Market with RFQs

When there is an influx of RFQs, the market gets wind of this trend and creates short-term bidding wars for hard-to-find products.

2. Stick With Vendors You Trust

Stick With Vendors You Trust

When you work with vendors you trust, you can mitigate the volume of RFQs hitting the market and eliminate price gouging from less ethical sources.

3. Place Your Order ASAP

Place Your Order ASAP

It is likely you aren’t the only one looking for the same product, and it is common practice that the first person to place an order secures the product. If the market sees that certain parts are in high demand, someone may order the only available inventory so they can resell it at a higher price.

When working with a trusted vendor, we recommend placing your order the same day you receive a quote because waiting can hurt your chances of getting the product at the quoted price.

4. Prepare to Pay More Than Usual

Prepare to Pay More Than Usual

It’s never a good idea to delay placing your order. If demand is high and supply is limited, pricing is likely to increase at an accelerated rate. We’ve seen prices double and triple in as little as a week.

5. Schedule Orders in Advance

Schedule Orders in Advance

With sixty-week lead times becoming a reality, scheduling your orders further out will help you get ahead of future demand and save you the pain of long lead times.

6. Look For Alternatives

It never hurts to ask your sales rep if they can cross a part for you. In some cases, they may have a component solution with better availability.

In addition to our premiere brand of components and franchised partnerships, Suntsu Electronics also offers shortage location services for our clients. Our highly skilled procurement team has key relationships in global regions where these parts are located. If you would like a supplier who can help with all of the points listed above, give us a call. Happy hunting!

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