As soon as you start selling products, you ultimately have one goal: to acquire your stock for as little as possible without detracting from quality, and to sell it for as high as possible without turning away customers. This requires a fine balance between finding the right supplier and the right purchasing approach and a host of marketing and sales strategies to help enhance the value of your product line-up for customers.
Before you can worry about selling anything, however, you first need to find a great supplier and work out how to get a steady stream of stock in the products that your customers want. If this is already daunting for you, don’t worry. These top tips will help you fuel your business growth through wholesale in no time at all:
Why Choose Wholesale?
You need stock! Unless you’re selling one-of-a-kind items, going wholesale is the single best way to get the full stock of womens fragrances you need to run any business successfully, for example. This could be online, in-store, or even at a kiosk. Regardless, buying more for less is always going to help you out. The challenge, of course, is understanding what products to buy in bulk, and at what quantity. You could still lose out by buying the wrong brand of perfume or cologne, for example, simply because customers aren’t interested in it. That’s why it’s important to do your market research.
Doing Market Research
You can buy anything in bulk. That doesn’t mean it will sell. That’s why you need to do your research. Try to find out what perfumes are popular at the moment, as well as the top sellers. Try to be as specific for your customer demographic as possible. This means looking into what’s popular in your demographic by ethnicity or age. Different cultures and even ages have different ideas on what’s good, and what’s not.
Pass Savings Onto Customers
You can easily become a top choice if you pass some of those cost savings of buying in bulk on to your customers. This is particularly true if you offer your own bulk deals or gift sets. You can create a party pack of mini perfumes, for example, at a great price to help customers try out different options and then, ideally, come back to you for the larger sizes of their favorites.
Pushing larger savings on a few items like that party pack can actually help entice customers to your store. It lets them try more of your products, and since you bought it all at wholesale in the first place, you aren’t actually losing out on the upfront cost.
Partner With Competitors
You can also become a mediator. This is useful in two ways. You can double up with other businesses to qualify for large minimum orders. Say you want to try a new product, but don’t want to invest in the wholesale price. By partnering with other businesses, you can buy the amount you want, at the price you like. The only difference is that you need to split the order up between those other businesses and the cost.
The second option is to sell your excess stock to other, smaller brands at a slightly higher rate than you paid. This is a great way to sell to smaller businesses that don’t qualify for wholesale prices.