Having the right wholesale supplier deliver the right merchandise on time is very important for the success of your retail or online resale business. Having a long-term relationship with a wholesale supplier can also lead to better contract terms, like flexible payment schedule. All this will allow you to stay competitive in the market while still making money.
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With the wholesale industry growing significantly it is essential to find the right source to work with.
The wholesale sector in India is expected to hit $700 billion by 2020, while in the United States, some 400,000 business establishments have a combined annual sales of around $8 trillion.
So, how do you find the right wholesale supplier in that sea of opportunities? Here are a few tips to help you along the way.
Before looking for the best wholesale supplier, it is important to know what product or a line of products you are interested in selling.
To decide on what to sell, researching the market dynamics and the trends is of great help. You don’t want to buy products that are not in demand or jump into an oversupplied market. Your goal is to find a niche market segment with healthy demand but low competition, a market that is on the undersupplied side. These markets are beneficial for many reasons, not only due to a lower competition.
For aspiring entrepreneurs the ideal setting when starting a business is a low pressure situation where you can gradually build and expand your business while learning the ropes of running a company. This makes it easier to get a feel for the market, for the trends in a niche industry and build your name as well as a customer base that would support your switch and come along into a new market.
If you are an established seller, you should be aware of your customer base as well as the trends and the demand. This will allow you to buy merchandise and sell only the products that are in demand by your customer base, existing buyers as well as new buyers.
Once you have figured out the market, the products to sell and the demand trends, you have to find the right source. You can find the best prices if you go directly to the manufacturer. However, they usually have high minimum quantity requirements. So, if you are running a small business, other sources are the likelier option.
Wholesale suppliers usually buy large quantities of merchandise directly from the manufacturers and sell it on in wholesale lots and wholesale pallets to retailers and individual buyers. The traditional way is to link up with such wholesalers, preferably a group of them, to procure your merchandise.
There are many benefits to working with a number of suppliers. You are holding your options open and always have a source to turn to in case of a low supply stream from one wholesaler. Additionally, you have the chance to compare prices and can always go for the best option. On top of that, and as mentioned in the introduction, creating a business relationship, and staying loyal to your wholesale supplier usually brings benefits in terms of lower prices, better delivery and payment options. In the end, wholesalers sell the merchandise with their markup, meaning they have room to play with, and reward their loyal customers.
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Another option, and one that is becoming more and more popular among online resellers, are online liquidation companies that also have refurbished, overstock and customer returned products on offer. However, if you do some research and find a reputable liquidator, the quality should not be an issue, while prices will be below wholesale.
Visiting trade shows, reading trade publications and communicating with small business owners will go a long way towards finding a reputable wholesale supplier that will not only offer you the best deals but also deliver merchandise on time while providing top quality customer service.
Browsing online for client reviews is also a good source of information about the wholesale suppliers you are interested in working with. Also, look at the proximity of their businesses to your location because the closer the wholesale supplier is, the lower the delivery costs.
Unlike wholesalers, liquidators don’t always buy their merchandise to sell on with a markup. Sometimes they serve as a platform where other retailers liquidate their merchandise. It is usually the top liquidators that manage to get the best deals with the top retailers. One such partnership is between Direct Liquidation and Walmart and Target.
These partnerships are beneficial to you as a buyer in several ways. You are essentially buying the same merchandise you would have purchased through your wholesaler. Only this time you are buying directly from the retailer, avoiding the wholesaler’s markup and keeping the price lower than wholesale. As a result, your profit margin increases and your ability to stay competitive in any market rises too.
In addition to the lower prices, the names involved mean you are more likely to get better quality merchandise. Pallets of overstock, closeouts, customer returned merchandise are shipped directly from the retailer’s warehouse, meaning the liquidation company does not cherry pick the products. This leaves you with a chance to pay off your investment with only a couple of high-end items that are basically new.
Besides, you will always know what you are buying as liquidators, such as Direct Liquidation will provide you with a manifest, a list that shows you the quantity of the items in a pallet, their type and a short description. Also, if the pallet has been reviewed you might get the quality rating in there as well.
On top of everything else, with the volumes of merchandise handled by retailers such as Walmart and Target, you are less likely to have issues with merchandise availability as items are liquidated daily and you have the offer available to you at any given moment online.
Direct Liquidation is a goTRG company.
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Jordan currently works as a sales representative for Direct Liquidation, assisting businesses with product sourcing of liquidated merchandise from the largest retailers in the world. Whether you are looking for a pallet or a truckload Jordan is here to help you grow your business.
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