Selling your product(s) through wholesale means that you will be selling at a discount, especially to retailers who buy at bulk. No matter what you do to make the sale, there are a few things to keep in mind so that you don’t eat into your bottom line year after year. We’ve rounded up 8 of the top tips for selling through wholesale, check them out below and let us know if we missed anything!
Knowing the Production Costs
If you do not know how much an item costs to produce and procure is a large problem. While some people believe that a sale is a sale, letting 50 items go at a loss of .10 is still a loss and not a win. Knowing what price to sell your items for is the first place to start when selling wholesale.
If you are able to purchase product earlier or being able to get items later than your competitors can boost your sales. When researching wholesalers keep an eye on any seasonal down times that might be present, this can cause supply not to be able to meet demand. Though if you can find a source that can supply you when others cannot you could get ahead of your competitors.
Researching the market that you want to sell in can educate you on expected sales. You might have goals of selling an amount that just can’t be reached, by knowing your buyers will let you know if it is possible or if other items need to be brought in to reach sales goals.
Knowing Delivery Processes
Knowing how long it will take for a product to reach your buyers, and the cost, can give you a leg up on the competition. Finding avenues to get the product to your customers at a cheaper price or a faster manner can boost sales, as well as can keep you from ending up with losses due to unknown costs.
Packaging Your Products
Depending on how fragile your products are, a cost increase could be found. If you need particular packaging to guarantee that your items get to the buyers unbroken, the cost of shipping could rise. It is always better for the customer to receive their products undamaged as it can affect reviews for your company as well as costs sending another item to them for free.
Margin is known as the change of price from wholesale to retail, it is the proportion of the retailers profit to retail price. Knowing the amount that they are looking to bring in can help you decide the amount for each sale.
Larger Volume Sales
By selling wholesale you want to sell more products with each purchase, but you must make sure that you have the means to do such. Paying attention to how many pieces of each product you can box together, while being cautious of breaking, could affect money brought in. If you can repackage items to fit more in the same box safely it will be more profitable.
Wholesale marketing, though it is on a larger scale than other markets, is still an individual selling items to a buyer. Building relationships and working in a professional manner can go a long way. You have a better chance of raising sales by building positive relationships with your buyers.