If planning on starting up a bricks and mortar or online store, you will need to research the availability of wholesale suppliers. Locating the right products is often a daunting prospect at the start since there are several crucial points to get right. Here are several steps to consider in the process of stocking the store with the most attractive merchandise –
Decide on the merchandise
A significant aspect to setting up a successful retail store comes from deciding on the right products to sell. It often benefits to look at the more unique merchandise rather than those items that are already flooded in the market. It can be ultra-competitive in a saturated market, which is likely to mean it is more difficult to sell the stock and make a profit. Conduct the necessary research online to see which products are trending or selling well. If planning on opening a physical store, it certainly helps to research the local market to see what is already in place. An online store is likely to give more flexibility in the items that you’re able to sell since the potential market is that much wider.
Where to start looking
An ideal destination to start the search for the merchandise is online. Whether you use the wholesale-specific or general search engines (Google, Bing, or Yahoo), it is quite easy to get access to many quality outlet with a little time spent online. Other options include trade shows, print directories, or retail forums. Visiting the retail forums is certain to help with getting more ideas on the available choices on where to source the most attractive merchandise to sell.
Choose the type of supplier
In the process of sourcing the merchandise for the bricks and mortar or online store, it is also necessary to decide on the most appealing type of wholesale supplier. Below are some of the most popular options –
Manufacturer: A common choice for buying the wholesale merchandise includes making direct contact with the manufactures. A requirement to invest in a high minimum order is a likely requirement, which is often a problem for the small-scale retailers. A local distributor is more beneficial for the smaller retailers.
Distributor: A distributor is often seen to stock a range of products that relate to a specific category, such as consumer electronics, which are manufactured by several different companies. A benefit of using the distributors is the ability to get access to stock from a variety of different manufacturers in acceptable size orders. However, this often means the prices are slightly higher compared to the direct route of using the manufacturer.
Liquidators: Provided that you have a certain degree of flexibility in sourcing stock and not after a certain item, a liquidator is certain to offer a lot of products with some quite significant savings. End of line stock is often seen to offer savings in the region of 65% plus off the regular wholesale prices.