Tips to Buy Wholesale Merchandise for a Profitable Retail Business

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retail business

The success of your retain business will largely depend on the quality of product you are offering at the right price, at the right time. Therefore, for the success of your business, it is crucial to locate the best sources to procure those products. Once you know what products you want to sell, the next important step is to find the right wholesale distributer.

In this article, we will share some tips to help you Buy Clothing Wholesale. Read this article to know more about the process.

Assess your competitor first

Before you start purchasing the wholesale merchandising for your store, you must visit a competitor’s store selling the same products as yours. Browse their selection and note the styles and brands they are carrying. Try to determine the products that are selling well and the ones that made it to the clearance section. If you happen to visit a store located geographically far to have a conflict of interest, then that retailer may even be willing to share the source of their merchandise.

Retailers often find the products they want to sell by searching online. You can also join buying groups, attend trade shows, or visit buyers’ market to get more insight.

Once you open your store and start doing business, it will be much easier to find wholesale merchandise as the suppliers may reach out to you themselves rather you seeking them out. You can also  build a rapport with your customers and seek their feedback to know what they are looking for. This exercise will point you in the right direction and help you find a supplier who can deliver what your customers want.

Visit the trade shows

A trade show is one of the key sources to locate a wholesaler. Retailers often find many suppliers who cater to the same markets or product ranges. You can attend international trade shows to find wholesalers overseas or attend local events to find suppliers in your vicinity.

You can start looking for information regarding the tradeshows happening in your industry. There are several websites that offer updated information about the events nearest to you.

Connect with manufacturers directly

If you want to have greater control over your pricing, then you can also connect with some manufacturers who are willing to sell their merchandise at a wholesale rate, directly to the retailer. However, they may have a minimum order quantity restriction. So, be aware of these limitations before you contact the manufacturers.

On the other hand, if you want to sell a particular product in very large quantities then you may ask them to produce it for you exclusively. If they only sell to dealers, then you can take that information from them and reconnect with the manufacturer through the wholesaler.

Purchase from importers

Thanks to the rising globalization, it is not possible import products from overseas suppliers in large quantities and low prices. However, before you exercise this option, be sure to thoroughly research the supplier and ensure that they are reliable. You must also understand important aspects such as shipping time, product lifecycle, paperwork, and the associated costs.

Buy from distributers

If you want to buy smaller quantities, then you can also get in touch with distributers who may be willing to sell you certain classification of products. But do take note that they too have to make a profit so the prices will be slightly higher than what you would pay to a manufacturer.

Buyat Auctions

There are many retailers who also source their products through auctions. Just browse the wholesalers online and look for Wholesale Lots category according to the type of product you want. You may not always find the best prices on these auction websites but if you spend time watching the auctions and learn how to buy from them, then you would be able to find a deal for yourself. Don’t forget to checkout live auctions for bargains on product resale.

Choosing a Wholesaler

Once you have found the outlets to source your products, you must evaluate each vendor closely on the basis of various factors. For starters, you must enquire about their delivery timelines, customer service, pricing, returns, minimum order quantities etc. You must also ask for references and review their marketing collaterals to get a fair idea about their work ethic. Don’t hesitate to get on the phone with their sales representative and ask as many questions as you like!

Finding wholesale merchandise for your clothing business will require some ground work and several vendor negotiations before you find a reliable one. So, don’t be discouraged by the hard work and be prepared to follow all these tips to find the right wholesaler.