Having a successful retail
business depends greatly on offering the right product, at the right price, at
the right time. Therefore, it is paramount to the success of your business to
be able to locate the best sources for those products. Once you know what
products or product lines you would like to sell, it's time to find places to
buy wholesale merchandise.
Buying Wholesale Merchandise
Before you buy wholesale
merchandise for your store, try to visit a competitor or a store selling a
product line similar to what you plan to sell. Browse the store's product
selection, making a mental note of the brands they carry. What products seem to
be selling well? Which items are in the clearance bin? If you visit a similar
store too far away to be a competitor, that retailer may be willing to share
with you the source of his wholesale merchandise.
Retailers can often find
products to sell in their stores by searching online, joining buying groups,
using library resources and attending trade shows or buyers' markets.
Once your store is open and
doing business, it will be easier to find wholesale merchandise to sell because
the suppliers will be coming to you, instead of you looking for them. Customers
can also play a large role in finding suppliers as they recommend products they
would like to see in the store.
Types of Suppliers
Manufacturer - Some
manufacturers will sell their products at wholesale prices directly to the
retailer. If they do, they may sell their products at large quantities or at a
high minimum order. If you have a particular product you want to sell, contact
the manufacturer and ask if they sell directly to dealers. If not, ask what
distributors they sell their products through so you will know where to buy the
items.
Importers - Due to
globalization, importing products has become much easier than it used to be.
Retailers can purchase from importers or buy the products directly from a
foreign company. Before using this type of supplier, do your homework. It is
important to understand all the aspects of the paperwork, shipping time,
product life cycle and all costs involved.
Distributors - A distributor
generally sells a large variety of a certain classification of products. They
must make a profit too, so their prices may be slightly higher than if the item
was purchased directly from the manufacturer. Retailers can buy lower
quantities with little or no minimum order. Some even offer free freight on
orders over a certain amount.
Other Wholesalers and
Liquidators - In searching for products at wholesale prices, you may find
wholesalers that don't sell just one type of merchandise but many, many kinds
of products. Some will sell closeouts, truckloads and pallets of merchandise
and even damaged goods. Before buying wholesale merchandise from this type of
supplier, be sure you completely understand the condition, price and terms of
the sale.
Auctions - Retailers can find
many bargains on eBay, the world's largest auction site. Just browse the
Wholesale Lots category of the type of store you have and you'll find tons of
merchandise. Not all product prices on eBay are truly wholesale but if you
spend time watching the auctions and learn how to buy effectively, you're sure
to find a deal. Don't miss out on live auctions for bargains on merchandise for
resale.
Choosing a Vendor
Once you've located several
sources of products, evaluate each vendor on a variety of factors. In order to
bring the best merchandise to your customers, you'll need to buy from someone
offering quality products, reliable delivery and superior customer service.
This information can be gathered through references, marketing material or by
simply asking the sales representative how they conduct business.
Other Factors to Consider
Stability
Price
Location
Shipping Options
Shipping Costs
Customer Service
Terms of Sale
Business Hours
Returned Merchandise
Website and Online Purchasing
Don't get discouraged. It may
take some time, research and several vendor negotiations to find the best
merchandise to sell in your retail store.
Wondering what all those new
products will cost? Find out how to calculate inventory startup costs.
Wholesale Maryland is a known
and established retailer of value-priced apparel and accessories. Wholesale
Maryland provides exciting, daily use general merchandise products which
appeals to a broad range of customers. Wholesale Maryland serves over 500
retail locations and stores across Washington DC, Maryland, Virginia, Baltimore,
New Jersey and Pennsylvania. Call us today and help us grow your business.
For more information about our huge pool of wholesale products please visit us @ www.wholesalemaryland.com or call at 240-965-6006
For more information about our huge pool of wholesale products please visit us @ www.wholesalemaryland.com or call at 240-965-6006
