The Inner-Mechanisms of Buying Wholesale
The lucrative nature of the online resale industry has attracted numerous amateurs. In terms of which products, they should sell, there are countless options. Clothing accessories, jewelry sets, etc. all perform amazingly well in the online retail market. However, once you’ve decided which products they want to sell, they need to source those products. That’s where top wholesalers such as the Judson and Company help out these aspiring eCommerce entrepreneurs. Top wholesalers not only provide sellers with high-quality merchandise, but they also alter their services to facilitate the growth of your business. Such cooperation and economic flexibility are the two key qualities that all aspiring sellers should seek once they start buying wholesale.
What is Wholesale Buying?
Buying a product on retail and buying several items on wholesale are two entirely different concepts. After buying items from a wholesaler, you essentially become a middleman for the consumer. The consumer views and orders the product on your web store. Or you direct the customers to a link via your social media pages. There are various ways of exposing target customers to merchandise or products that they want to buy. After each sale, you receive a commission. The revenue you generate in such models is often without much or any effort. For instance, if you buy ten earrings for $10 and sell them each for $5 on your jewelry website, your Gross Profit ($50 revenue – $10 Cost of Goods Sold) is $40! In case your sales plummet, you can always use tools such as discounts or seasonal sales to return on track. When the revenue margin is so high, and the risks involved are minimal, doing business is a lot of fun!
Finding the Perfect Wholesaler
In the past, finding wholesale suppliers was difficult. But, lucrative marketing opportunities have driven many companies into becoming wholesale suppliers for internet-savvy resellers or consignors. Networking on seller platforms or on virtual meetups or business conferences is a great way to learn more about the market. Not every wholesaler is a master of a specific product type. For instance, an online marketplace may be great at selling jewelry but may lack in stock options when it comes to clothing accessories.
Choosing the Products
Make sure the product type you choose to resell on the internet comes from a reliable wholesaler. The wholesaler must offer clear refund policies for product defects, etc. Be clear about storage and shipment issues. Avoid reselling perishable products.