Business is booming but think you’re paying too much for your stock? Would you consider buying in bulk? Here we look at options for the smaller retailer.
Buying in bulk generally gives you better value for money, helping you save money for your business and giving you a better financial base. If you’re a smaller retailer it may feel a little daunting what with storage space to consider so here’s a short guide to buying in bulk.
What to sell
Working out what your business should sell can be difficult. You want a good quality product that doesn’t cost the earth to buy but that you can sell on easily to make a profit. Some retailers will simply sell stock that gives then the best opportunity of healthy profits and other retailers may sell products based on their personal passions. Whichever way you decide to go make sure that you establish your target audience and location and that your product will appeal.
Where to buy
One of the most important aspects of buying stock is to research where has the best quality product(s). Buying from online wholesalers generally tends to get you the best quality for the best price, but ensure that you research well and establish good communication lines with your seller, ensure that joining costs are not too high and how shipping works. Another tip is to read reviews from other retail businesses on the wholesale seller in question. This will help you get a feel for the seller and help you ascertain if they’re for you and business.
When it comes to selling on your stock, be competitive. Making a profit is of course extremely important to you, but not selling at all due to a best-priced competitor could be commercial suicide. So keep prices inline with your rivals, but have a secret weapon at your disposal, Marketing! Ok, so not so secret, as the idea is to get your shop known! Intelligent marketing is mainly web based, and websites and social media are imperative in todays market. Be interactive, use eye catching graphics and learn your audience. An important strategy is to be aware of your social media presence and act accordingly. For example, scheduling Facebook posts between 1pm and 4pm is the best way to get seen!
Don’t let storage space put you off buying in bulk. If you have been avoiding buying in bulk for fear of where to put it all, then its time to revaluate your strategy. Moving your shop to bigger premises can be a huge task and it also could be out of your range financially. Another possibility is to use external business storage units – for example, you can store bulk stock in small and large storage facilities. Investing in storage units could save you money long-term.
Buying in bulk can be all your business needs to be a huge success. With a bit strategic thinking and thorough research for sourcing products and storing them, buying in bulk really can be that easy.