If you’re fairly new to wholesale buying and are just starting to look into approaching wholesale suppliers, you’ll need to know how to get the best deals – follow our simple guide:
Research
Finding out about wholesalers is essential before you start approaching them. A little bit of research or a quick glance through a wholesale directory will show you just how many wholesalers are out there and which ones are specialising in the products you want to purchase. Do your research and look for feedback and reviews of each supplier – you can usually find these online. Doing your research will help you to gain feedback on supplier pricing, delivery time and reliability and it will help you to choose the most competitive wholesaler. Once you know this information you can make a more informed decision on which wholesale supplier is right for you.
Rapport Building
Building rapport with wholesalers can really help you to drive down prices and to negotiate. If you make a one off order from a wholesaler and don’t talk to them for years and then try to approach them for a discounted deal you’re probably going to be unsuccessful. Instead keep in contact with your wholesalers and make repeat purchases. Building rapport this way will demonstrate to the wholesaler that you are a reliable customer and therefore it should be easier to negotiate pricing on product purchases.
Buy in Bulk
Buying wholesale pallets of stock will usually lead to bigger discounts and some amazing offers – purely because pallets are usually a mixture of items that you may not be able to see before purchase including clearance stock or returned goods. It can be riskier to buy products like this but you can usually secure them at well below the RRP and you can usually make some good resales from pallets. If you have one item you want to purchase then consider buying it in bulk. Normally wholesalers have a minimum order number but even if they don’t, buying in bulk will give you more negotiating power.
Plan Your Purchases
Items that are heavily sought after or are on trend usually are harder to gain at a competitive trade price. So planning your product purchases ahead of this can really help you to secure them at lower wholesale prices. Look at seasonal trends, find out about product releases and plan your purchases well in advance to secure better wholesale rates.
