It requires a number of ingredients to become a successful wholesale buyer. And it requires even more to set yourself apart from the competition. The team at Wholesale Scout look at some tips on how to be a successful buyer and how to stand out from your competition.
Brand
When you are creating your wholesale business you need to think carefully about your brand. Brand can mean a lot of things but a few ideas that contribute to a brand are; logo, website, marketing literature, slogan/ethos. Carefully consider what you want your brand to be and what you want the publics’ perception of it to be. It is important you set this out from the start as it could determine what wholesale products you purchase in the future.
Competitors
To succeed and be different in the wholesale industry you need to know what your competitors are doing. The way you find this out depends on the way you intend to trade. If you are selling online, use Google and other search engines to find out about other online retailers. If you intend to sell at a local market, ensure you visit the area and see who is selling what. Things you should carefully note down about your competitor are; product selection, brand perception, prices, returns policy and reputation. Researching all of this will help you to stand out from the crowd as you can price and choose your products accordingly.
Products
A good re-seller will have a variety of products that shift quickly. So in order for this to happen you need to keep an eye on the market and product trends. Sourcing wholesale suppliers of products that are really in demand can be tricky though as you will have a lot of competition. So instead check out niche areas and products that are popular and consider directing your energy there. Use a wholesale directory or browse online to find supplier information.
USP
You should spend time working out your unique selling point. What makes you different from other re-sellers? Why should customers come to you? Perhaps it’s your competitive prices or your returns policy. Either way, after you have researched your competition work out why you are different and start promoting it to your customer base!
