Whether you have an established wholesale buying business or you’re just starting out, the need to negotiate with a wholesale supplier is always there. Even if your business is booming, you should always want to beat your competition and secure the best prices. Check out our wholesale buying advice and our three tips on how to negotiate with a wholesale supplier to ensure you get the best return on investment.
Preparation
Preparing to meet a wholesale supplier is crucial as it will help you to look professional and, after all, knowledge is power. Spend time on the internet researching the supplier and their product offering. Consider attending industry networking events too to see if any resellers you know have used them and what kind of rate they got. You also need to know if this supplier needs you to buy in bulk or not. If you are prepared to buy large volumes then you are more likely to get a good price. A supplier is likely to drop prices if they think they will get repeat business so ensure you let them know your buying plans.
Negotiation
Negotiation isn’t just going in, offering your bottom line and getting it. It’s much more than that. It’s about compromising and offering incentives. So before you meet with your supplier consider what you can afford and try and stay close to this number. But if you are too harsh with your negotiation the supplier may not want to do business with you so be careful during this process.
Agree a Price
No matter the size of the order, if you have agreed a price then you need to confirm this with the supplier. If you have built a strong rapport and happy to confirm verbally then do so but if not ask the supplier for written confirmation or an email. This will cement your deal and you’ll be able to make a confident purchase!
