Check out three easy steps to boosting your wholesale profits.
Build a Website
Expand your reach by building an online store. Many wholesale buyers build wholesale websites as it’s an easy way of dealing with customers. You can build a shopping cart into the site and customers can automatically buy from you. This is a great way of reaching more customers – as many consumers shop online and it will also increase your brand awareness and credibility. If a consumer hears about your business they are likely to go online and Google it to read reviews. If they are faced with a professional looking website with a variety of products to choose from they are more likely to take you seriously. Although a website doesn’t have to cost much to set up, it’s crucial that you make it look as professional as possible and make it easy to navigate. Product pictures and descriptions are vital.
Research
If you want to boost your profits you need to research your customer base. You need to know who you are selling to and once you have a target audience, you need to research into what products they find popular and what is selling well. Visit local market stalls to see what other retailers are selling, check the news for trends and search online and see what your competitors are sourcing. If you can source the right products you’re more likely to increase your selling volume and, hopefully, your profits!
Compete
You need to be competitive – customers will normally buy from the retailer that offers the best price. And in order to beat your competitors you need to find the best wholesale suppliers and acquire items at a much lower price than retail. Browse a wholesale directory and network to find suppliers and ensure you work on building a relationship with them (especially if you plan to repeat buy). If you can source popular products and offer them at competitive prices then you should be able to build a loyal fan base and boost your profits.
