If you have just started running a wholesale business you’ll no doubt know that there is a lot of competition out there. There are quite a few resellers out there who are probably trying to cash in on similar trends to you and build relationships with wholesalers. But there are a number of things you can learn from your competitors that may just help you grow your business…
Website
Looking at the competition’s website is a great way of helping you to improve your business. Is your competitor selling more products than you? If so, why? Look at their website to gain design ideas and product ideas. Then look at your own website and try to decide what improvements you could make. You may find some ideas on your competitors website like better product descriptions, better images and a better website layout. (Tip: Don’t copy! But keeping an eye on the competition and their store is an effective way of keeping your business up with competition.)
Product Selection
Keeping an eye on what your competition is selling can help you to keep up with trends. If your competitor is selling a particular item and keeps re-stocking then it’s likely they are getting a good deal and they are popular with customers. Checking on your competition and what products they are selling may give you some ideas for your own inventory.
Learn from Mistakes
A quick scout on the internet should be able to help you find information on your competition including customer comments. Check customer feedback and if there is anything negative, take it on board and learn from it as it may be something that applies to your business too.
