Running a wholesale business, whether small or large, can be very lucrative. If you source stock from reliable wholesale suppliers at competitive prices then you should be able to make some profit on resale. But if you have been struggling to resale your products recently you could be wondering when you’ll start to see a return on investment.
The team at Wholesale Scout have listed some reasons why your stock might not be selling and some tips to help you boost sales:
Not On Trend
Stocking products that are not on trend can really slow up your sales. Many consumers look online and head to the high street for products that are popular. Whether it’s a movie that has just been released, a product that has been getting a lot of press or a new product release – it’s worth keeping an eye on trends to help maximise your sales. Ensure you check industry news and consumer news and make a list of products that you think may be popular. Give yourself plenty of notice to ensure you can source stock at the right time.
Not Seasonal
To increase your sales you should try targeting your products depending on the season. Buying seasonal products is crucial to your sales. In the winter months sales of warm clothing, coats and boots increase but during the warmer months sales of swimsuits, sun hats and holiday supplies will increase. If your stocking the wrong seasonal products then it’s likely your sales will be slow.
Lack of Advertising
Advertising is a crucial part of any business. If not many people know about your business or your products then you’ll find it really tough to resale. If you are running a market stall ensure you speak to customers and publicise your products. If you are running an online business try using SEO and advertising online to build awareness.
Where You Are Selling It
You might be experiencing slow sales because you may not be selling your products in the right place. Some consumers do visit market stalls and car boot sales looking for items, but these consumers may not necessarily be looking for high-end pricey products – they are probably looking for bargains. Assess your product selection and try to sell across a number of platforms including online and offline.
