Looking at what your competitors are doing every now and then is very valuable if you are looking to create a successful wholesale business. We’ve listed below some tips on how to keep ahead of your competitors and what you should be looking out for to keep your wholesale business growing.
Product Selection
Looking out for what products your competitors are buying is a good way of gauging competition and of finding out about products that are selling. If a competitor is stocking one particular product regularly then it indicates this is a good seller for them. Look out for ways of undercutting their prices (by finding competitive wholesale suppliers) and ensure you are keeping up with demand.
Networking
Try to find out what networking events your competitors are attending. Networking is a vital part of the wholesale industry because often you can build more rapport with wholesalers face to face. If you are not attending these events, it’s likely your competitors are building better relationships with suppliers and securing more attractive rates.
Website
Most wholesale businesses have a website where customers can browse products and purchase online. Many consumers like online shopping as opposed to the high street. If you are looking to set up an online business ensure you check out what your competitors are doing. What are their product descriptions like? What shopping cart software are they using? Looking at this will allow you to keep ahead of your competitors and hold your value in the market.
