Having a successful retail business will depend on the products that you have on offer, the right price, and advertising them at the right time. It is vital that when you are sourcing beach style furniture for your business that you are locating the best sources with the best prices. It can take a while to find the right wholesaler, but once you get your head in the door, you can start getting organised.
Starting Steps to Wholesale Merchandising
Before you go ahead and begin to buy your merchandise, visit a few competitive stores that are selling a similar product to you. Browse their selection and remember the brands that they are carrying. Try to figure out which brands/products are selling, and which ones are not. If you visit a store that is geographically too far away to be your competition, then consider collaborating with them to source the best suppliers for you and your style.
You can find products to sell in your store by searching online, using library sources, joining some buying groups and attend plenty of buyer’s markets/trade shows.
Once you have your store open and running, it will be much easier for you to find wholesale merchandise to sell in the store and suppliers will begin soliciting you rather than you trying to find them, which can prove to be quite tricky. Even your customers can play a significant role in helping you to find suppliers as they are often happy to recommend products they wish you to sell in your store. Building a relationship with your customers and asking for feedback is essential to ensure you are meeting their expectations.
Can you offer design services?
Do you or your staff have qualifications or experience in coastal interior design services? Is this something that you could consider adding to your market offering?
Trade shows can be a useful information source.
Visiting trade shows is an excellent way to find a decent wholesaler. Retailers can find suppliers that are at the markets and see what they are offering. Trade shows are often held annually for the larger shows, but there are often small trade shows running more frequently.
Searching for the nearby trade shows in your industry will yield some nearby events. You need to be an established business to attend, as they are not open to the public. You will need to show proof you run a business.
Some of these will be happy to sell their products at wholesale prices to the retailer directly. When they do, you may see they are selling their products in large quantities, and it will most likely have a minimum order. If you have a product that you want to sell, you can contact the manufacturer and source whether they will sell directly to you as the retailer. Ensure you have good cash flow to cover these larger purchases, it will pay off.
Buying from importers
Globalisation has made it easier to import products. The retailer can buy from the importer or a foreign country directly. Do your research before you start this as it is essential to know all about the shipping time, product lifetime and everything else involved. Sometimes the shipping cost may not be worth the while if you are selling a small product and depending on where you are you may be required to pay import fees on top of the standard shipping rate. Ensure you check it thoroughly, so you are not left with unexpected fees to pay. If you are planning on selling large amounts, you will find websites such as Alibaba very useful.