Opening an online business may be something that you’ve considered doing for a while. With so much extra time spent at home due to the recent pandemic, now is as good of a time as ever to get your store opening underway. If you still lack suppliers, here are some great tips that you should employ to line up your list of wholesale suppliers.
When it comes to selling bulk wholesale products, you need to have a supplier lined up. This ensures that you know what the exact cost of the item will be. You don’t want to play the game of accepting orders from clients and contacting your wholesale distributors afterward. This can lead to losing out on much-needed profit when prices fluctuate over time.
Talking With Legitimate Suppliers
One of the biggest worries that you may have in regards to finding suppliers is getting hung up in a fraud scheme. Many people trying to make some quick money have realized that they can pose as wholesale suppliers and charge above wholesale price to retailers for the items. This translates to you paying above wholesale value to get the products you need to be supplied to you.
To cut out the middleman and ensure that you’re getting the most profit possible for each item, it’s important that you work with only reputable wholesale distributors. These distributors should have excellent ratings online from multiple sources. When you talk to any of these distributors, they should be asking for your business information. If they don’t ask for things like your EIN number, then it’s likely they’re not a legitimate supplier. Move onto the next one.
Be Aware Of Wholesale Lot Orders
When you’re looking for bulk wholesale items, it’s likely that any reputable supplier will only sell items in units called lots. These consist of a large number of specific items. The exact number of the item that you’ll get in each lot is going to highly vary depending on the specific item that you’re purchasing.
At first, you may be upset to find out that you have to purchase a whole lot to get the item. However, it’s important that you understand why. First, it’s easier for the wholesaler to sell lots to retailers instead of individual items. This is less labor-intensive for them. Second, by selling in only lot sizes, the average consumer won’t purchase the item from a retailer for a lower price. This is what allows you to remain in business by obtaining the items for a discounted price.
Hit Up Local Trade Shows
If you’re going to be investing in the online marketplace, then you need to make some networking connections. Trade shows are the perfect place to do so. They’re full of bulk suppliers who are looking to network with online retailers to get new customers. Do yourself a favor and visit your local trade shows. You’ll get to see many new options for suppliers, and you may even find some that offer products at a cheaper rate than you’re currently getting.