How Can Retailers Meet Wholesale Suppliers
There are many tips that successful fashion brands know – One of which is how to find and meet wholesalers who can supply to your business. Researching and finding wholesale suppliers does require a careful approach. As a business, you must consider every angle and find a supplier that meets your requirements fully and can provide you with a reliable and first class service.
How does the wholesale industry work?
To find a suitable wholesale supplier, you must first understand how the process works. The wholesale industry is highly competitive and there is an abundance of suppliers you can use. The wholesale chain involves the manufacturers ( a company that creates the product), the wholesaler (the business that buys from the manufacturer), and the end customer (You – you buy stock from the wholesaler). Do not expect to buy directly from the manufacturer – In most cases manufacturers will only deal with wholesalers and not entertain selling to the end customer.
What do you require from your wholesale supplier?
Understanding your wholesale requirements is paramount to choosing a suitable supplier. What levels of stock will you need? How often will you need deliveries? What invoice terms can you agree too? Will you place regular repeat orders? Will you need next day deliveries or are longer lead times acceptable? Make a list of your requirements, and ensure you address these points when negotiating with a potential supplier.
Consider your expected volume of sales
The world of wholesale revolves around volume. Volume is king. Generally, the more you buy, the greater the discount you will receive. Wholesalers love bulk orders. Will your business need large repetitive orders? If not, then it might be beneficial to only look at smaller wholesalers. If your expected order quantity is low, you will not benefit from using a large wholesaler. Smaller wholesalers may offer you better deals or greater flexibility in supply.
Perform extensive research
Researching potential wholesalers is the most important factor. Ensure you make use of every different available channel to find suppliers – Do not limit yourself to one medium of research. Some potential areas of research can be seen below:
Trade shows – Shows dedicated to wholesalers can be an excellent way to find a supplier. This is a captive market and the show will be full of businesses geared to your requirements. A trade show provides you with a face to face opportunity to meet a wide range of wholesalers. Ensure you are well prepared and understand what you want to gain from the show.
The internet – An obvious medium, but a worthwhile avenue of research nonetheless. When searching for wholesalers on the internet ensure you are searching for your specific industry – Using a vague search term will return results that are irrelevant to your type of business. Also, check the authenticity of any results you find – Not every site on the internet is reputable.
Trade magazines – Often wholesalers will pay to advertise their business in a trade magazine. Consider subscribing to magazines specific to your industry and looking at the suppliers who advertise here – As they are advertising in a specific magazine, you know they will stock your products.
Brand Manufacturers – Although manufacturers will rarely sell to retailers, they will often be able to provide you with useful information. Brand manufacturers will have a large list of wholesalers who they distribute their products too – They may be able to pass this information on to you.