3 Terms Every Wholesaler Must be Familiar With

Wholesale jewelry is a business worth billions every year and people dealing in this industry witness huge profits annually. This, of course, lures new and young entrepreneurs to try their hands in this field and share a part of the profits. Over the past years, a plethora of Kundan jewelry wholesale suppliers have entered the business and have reached the top positions in the industry. However, just having an impressive website and displaying exquisite collection won’t help you mark your presence in the field and attract wholesale clients. One needs to be proficient in conducting business, must be familiar with all the technical know-how, and understand all the jargons and vocabulary used here. Yes, there are certain terms and words that are used every day while trading wholesale jewelry and dealing with retailers and exporters. Whether you offer Indian fashion jewelry online in the USA or in your own country, the vocabulary must be on your tips. Here are 3 words that you will be using in your day to day life while dealing with clients:

It is the cost of the products that you will be selling as a wholesaler. This price is usually lower than the retail price (price at which a retailer sells the jewelry). However, there is still enough scope left for you to make profits as you will be offering products in bulk instead of one piece. You will add the cost of acquiring the pieces, including overheads, and admin expenses and profit margin to zero in on the final price that you will offer to the clients.

Wholesale pricing is lower than the retail prices but still allows you to make a significant profit since buyers are purchasing in large volumes.

Minimum Order Quantity

This is the minimum amount that a buyer has to pay to acquire your products and display them in his store. You can decide the minimum order quantity to let the retailers know the minimum order they need to place to avail the wholesale price. You can decide the lowest price that you will be offering to the customers buying in bulk and set the lowest limit too for the order quantity that they have to meet. This will also help you to identify the big clients and small ones. Of course, there may be varied wholesale buyers, so you can change the MOQ according to the buyers.

Minimum Retail Prices

Fashion and Kundan jewelry wholesale suppliers can set a minimum price below which retailers cannot sell their products. Your wholesale buyers will have to abide by the pricing that you have set. This will make sure that there is no large gap between wholesale and retail price.

When you will be dealing in Indian fashion jewelry online in the USA, you will observe how commonly these terms are used and how crucial they are to conduct the business smoothly.

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