Planning to Expand Your Wholesale Business? Consider these Tips

Did the wholesale business you started has attained its short-term objectives? Are customers more than happy with the services and products? Are you doing a great job of catering to their business demands? If yes, have you thought of touching new business horizons? Well, expansion is a crucial part of a business. However, any decision made in haste can result in huge losses. Therefore, it is imperative to put the foot forward with utmost care and precision.

In my 10 years wholesale career, I have witnessed people blindly chasing money without even analyzing the long-term effect of their expansion plan. More products and more turnover have always been two motivating factors behind growing the existing business operations.  Other than these, there are some areas that seek your attention in the transition process. One basic thing is to observe the customer buying patterns. Suppose, customers are placing orders of wholesale fashion rings in a lot, you can consider procuring ringlets and bracelets from the manufacturer. Your existing customer base is the best way to understand what is to be added to the store and whatnot. While reaching out to potential buyers, put immense efforts to retain the present patrons. Also, bring those items on board that make a positive contribution to the retailers.

Being in a wholesale fashion jewelry business since quite a while, I have learnt that prices are greatly influenced by the present as well as estimated sales. Considering this, it is essential to examine customer trends through a suitable trading system and software accounting package. The task of defining the pricing policies and minimum order quantities become less challenging when an entrepreneur estimates future sales by reliable means. Moreover, you are in a better bargaining position with the relevant figures and calculations.

Most importantly, the process from ordering to shipping must be a hassle-free one otherwise, customers always have the option to approach other wholesalers. Providing top-notch products may make a little sense when the customers are unable to get them in hands. Instead of focusing on irrelevant issues, shift to vital concerns such as easy to navigate website. The bottom line is making the online stores user-friendly.

Now that you have got the tips, it’s time to get started. Knowledge is power but working without an action plan will not land you anywhere. Before acquiring new products and brands, take into consideration the demands of current and growing customers.

Hope you found this blog useful. Still searching for an ideal place to buy wholesale fashion jewelry? Check our online jewellery right away! Under one umbrella, we bring to a plethora of wholesale jewellery such as wholesale fashion rings, necklaces and maang tikkas. So, what are you waiting for? Place your first order with us immediately.

Report this Page