10 Sourcing and Wholesale Buying Tips for Retailers
Sourcing can be a challenge. Here are the three wholesale buying tips for retailers that will make sourcing directly a successful endeavor:
Instead of working with a middleman, retailers should seriously consider sourcing products directly from the designers or manufacturers who create them. There is nothing quite as authentic and valuable as sourcing items directly from the source.
1. Relationships: Meeting designers or manufacturers in person helps to establish and grow professional relationships that are much stronger than long-distance connections. In the digital age, connecting in person can seem unnecessary. However, the power of these more intimate connections is not to be underestimated. These relationships serve as the foundation of the business that will take place.
2. Quality: No matter what you are selling, it is important to offer good quality to your customers. By first forming strong relationships with the designers or manufacturers you are working with, it is easier to ensure good product quality. It is also much better to see, feel and truly experience the products firsthand so you can analyze the quality for yourself.
3. Cost: You will have more control over the cost associated with the goods by sourcing products yourself. While travel will be an expense, you will find that it is one worth paying since you receive so much in return. By forming these relationships and gaining better control over the quality of the goods, you will also be able to stay abreast of the money involved all around so you can conduct business wisely.
If you decided to attend ASD Market Week or SourceDirect at ASD, here are seven things to consider when meeting with show vendors:
4. Validate Your Buying Decisions: It is important to inquire about their ability to fulfill your orders before you place an order of any size.
5. Use Real-World Sensibility: As you examine their product lines, consider how adding this product to your merchandise mix will help differentiate you from your competition. It is important for you to buy products that add value and freshness to your store.
6. Understand Online Competition: When you are on the show floor, find and look at the companies that offer exclusive products that are not necessarily available online. These niche products will help make you unique and drive demand for your store.
7. Keep the Delivery Time Frame in Mind: Be prepared to ask a vendor about what is available now and when the upcoming season can ship. Keeping the time frame in mind is crucial.
8. Do Not Buy More Due to Minimums: Order minimums tend to come into play here. It is easy to buy more than you need because of set minimums. Ask about the flexibility with payment due dates, costs of shipping and flexibility on order minimums.
9. Know Your Vendor Before You Invest: Knowing the track record, background, history and previous collections of the vendor you are going to begin to carry will help make you more confident in your order decisions.
10. Know the Hidden Costs: Inquire about the import/export taxes on your overseas purchases. Low minimums are great, but be sure there are no hidden costs tacked on elsewhere.
Now that you know how to plan your ASD Market Week experience, do not forget to register!