Whether you own a traditional brick-and-mortar shop and are looking for some added inventory or you run a fully digital e-commerce store and prioritize quick turnarounds, wholesale goods are a great investment. Not only are you buying quality products in excellent condition, you’re getting them for a fraction of the original cost. It’s a great way to ensure profits stay high and that you’re always well-stocked. So, if you’re looking to find the best deals on wholesale goods, here are a few easy tips.
Distributors
Most often, entrepreneurs selling wholesale goods work with a dedicated group of distributors. There are several different types of distributors and the right fit for you will vary based on your unique business needs. Common distributors include manufacturers, importers, jobbers and regional distributors.
If you’re struggling to find a distributor, it’s in your best interest to try the manufacturer first. You may be able to snag a sale depending on their minimum order requirements. If you’re working with a larger manufacturer, there’s a strong possibility that they only sell through previously established distribution networks.
Luckily, many manufacturers are willing to provide a list of their distributors. Some of these distributors have exclusive rights to certain products. They’re guaranteed to be the most reputable sellers on the list. Keep in mind that the fewer people you have to go through during the purchasing process, the lower the final costs will be.
Auctions
If you’re analytically minded, have quick reaction times, and know how to strike when the iron is hot, the auction system might be a good fit for you. There are numerous wholesale auctions that take place on any given day, and they’re an excellent way to get some of the lowest product prices in the industry. Most frequently, the materials sold at auctions are surplus inventory, seasonal items and customer returns.
If you’re concerned about purchasing pallets of products sight unseen, work with auction houses and websites that offer quality guarantees or refunds. It’s even better if you work with an auction house that has partnership deals with a manufacturer. For example, if you’re interested in Walmart goods, look for partnered Walmart auctions. Some manufacturers even run their own auctions from time to time, which is a good way to cut out a middleman.
Trade Shows
While most people tend to think that trade shows have fallen by the wayside, this couldn’t be further from the truth. Depending on your industry, a trade show is one of the best ways to peruse new products, form direct relationships with the manufacturers, and even meet some of the members of their distribution channels. It’s also a great opportunity to connect with other like-minded wholesalers and trade buying strategies.
Finding a trade show near you is as simple as exploring an online database. Keep in mind that availability will vary from region to region and industry by industry. If you’re especially interested in trade shows, it’s important to understand that travel is frequently required unless you live in a major city. Trade shows also tend to be more expensive and a touch less efficient than handling your purchases online, but they’re a great way to sample merchandise ahead of time.
Get Selling
While building up your own network of manufacturers and distributors might seem overwhelming at first, understand that it takes patience above all else. You won’t have the most efficient list of sellers when you first start exploring wholesale goods. As long as you’re determined and are willing to do your research, you’ll find the right purchase opportunities before you know it. After that, all you need to do is get selling and watch as your business flourishes.
