Wholesale suppliers and direct jewelry manufacturers are preferred by many retailers. They offer a great deal of savings and can be given as gifts or personal accessories. Wholesale Jewellery offers are available that will enable you to stay on top of the latest trends, and also make money. You might end up buying the wrong quantity or choosing the wrong wholesaler if you're not careful. This guide will help you navigate this complex market.
How do you buy wholesale?
As you are probably aware, lower overhead costs for inventory acquisition and operations can result in higher profit margins. Your business will be able to stock its stores at a lower cost, which will translate into more profit. Wholesalers offer bulk products at a fraction of the retail price. Wholesalers can then pass on these savings to you, allowing you to stock more products or a wider range of products.
Tips for Buying Wholesale Jewellery for Resale
Wholesale jewelry is an attractive option as it offers high turnover. These are just a few ways you can make it a profitable business.
Look for a reliable wholesale supplier
Customers keep coming back to you because your new meenakari jewelry is a big hit. You could be making a lot of money with this jewelry, so order more to make sure you have enough stock. The supplier places you on backorder for several more weeks after the trend ends. Your company could lose money if they let you down.
It is possible to find a product that you know will sell. When you place an order, it is obvious that the product was made from low-quality suppliers. Because they are obvious, your customers don't care about quality issues. It cost you money because your supplier let you down.
It is important that you are able to trust and vet your wholesale supplier. Wholesale sales can be a lucrative business venture.
Review product descriptions to protect yourself against fakes
It is unlikely that this will happen with a supplier you have worked with for a while. However, it is important to remember: Just because the supplier is trusted does not mean the products will not be inspected. Sometimes, shipment can be falsified if suppliers change manufacturers.
It is important that product descriptions include information like size, weight, origin country. Learn about the supplier's manufacturer vetting process and, if you can, verify the manufacturers with The Better Business Bureau.
Don't try to do it all the first time
Let's say you find a supplier that seems trustworthy. It is not a good idea to place large orders with them right away. Start small orders to test the products. Once you are satisfied, you can place larger orders. You also have access to old customer reviews.
Wholesale Jewellery Pricing
The wholesale price can be twice that of the retail price thanks to the keystone pricing model. The markup is therefore 100%. Selling products is more costly when you take into account customer acquisition and operational expenses.
It is important to ensure that your products are priced fairly. Amazon and other online retailers can price brick-and-mortar stores out of the market with a 100 percent markup. You will need to find this delicate balance.
You may also need to adhere to the MSRP (Manufacturer’s Suggested retail price). This will allow you to remain competitive since other customers may be also looking at the MSRP.
Keep up-to-date with the latest trends
It's not a good idea to buy a lot of jewelry that's out of style. Wholesale Jewellery suppliers shouldn't stock trendy pieces. It is up to you, however, to keep up with the latest trends and make informed merchandise choices.
Get Creative with Promotions and Specials
It is your responsibility, once you have received the stock from your wholesale supplier, to sell it. You need to be creative in your offers and promotions. According to buying psychology, many shoppers will spend more when they feel they are getting a great deal. You can sell the product quickly by using markdowns, buying one/get two promotions, and other deals.
Balance supply and Demand (and always increase the demand).
For larger quantities, wholesale discounts are more common. Wholesalers who can purchase large quantities of products are more likely to earn higher profits. Wholesale buying allows you to balance the amount of product you can turn over and the quantity you order. Ordering too many items can pose a risk, but ordering fewer items will lead to higher prices per item.
Profit From Peak Seasons
Peak season can lead to more inventory turnover. You should be prepared and ensure you have enough stock. Valentine's Day and other gift-giving holidays are peak jewelry seasons.
A reliable wholesale supplier can help you make a profit from your jewelry business. Kanhai Jewels is a wholesale distributor of jewelry all over the world.