From Struggling to Thriving: 10 Wholesale Buying Tips Every E-Commerce Owner Needs to Know!
Connecting with wholesalers can be intimidating at first, especially if you haven’t built up a business presence just yet.
Luckily, with a few tips, you should be able to take charge and find the right vendors for your store.
This Substack will run through 10 tips to help you do just that, so you can firm up your business plan with clear details about product pricing, margins and your all-important profits.
Let’s dive in:
1. Search Online Marketplaces Like Thomasnet and SaleHoo
Online marketplaces like Thomasnet, SaleHoo, and WorldWideBrands are go-to spots to find suppliers from around the world. You can filter by location, minimum order quantities, product categories and more to find the right fit.
2. Look Locally For Suppliers Too
Check out trade shows, local small businesses and manufacturers in your area. Having a local supplier can be great for faster shipping and returns.
3. Always Have a Backup Supplier
Even when you find a great primary supplier, it's wise to have a second option in case of stock shortages or other issues.
4. Ask For Samples and Quotes
Before committing to a large order, request product samples and pricing quotes from a few different suppliers. This helps you assess quality and negotiate the best deals.
5. Use Dropshipping to Test New Products
Dropshipping lets you sell products shipped directly from the supplier to customers. This removes inventory risks when testing new items.
6. Review Supplier Credentials and History
Vet potential vendors by looking up reviews, checking business registrations, and contacting references. This avoids shady or unreliable suppliers.
7. Clearly Communicate Your Expectations
Provide detailed specifications about product requirements, order timelines, packaging, shipping methods and other expectations upfront.
8. Ask Lots of Questions Before Ordering
Clarify payment terms, minimums, lead times, shipping costs, quality control, return policies, and anything else relevant to your business. Leave no stone unturned.
9. Negotiate Discounts For Large Orders
Once you’ve established a purchasing history, negotiate better pricing for bulk orders. Offer to promote their brand on your website in exchange for better trade terms.
10. Build Rapport With Supplier Contacts
Cultivate a few key contacts at each supplier and keep the lines of communication open. This facilitates faster resolution if any issues arise.
Finding the Right Suppliers Takes Time - Be Patient!
Connecting with the best suppliers involves a process of discovery and relationship building. By following these tips and doing your homework, you’ll be well on your way to scoring great wholesale deals.
Feel free to reach out if you have any other questions!
FAQs:
What are the main supplier directories I should check?
Some top sites to find suppliers are Alibaba, SaleHoo, WorldWide Brands, Global Sources, and Thomasnet. Review seller ratings and product categories relevant to your business.
How can I determine product quality from a new supplier?
Request samples to inspect the product quality firsthand. Review seller ratings and credentials for clues. Ask for references from existing customers. Inspect packaging quality as an indicator too.
What questions should I ask potential suppliers?
Key questions: What is the minimum order quantity? What are your payment and shipping terms? What is the product lead time? What quality control do you have? Do you offer discounts on bulk orders?
Is it safe to order from international suppliers?
With a reputable marketplace like Alibaba that holds payments in escrow, international orders can be very safe. Review seller credentials carefully. Start with small test orders. Inspect shipments thoroughly upon arrival.
How can I negotiate better pricing from suppliers?
Approach negotiations from a partnership standpoint. Offer to drive more sales volume for exclusive or bulk pricing. Promote their brand to your audience. Suggest long-term agreements. Bundle multiple product purchases.
To Summarize
Finding the perfect suppliers involves asking the right questions, thoroughly vetting sellers, negotiating good terms, and establishing strong relationships.
While it takes some work, the payoff of reliable vendors and profitable margins is well worth it.
Use these 10 tips as a roadmap to kickstart your wholesale sourcing success.
Happy hunting!