Choosing the right wholesaler is a critical decision which can directly affect the success of your business. In order to survive and grow, it is important that your business is able to compete in regards to price and offer the right product selection which aligns with your customers demands.
Here are 5 criterions to consider when forming relationships with wholesalers:
Choose wholesalers whose product offering matches your customer and their needs. This means making sure that you are aware of who you aim to be as a business. Identify your customers wants and needs and aim to fulfil them by finding a wholesaler whose product offering is most appropriate. Familiarise yourself with a wholesaler’s product catalogue to ensure that you are aware of the product details and quality. Look for product catalogues which mirror your consumers lifestyle. When your brand is aligned with the wholesaler’s brand, there is a much better chance of building a long and lasting relationship as wholesalers also want their clothing stocked in the right store.
Perhaps one of the most important factors is price. Consider your volume rate and business size when narrowing down potential wholesalers. Different wholesalers provide different services and require a minimum threshold on purchases. If you are a small business and only require a small number of items per product category, then focus on wholesalers who provide for this in their menu of services.
Geographical location can affect shipping times and currency. The further away your wholesaler is located from you the longer delivery will take, and on occasion you may run into customs issues. Again, examine what your business requires. Both overseas wholesalers and domestic wholesalers have their advantages and disadvantages.
Research the reliability of your wholesaler and if you do proceed with them always continue to review their performance. Don’t shy away from asking for references and reading reviews. Look at how their customers interact with them on social media and comment forums to make sure they are a good fit.
Look for a wholesaler who is easily contactable if there are any issues. You want to be able to easily solve problems if they should arise and being able to reach your wholesaler at any time alleviates the stress that you may feel when stock is late or unavailable. The easier it is to solve a problem the better your relationship with your wholesaler will be.
Your success relies on your due diligence in researching potential wholesalers and finding the right fit. A lot of screening is involved but when done correctly the number of repeat customers and business growth will speak for itself.