Wholesale. A word to retailers which can incite both excitement and fear, dependent on your experience with it. Even to the most experienced retailers, the wholesale world can sometimes feel like the Wild Wild West. The prospect of masses of pretty product and exciting newness can sometimes come with side effects of over choice or being overwhelmed. The trick is to keep your buying experience as positive as your customers’ buying experience. Enjoy your experience buying your product, feel excited about the product you are buying, and feel good about what you’re paying.
Enter, Supplied. Supplied is your Cinderella-kind-of-fit wholesale supplier. The opposite of a one size fits all business model, Supplied makes wholesale shopping easy breezy, and personalized to your big or small business needs. With Net60 terms, free shipping & returns, and no minimum order quantities, Supplied is the perfect fit for any size business. Whether you’re a seasoned pro or it’s your first buy, Supplied’s here for you. Here are the Dos and Dont’s of shopping wholesale boutique items to stock your store.
-Do: Consider your product assortment. Wholesale buying can sometimes make you feel like a kid in a candy store. Whether you’re looking to sprinkle in fresh and unique seasonal newness, or you’re building your product line from scratch, the key is always cohesiveness. Your assortment should always feel related and representative of your brand image and business. If you’re adding products to a preexisting inventory, consider how the products fit together overall. If you’re just starting to build your assortment, be sure to consider what you will offer to achieve a well rounded yet relative offering. While not each item needs to match to make a pair, your assortment should always feel like the products make sense and belong together.
-Don’t: Buy solo acts; instead, buy individual items that pair back to preexisting inventory or an intended product capsule or buy the item in a second colorway, so it doesn’t appear out of place, leftover, or unintentional. If you’re wondering how to identify a solo act, simply ask yourself: Does it work well with others? Solo acts are tough to work with, and one really is the loneliest number. The truth is, products bought as one off’s are often challenging to merchandise within your store, or don’t always fit into your assortment effortlessly.
-Do: Identify your budget and make a plan. While this may sound like stereotypical parental advice, having a plan, and identifying a budget is critical to driving profitable business. Depending on where you are in establishing store and inventory, the words “plan” and “budget” may seem stressful.
While you don’t necessarily need to make a full Excel spreadsheet, you do need to ask yourself: How much do I want to spend? What do I need for my store? Do I need more variety in my product line or more unit depth in key items? Most importantly, how much can I sell per week or month?
Identifying these questions will help you get started with an idea of how much you should buy, depending on how quickly you believe you can sell it, and when you should replenish it, considering how much you would like to spend. Take advantage of the benefits of Net60 terms. With Net60 terms, you can start selling the product before its time to pay for it.
-Do: Consider quantities: How many items would you like to buy, and how do you imagine introducing them into your store? Once you have identified how much you CAN buy, you want to consider how much of each product you should buy. With no minimum order quantities, you have the opportunity to tailor the exact quantity per product. Having control over individual unit quantities offers a significant advantage to buy heavily into products you know work for your business, or reserved with a small unit buy when trying new things. Spreading unit purchases across multiple items also provides a strategic opportunity to introduce inventory by creating product capsules or collections. Creating mini product capsules helps keep inventory cohesive, exciting, and can tell a narrative. However, the ultimate purpose is to inspire multi-unit purchases. By presenting such a curated grouping of products, each item appears designed to be bought together or separately. Lastly, consider how the product will be presented. Whether it’s in rows of products on a web page or a display table, consider how many products, or units, are needed to be impactful. Do also be sure to make a plan for how you will store your inventory.
-Don’t: Over assort your product line. Nothing feels better than finding a product type that works for your business and seeing that product type take off as a profit driver. While it’s wise to have more than one color offering of select products within your assortment, stay mindful of keeping that product type from dominating your entire product line. When a specific product dominates the overall assortment, this can cause each product to ultimately underperform due to being overrepresented. Keep a healthy product mix. Invest in strong sellers with heavier unit buys or multiple colorways, or pepper in new fresh products to revive your current inventory, but remember to keep it focused.
-Don’t: Be afraid to try new things. Trying new things isn’t everyone’s cup of tea, but trying new things when it comes to your business can be downright scary. Not to fear, when you’re shopping with Supplied, the risk to try new things virtually does not exist. With no order minimums, you can buy 1-100 (or more). Your items ship free, and if it doesn’t work out, Supplied also offers free returns. Let your intuition and creativity guide you, and try new ideas to keep your inventory fresh and enticing.