Tips On Buying And Selling Wholesale Accessories
Owning a retail business can be difficult. There's a lot that goes into your business; time, money, research, and more. But, as a business owner, you get some perks, too, like managing your schedule and getting to build a community of customers. If you're looking for something to spice up your online or in-store retail business, you might try considering selling some new accessories.
There's a variety of reasons why selling accessories, especially wholesale ones, can help your business. However, there's plenty of time and research necessary to find the right accessories that will sell well at your store. However, once you've done some thorough research and know the varieties of products you want to purchase and how quickly you can sell them, it can become a great source of extra income. Plus, as you keep building your inventory, you'll keep garnering customer loyalty.
What Accessories Should You Buy?
If you've decided that buying wholesale accessories could be a good fit for your business, then keep reading! We have some great tips of the trade to help you sell more and to sell it faster. Your first question may be concerning what types of accessories you should start buying for your business. While that's a great question, it's also a complex one! When purchasing accessories, you should consider the following factors:
- Latest trends: What are social media influencers and celebrities wearing?
- Amount of storage space you have: Only buy what you can safely keep in your own inventory space.
- Product wholesale price: Are you making a good enough profit margin on this product to make it a good investment.
A key proponent of finding the best accessories for your company is to research current trends and learn at least the basics of trend forecasting. Learning to stay slightly ahead of trends can help you sell more products and position your business as a trend leader. Predicting trends hinges on five essential elements to keep in mind.
- Target Customer: Gen Z or Millenial Moms?
- Color: Always check for the Pantone color of the year, as well as scouring online retailers and influencers for their color schemes.
- Themes: Are there any recurring patterns you see on the runway? This could be anything from noticing the similarities to 80’s fashion to seeing more pearls than usual.
- Shapes: What shapes are becoming popular in sunglasses, bags, and even silhouettes throughout the seasons? As the year changes, so will the shapes of accessories and clothing.
- Key Events or Social Movements: This may be more abstract in how it can affect trends, but clothes often reflect what's happening in society. A great example of this is the popularity of loungewear and lounge sets in 2020 and 2021's. Once some brands caught on that remote workers still want to look cute at home, they could stay ahead of the trends and keep a steady profit.
Trends are often woven within one another and may depend upon certain styles. While some trends span most styles and target markets (think of the fascination with rosegold a few years ago), you will probably mostly be forecasting for your target market's style. Use those five categories to predict what will sell best to your customers. This will help you order from a wholesaler before they sell out of the hottest styles. Don't be late on the trend wagon!
Learning what will be a hot trend can help you sell more items and build your reputation as a trustworthy brand. However, when considering trends, you also need to buy wisely. While trends can sell fast, they don't always last for long. Trend forecasting is a constant exercise to keep your business current. Just because something is popular this summer doesn't mean it will stay in style through the fall and winter and come back a year from now. Buy trends to sell it all in a few weeks or months. You don't want boxes of a random item taking up space in your storage. Buy hot trends to sell fast, and get ready to move onto the next trend quickly.
The amount of inventory space you have can limit the size and quantity of your inventory. You should establish a relationship with your wholesale accessory supplier, who will operate at the foundation of your business. Usually, your wholesale options are affordable and reasonably priced for you to sell at a profit.
Pro-Tip: Keep in mind that accessories vary per category. You may decide selling face masks will do better than sunglasses with your target market, for example. There's no best solution when it comes to picking accessories. If you do your research and always keep in mind your profit margin, you should choose some great items for your retail business.
Remain cautious of your budget and assess all facets of your business before you make your decision.
How Far Should You Stretch Your Brand?
There are endless options for accessories to model your brand around, so there is no need to limit yourself to what items you sell. Thankfully, if you're buying from a wholesale supplier, you'll be able to get much more affordable prices to then re-sell at a higher margin. You'll be able to sell affordable and desirable accessory options!
The term accessories generally encompass the following:
- Hats and other hair accessories
- Wallets and purses
Your brand can be limited to just buying wholesale hats and selling them retail for a good profit. But you could also buy a range of items that match your brand and your target customer to learn more about what sells best when it comes to accessories. Selling anything is a learning process, so it could be a good idea to buy small quantities wholesale and try them out on your market. You can remove and add items as you go, expanding your audience slowly. Reach out and be known as the best place to buy all your everyday fashion accessories, not the company that only sells one or two items. A wide range of products also allows you to get all the best wholesale deals. Whether your supplier deals with wholesale socks, scarves, gloves, or rings, it doesn't matter; all paths lead to profit! Just be sure that your supplier doesn't require a minimum amount of items for your order so that you can start small.
What research should you be doing?
Research has come up a lot because for a reason. It is the best way to prepare yourself for your journey into bulk buying accessories. The first research should come from what products you should buy wholesale to maximize profits. You need to find a wholesaler that can provide various products for you without needing any licensing or special requirements. You might be wondering where you can find a wholesale supplier Suppliedshop.com has a massive variety of accessories that would be perfect for anyone looking to start their own business. Suppliedshop.com does not require any proof of business or license or minimum order amount but has fantastic prices. It is the ideal retailer for all new fashion hopefuls. Depending on how you intend to sell your accessories, you might need to be required to start some form of business, such as an LLC or a sole proprietorship. There is no need to worry. With a bit of research, you will see that it requires little time, paperwork, and money to become an official business.
Legal Issues To Be Aware Of
There are very few legal problems that could occur when you choose to buy wholesale goods and sell them for profit. However, it's always helpful to have an understanding of potential issues. If you are ordering custom designs, be careful not to copy anyone's designs or other things you might use that could have a patent from someone else. Be sure to research online any potential copyright problems. Something small like a tiny flower design could be your original idea, but you want to be sure there are no potential issues with copyrights. Make sure to thoroughly google and research any designs you or your team create.
What Is The Best Way To Sell Your Wholesale Accessories?
There is no shortage of ways to sell successfully sell a variety of accessories online. The power of a well-taken picture and good marketing is incredible in today's primarily online world of commerce. You can be an at-home, strictly online business that uses one or many different popular websites such as Amazon, eBay, Etsy, and many others. Online might be the most straightforward option right now, given the current pandemic. However, in the long run, there are countless other companies to compete against. A solid online brand presence is imperative to attract buyers who will purchase your wholesale accessories for massive profit, whether you're online or in stores. These days, business does most of its marketing online through social media, ads, and more, so leveraging the power of your brand online could be vital to making sales that matter. While there are still many avenues for in-person shopping and marketing, the most prominent way to gather customers is to find them online.
Strategies To Build Your Brand
If you want to make a profit, your goal should be to create an excellent experience for your customers. Building your brand may be hard work, but it's an essential component to seeing your business thrive. Below are some tips and tricks to seeing your business succeed.
Be Honest in Your Sales
Online, much of the user experience comes from how you present your accessories. Be as honest and as descriptive as possible. Paint a picture of the item and its possibilities with both pictures and words. It can hurt your business and cause distrust between you and frequent shoppers if you make false claims with the intent to make a quick sale. The internet has revolutionized customer's ability to make decisions, so try and create the best reputation that you can.
If you have not already, use your social media channels to communicate with your customers when your business has been more established as a trustworthy brand. By creating a relationship, you may be able to ask for a few testimonials to serve as a trust signal with prospective buyers. Customer feedback is great to have, and satisfied customers can influence and increase online sales.
Have A Strong Call To Action
As we mentioned, be honest and transparent when you are promoting your accessories. A call to action is often a simple phrase inspiring the customer to open a sales funnel with your company. However, you can add a slight sense of urgency to your call to action to encourage even more sales. You can add incentives like time-sensitive offers and deals, such as BOGO, or a slight discount. Customers love a good deal, and it may be worth offering a discount if you will be selling many more products.
Offer A Reasonable Amount of Choices
While you want to offer an array of accessories, beware of crossing over into having too many options. This may sound contradictory to our former advice, but that's because we want you to carefully select several items based on your market and your price. However, selling an over-abundance of accessories (compared to how big or small your business is now) could lead to customer decision fatigue. You don't want your abundance of accessories to turn your customers away. It may be best to format or structure your site to offer visitors a limited view of accessory choices. Doing so prevents said customers from getting overwhelmed and acts as a guide to what sparks their interest. Selling anything can be a tricky business, but we know you can kill the game with preparation.
Buying the Best Accessories
Like we said, opening up your business is not a piece of cake. Twenty percent of small businesses fail in their first year of being open. If you're starting your online business off by selling accessories, then be sure to invest plenty of time and capital into research, buying the right products, and marketing them innovatively. Buying your accessories from a wholesale supplier can significantly cut back on your costs since you'll be buying at a much lower cost. Wholesale prices give you a leg up on profits, and distributors can give you exclusive access to items that may not be widely available yet. This gives you a competitive advantage, as well, since you'll be selling things that other online stores or boutiques don't have access to yet.
When you're choosing a wholesale supplier, be sure to select someone that gets good reviews, doesn't require a minimum amount of products for your order, and sells a wide range of accessories at a great price. Shopping for fashion accessories wholesale a Supplied, you'll notice that we meet all of that criteria, as well as offering a community of other business owners like you. We have excellent customer service and a score of 4.7 on Trustpilot! We pride ourselves on giving our business owners excellent service and incredible prices and would love to work with you to sell accessories. We've even written up a few more tips and tricks on ways to help you make the best wholesale fashion picks for your online business.
Know the Trends
We already talked a bit about trend forecasting, but we want to emphasize the importance of research in finding what will sell best to your target market.
Understanding what your audience wants to buy before they even know requires thorough and constant research. You can predict which styles will be trendy by reading, observing, and listening. Remember, while predicting trends has a lot to do with knowing what styles, colors, and shapes are in, there are some ways to stay up to date.
- Read - Do as much research as possible, not just in your circle either. Break out of your bubble to see what others may be wearing.
- Observe - What trends do you see suddenly popping up on social media or even on the street?
- Listen - Speak to your shoppers! Hear about what trends they might want to try. They may also tell which inventory they like the most and the items they want to see or predict will be significant.
Of course, here at Supplied, we keep our close watch on current and upcoming trends. We have one eye on the influencers and another on the runways as we pivot and provide excellent wholesale products to our business owners. Here are a few trends you'll see on our site that are up and coming.
- Headbands and Bandanas - This trend died out for a bit after Gossip Girl (the iconic teen drama set in Manhattan) ended, but both these quirky hair accessories have made a comeback in the past year. Influencers and celebrities have taken to this versatile trend, and more are on the same track.
- Bows - Whether it's a bow to tie up your ponytail or to clip back your bangs, they are an effortless way to sophisticate your look.
- Scrunchies - Retro and cute, this hair accessory doubles as a wrist accessory.
- Pearls - Pearls are a timeless piece to add to your collection. It's something your shoppers can buy and wear for years to come.
Wholesale distributors will have hundreds of styles to choose from, so you don't need to worry about a limited selection. With Supplied, you'll always find new and upcoming trends.
Speaking of current trends, 2020 and 2021 seemed to flow into one another with fewer significant trend changes than usual. This lack of significant trends makes plenty of sense since most of us were in our houses, scrolling the internet and working from laptops. There were fewer chances to show off style, so trends seem to halt alongside gatherings. Except, of course, for two significant trends that took the workforce by storm. Masks, from designer to a drug store, and comfy sweatpant sets certainly took the stage. However, as the world begins to open up more and more, and the vaccine has allowed people to meet without masks, we're bound to see new trends popping up a bit faster. Of course, masks probably won't be out of style for a hot second. The top types of masks to keep in your inventory range within these five:
- Cozy Masks – durable and warm for cold winter weather
- Fancy Masks – Black, gold, cool, or bold. This style dresses up your outfit
- Floral Masks – Cute and Fun
- New Nudes – a minimalist style and usually in colors like beige or gray.
- Face Mask Chain – an add-on to hold in headphones, glasses, etc.
As we mentioned, masks aren't necessarily in as much demand as they were a year ago, so it might be wise to stock less than you had planned. However, they are still a great accessory to add to your other offerings.
Understand the Material
A big part of ordering online is determining the quality of a product without testing it in person. You need to understand the common materials used in manufacturing accessories. Having this foundational understanding helps you know the authentic look, feel, and quality of the item. This way, you can make the best decisions as you buy inventory for your business.
Alloy is one of the most prominent materials when it comes to accessories. What does "alloy" mean? Alloy is any combination of two or more metals, and it's a common material for jewelry and accessories because it's easier to mold. For example, sterling silver is silver mixed with another kind of metal, like copper, to form a sterling silver alloy that is strong and durable but easier to manufacture (and usually a bit cheaper).
Common materials found in alloy metals are:
Alloy jewelry is more likely to cause an allergic reaction, especially since it's harder for the customer to discern the exact metal types of the piece. The most common metals that can cause these kinds of effects are nickel and copper. Often, you can tell that you're having an allergic reaction from an alloy by the following symptoms:
- Redness of skin
- Dry patches
- Blisters that may crust or scale over
You could try to stock certain hypoallergenic alloys if you want to give your customers plenty of options. If you are unsure whether a product is hypoallergenic, you should call your wholesale supplier customer service and ask.
Pro-Tip: When you're stocking inventory, always keep your target market in mind. If you are marketing to moms or kids, you may not want to stock up on items with sharp edges or easy-to-swallow parts.
Keep Finances in Mind
As a business owner, generating a profit should always be your top priority. Keeping up with a detailed budget is essential to keeping your store in business. You should have a clear and written budget that you do your best to stay within each month. Your budget should consist of:
- Overhead and inventory
- Essential tools like cash registers and shelves
We recommend using software or apps to help you track expenses and cash flow. You'll also need to take other factors into account, like taxes, shipping, etc.
In a tight economy, how do you save money? We recommend buying inventory from trusted distributors for wholesale fashion jewelry accessories. Using a high-quality company will save you money in the long run by ensuring that you are getting reasonably priced items and good customer service with no unnecessary fees.
Benefits of Using Supplied
We aren't trying to toot our own horn, but we think there are several benefits of using our platform. We are loyal to helping our customers and are always looking to help them set their business up for success.
Supplied offers a variety of services to help you maintain a steady business in this economic climate. It's important to us to help our customers' businesses grow by giving them a chance to keep a low overhead, which helps increase their profits.
First of all, we keep our product prices low. Wholesale prices are already low, but we avoid marking them up. The way we see it, our business is succeeding when our customers' businesses are growing.
Buying in bulk is a great way to save money since you pay less per piece than buying small amounts. However, we will respect a customer's decision if they are not comfortable shopping in mass quantities. We offer our customers no order minimum on their purchases, so you can try out an item before ordering it in bulk.
Our decision not to mandate order minimums is so that our customers can purchase responsibly, especially when they start their business. We also realize that they may not have space to store mass quantities of items. While we have a warehouse, our customers may be operating out of their living rooms.
We also offer free returns within 30 days of purchasing our products. If a product does not meet your expectations, you can contact our customer service team to initiate a return.
Our customer service team is one of our most vital assets, and that's how we have a Trustpilot score of 4.7 out of 5. We work to process orders, keeping you informed every step of the way quickly. By keeping clear communication with our customers, we can help ensure you get the correct order and the flexibility you need. Our goal is to see you thrive, and we work hard to ensure we are never a roadblock to your success.
Our customer service team works from 9:00 a.m. to 5:00 p.m. Pacific Standard Time Monday through Friday. You can reach them through the instant messaging program on our website and Facebook and by emailing [email protected]
We understand the struggle when you're opening your first business, and you're a little strapped on cash. At Supplied, we offer a program called Sezzle to help you with your new company! You don't have to pay the total price up front; instead, you can make a series of smaller payments over four months.
Making payments through Sezzle can be a lifesaver for the busy small business owner. There's no way you can forget to make a payment since Sezzle can automate the remaining payments through whichever payment method is on file. You aren't charged with interest or processing fees. As long as you pay everything off on time, you only pay for what you ordered.
Sezzle will not have an impact on your credit - they do not perform hard credit checks. Instead, they perform "soft checks" by reviewing your credit score as part of their risk check.
Sezzle is an excellent option if you start with your first inventory order and need more flexibility in paying. Our goal at Supplied is to offer high-quality wholesale products at an affordable cost, but we also want to provide tools to help your business succeed!
More About Supplied
We are a wholesale vendor run by a team of experienced supply chain leaders based in sunny California, home of Hollywood and lots of trends. We are in constant contact with the manufacturers we source from to run as efficiently as possible. We run Supplied smoothly and orderly so that you won't have problems that are common with wholesalers. We are a dependable wholesale option!
We specifically source from factory partners who've produced more goods than they're able to sell, ensuring we bring you the best prices available. Our production team scours these factories' inventories, looking for high-quality merchandise that will sell well and give you a good profit margin.
At Supplied, you'll get great products at the best prices, as well as a host of perks and a team of dedicated customer service staff.
We are working hard to bring your order to fruition around the clock and can't wait to work with you! If you have any questions, please contact our customer service team to make sure that you become yet another satisfied customer!