Finding a suitable wholesaler for your retail business is the key to success. Read more about what wholesaler suppliers do, why they’re important, and how to find a good one in this guide.
What do wholesale suppliers do?
Wholesalers play an intermediate role in the supply process. They get large quantities of goods from manufacturers, benefiting from discount prices, and sell them to retailers, applying their own discounts. They don’t usually sell to the public, but when they do, they increase the items’ prices. Retailers repackage their purchases and sell them to the public at higher prices. This is how they make a profit.
Why are wholesalers important?
As a retailer, you can negotiate prices with suppliers all the time if you have a good relationship with them. If something sells out suddenly the retailer has an existing relationship with a supplier and can quickly restock. They get discounted products to sell at a solid margin and they essentially bypass the entire product development process, saving both money and time for their business.
What makes a good wholesaler?
Wholesalers have to be organised. Suppliers also need to find and signal any issues and report performance levels. Additionally, they must meet:
- Quality Standards
- Product Specifications (e.g. sizes, colours, fabrics)
- Packaging Needs (e.g. labels, shipping markings)
- Regulatory Requirements (e.g. legislation updates)
What’s more, the best wholesale suppliers are able to maintain clean quality records. You can trust a supplier when an audit can verify that their documentation policies are all clear.
What do you need to consider while looking for a supplier?
There are some key elements to take into consideration when searching for wholesale suppliers. A few questions you should ask yourself while looking for one are the following:
Are the supplier’s goods high-quality?
It’s crucial to do your research before you purchase large quantities of the wholesale supplier’s products. You don’t want to waste money on something you can’t sell.
Are the wholesaler’s reviews positive?
Client support is extremely important in this field, so you should only strive to have wholesale suppliers with a good reputation as business partners.
Where is the provider located?
It’s ideal to find a wholesale supplier that’s close to you. In this way, your deliveries will be faster and you’ll be able to ship the products to your own clients more quickly. This is particularly helpful when you need to restock immediately.
How to maintain a good relationship with your supplier
Once you’ve found your wholesale supplier and you’ve established a good relationship with them, you need to continue to invest your energy into the relationship. Below are a few tips on what you can do to achieve that:
- Try to be up-to-date about every single aspect all the time.
- Always keep in touch and communicate everything in a clear and polite manner.
- Show cooperation whenever something goes wrong.
- Offer solutions to problems and be open about other people’s ideas.
- Maintain a safe environment and positive atmosphere.
- Hold your ground when it comes to your rights.
- Trust your business partner.
This is a collaborative post. A full disclosure is available from the main menu.
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