It has been reported that the wholesale industry has grown over 11% in recent years and is worth almost a half-trillion dollars in the United States on an annual basis. Most sellers especially the dropshippers prefer to buy wholesale because they get to save a lot and turn the savings into huge profits.
A wholesale supplier is defined as a company that purchases its goods directly from the source or manufacturer and in return sells them for a profit to retailers. Mass production of goods started at the beginning of the 19th century which also gave rise to the wholesale model.
A wholesale supplier acts as the middleman between manufacturers and retailers. In that way, retailers can get a good price for their chosen goods and they get to sell them to the consumers to gain profits. Wholesalers play a very important role in the industry since they help manufacturers get their products sold and at the same time provide income to the retailers.
What Are The Advantages Of Doing Business With A Wholesale Supplier
– Get as many products as you want without worrying about where to store them
– Retailers can save money and time since they do not have to spend on the production and development of the items
– Wholesalers provide huge discounts which can help increase the profits of the retailer
– Retailers can quickly restock since they already have a good relationship with the supplier
Finding The Best Supplier
There are now many wholesale suppliers because the demand is high. Here are a few important things to keep in mind when choosing a supplier:
A supplier that can give you a good discount for your purchases is worth keeping. If you are scouting for a supplier, do take note of their prices which can be used as the basis for comparison. Keep in mind that everything is negotiable.
Practice your haggling skills so you can get the best deals. The unspoken rule is that suppliers should give more discounts if the wholesaler is going to buy a lot of items or goods.
Always choose top-quality items over cheap knock-offs. Most customers would rather spend a little more on high quality products than go for the low-quality ones that will not last for a good amount of time.
Take your time to research the reputation of the supplier before doing business with them. This is to ensure that you will only be dealing with legitimate suppliers and those who have a good reputation in the business.
- Turnaround time
A reliable supplier should have a reasonable turnaround time when it comes to delivering the goods. Wholesalers would like to get their items as soon as they can, especially the ones that are quite popular.
- Fees and other expenses
Some suppliers may ask the wholesale buyers to pay for a membership fee. This is a common practice but do make sure that the supplier has informed you beforehand.