From large monopolies to small mortar-and-brick stores, businesses everywhere rely on wholesale suppliers to fuel their business profits. Finding the right wholesaler has the potential to make or break your company, and you need a supplier that is cost-effective, provides excellent merchandise, and is consistently reliable. Here are some tips to help you find a supplier and build a lasting relationship that’s mutually beneficial.
Finding a Wholesale Supplier
Unlike many industries, the wholesale market is far from monopolized, and there are literally hundreds of potential wholesalers to choose from. In fact, the top 50 wholesalers only compose about 25 percent of all wholesale profits. With that many wholesale suppliers to choose from, it can be overwhelming to find the right supplier for you. Here are some tips to guide you along.
- Compare pricing. The pricing of merchandise will largely determine your own profit margin, and you need to thoroughly assess a range of wholesalers to ensure you’re getting the best deal on your products. Consider your particular industry niche, as well as the quantities you seek to order. While some wholesalers cater to large businesses, there are others that are ideal for smaller companies.
- Buy in volume. No matter the size of your store, you can benefit by purchasing products in volume. Wholesalers provide better discounts the more you purchase, so review their bulk discounts prior to committing to their company.
- Inquire about their customer service policies. The price of the merchandise is of little value if the wholesaler provides terrible customer support. Inquire about their customer service policies, while also assessing all company reviews, to ensure they’ll be easy to work with.
- Learn about the costs of shipping. The cost of shipping can be steep, particularly for large orders. Even if the cost per item seems low, it can increase considerably with high shipping costs. Some wholesalers provide free shipping for orders that exceed a specific quantity, allowing you to save even more money and lower overhead costs.
Building a Lasting Relationship
Your wholesale supplier isn’t just a means to an end; they are now a committed partner to your company. As such, it’s critical to build a flourishing relationship with them, so the partnership can continue to be beneficial over the years. The key to building a successful relationship is by becoming a valued client. There are a number of aspects that go into being a great client including:
- Making all payments in a timely manner.
- Providing sufficient notice on orders, so the wholesaler has ample time to prepare each order.
- Remaining amicable in all interactions.
Of course, you’re the client, and sometimes you need to be demanding to ensure your needs are met. Nonetheless, by being as open as possible with suppliers and ensuring they receive adequate notice of orders, you can improve your rapport and create a lasting relationship over the years.
Wholesalers can help to ensure your store always remains fully stocked with high-quality merchandise, which allows you to remain more competitive in the marketplace. Due to the financial impact a wholesaler has on your company, it’s important to choose one that will continue to support your growth. Dollar Days places high emphasis on providing outstanding customer support to all of our clients, and we pride ourselves in offering some of the most competitive rates on merchandise. Contact us today to learn how we can help to advance the goals and ambitions of your company.