As your small business continues to grow, you might realize that there is more to dealing with retailers when compared to selling directly to consumers. Whereas there is nothing wrong with selling to the end consumer, you also want to increase your profits. And the easiest way of increasing your sales volume is climbing up further the distribution chain.
That is not to say you will experience an increase in your sales volume overnight. For you to stand a better chance of propelling your business to greater heights, you need to get things right from the word go. After all, you are narrowing down the number of customers you interact with within your business.
But how do you sell your wholesale products to retailers without encountering any issues whatsoever? If you’ve been asking yourself this, there is nothing to worry about as we have you covered. Read on and find out what it takes to wholesale and sell products to retailers.
What Goes Into Selling Products Wholesale?
Before diving deeper, you need to understand the role a wholesaler plays in the supply chain. In a nutshell, wholesalers sell products directly to a retailer (second buyer) other than selling directly to an individual consumer. Wholesalers are typically business-to-business (B2B) businesses since they deal with a retail business.
Unlike business-to-consumer (B2C) businesses, you will have to sell your products in bulk at a lower price. Despite this, you still generate more revenue for your business while passing on the button of marketing your products to other parties. Remember, there is nothing wrong with packing and distributing your products on behalf of your customers as a wholesaler.
Benefits of Selling Products Wholesale
There is more to selling wholesale products than meets the eye. First, you are in a better position to sell more of your products and attain way more revenue without stressing yourself with too many transactions. Either way, you should be more than ready to offer retailers a discount depending on the depth of their purchase.
Aside from an increase in revenue, you don’t have to take a toll on your business finances by investing in marketing and customer acquisition. Keep in mind the retailers undertake most of your marketing efforts. For this reason, you will have ample time to focus on the quality of your products as retailers help you build more brand awareness.
Ways to Sell Your Wholesale Products to Retailers
To take your wholesale business to a whole new level, you need to find the perfect way of working with retailers. Fortunately, you don’t have to go overboard before creating a name for yourself as a leading wholesaler in the industry. It all narrows down to the decisions you make while marketing your products. Below are three ways to sell your wholesale products to retailers hassle-free.
Count on Trade Shows
Before you even think about selling wholesale products, you need to identify your target market and connect with them. Trade shows will work to your advantage in this regard since you get to meet with potential retailers to work with while also making connections. All it takes is to attend trade shows precisely set aside for your category and interact with the host of retailers searching for new partners.
Unfortunately, selling wholesale products at trade shows might turn out to be costly on the part of your business. That is because you have to cover the costs of renting an exhibition booth and travelling to the location. Be sure to find out more about an upcoming trade show before setting up an exhibition stand to cut down on costs.
Leverage B2B Wholesale Platforms
B2B wholesale platforms will also work in your favour when looking for the best place to sell your wholesale products to retailers. These platforms offer retailers the convenience of accessing a wide range of products anytime, anywhere. But with the growing number of B2B wholesale platforms, you need to count on the best feature-rich platforms with the potential to help your business grow.
Luckily enough, you can never run out of options as long as you do your homework. One of the most popular B2B marketplace platforms you can consider selling on is the renowned ScoutStock, a Netherlands-based B2B marketplace. At scoutstock.com, you can easily take advantage of the local and international market when selling your wholesale products.
Thanks to this platform, you get to create your account for free. Things are not any different whenever you want to add your products and create a brand or business subdomain since they do not charge anything. That is despite the platform displaying your products on all search engines. All you have to do is pay a monthly fee when you want to enjoy more benefits.
Incentivize First Time Buyers
Tying down a first-time retail buyer to your wholesale business does not have to be the underlying reason behind your woes. For your wholesale business to stand out from the competition, make it the norm to offer incentives and close deals as fast as possible. You don’t have to sell products at a high discount to win them over.
Instead, offer them free samples, favourable payment terms, and set low minimum order requirements. Before you know it, you will nail down your first retailers and make your business a force to be reckoned with in the industry.
The Bottom Line
The wholesale industry has the technological innovation to thank for the increase in popularity over the last couple of years. If you have made up your mind to change your venture into a wholesale business, ensure you do your homework and get a good understanding of the market to succeed.
As you strive to create a name for your wholesale business, try many methods as possible and determine what works perfectly for you. That way, you stand a better chance of giving other established wholesalers a run for the money in the industry.