Most jewellery businesses often undermine the potential wholesaling holds for their them. Once your retail or online business is well set up and thriving, pursuing a wholesale strategy should be your next proactive step.
Regardless of the number of customers you are currently getting in your store, sticking to only one location or approach keeps your outreach along with your profit limited. If someone wants to buy jewellery online, odds are rare that he or she will choose your store.
It is better to bag in your jewellery line and head to resellers stores to expand your area and customer reach. If your products are durable and attractive, and your price quote seems profitable to store, they will actively carry your products.
Continuing this strategy will yield results in the long term. Success from one store will make your conversation and negotiation with another as easy as cutting butter with a hot knife. The wholesaling approach will keep you from stay dependent on chances someone accidentally hitting your online shop or your request to the next jewellery show gets approved.
The retail based strategy is getting older. Yet many jewellery manufacturers and sellers don’t seem to jump in wholesaling which offers you an early-bird advantage. The good thing about it that wholesaling is not so complicated. You just need to take into account the following points in mind while putting on your backpack:
1. Price Your Products Appropriately
Most jewellers don’t what to share their profits with resellers. They think that they will earn better by selling them themselves instead. However, that should not be the case. Add manufacturing cost plus your minimal profit and tell the retailers to mark it up with 2 to 2.3 times of the wholesale price.
2. Are Your Products Based on Themes?
Retailers would purchase multiple pieces from you. And they would want to you offer a range of products with multiple themes. Do some pieces of your jewellery depicts a certain idea? If yes then you are ready to go. It doesn’t mean that your collection should have individual items, but keeping a few themes is better.
3. Set Wholesale Policies
You don’t want to travel 50 miles only to know that the retailer was interested in buying just 10 of your pieces. Would you? Hence, set a minimal wholesale policy either in terms of a minimum amount of pieces. For instance, Rs. 10,000 or a 50 piece minimum is good for starters.
Wholesaling is your next step after setting up an online jewellery store. If someone does not want to buy silver rings online, he/she can always wander to the nearest store having your products. And you will earn a profit either way.
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