Archive for the ‘Business’ Category

SELLING RETAIL VS. SELLING WHOLESALE

Wednesday, October 14th, 2009

Wholesale

RETAIL

When selling retail products the key is to buy different products in small quantities. This way you give your clients a variety of items to choose from. Some things will sell faster than others but this is OK.

Pros of selling Retail

  • Number one thing is customer satisfaction face to face. You are able to see your customer’s reaction to the products, price, condition etc… These reactions will help you determine if there is anything you want to change or make better in your store.
  • Since no two clients are the same they will not like the same things. Buying small quantities and having lots of items to choose from is great because if they don’t want one item they will be sure to like another. Customers like having choices and options to choose from.
  • These types of business can be started with a small amount of capital. Since everything here is bought by product than you will know exactly how much things will cost. Once you pass your budget you can stop but you will still have lots of products to sell.
  • Immediate cash, you sell something and get paid rite away and your customer receives what they need rite away; it’s a win win situation.
  • You can sell products depending on the time of year. For example rite now you go to any store and they will have costumes, Halloween decorations and some of them even have Christmas trees.

Cons of selling Retail

  • A retail business can be started with a small amount of capital but a REASONABLE small amount. You will win depending on your investment.
  • If you don’t study carefully what products you will be buying and to what audiences you will be selling than there is a slight possibility that not all you products will sell.
  • Retail business require an actual store and place to sell, they also included schedules that let your customers know from what time to what time you will definitely be there.

WHOLESALE

Wholesale is the opposite of retail it starts out with a small range of products but in large quantities.  Wholesale may included having less customers but the benefit is that the customers you do have will buy a lot more than a retail customer.

Pros of Selling Wholesale

  • Make profits much faster by selling in larger quantities.
  • Calculating the price of an item bought wholesale will be much cheaper than that same item bought retail.
  • Products available whenever the customer needs them. Only until the very end will you run out of a product.
  • If you give goof prices you will gain loyal customers that will go back to you and keep going back to you every time they need that product.
  • Like retail stores you can sell products depending on the time of year and at a much affordable price. For example in rite now you go to any store and they will have costumes, Halloween decorations and some of them even have Christmas trees.

Cons of Selling Wholesale

  • You must be sure of the products you will be selling. They have to be the latest, most wanted items if not there is a chance that they will rarely get bought.
  • You need to constantly be on the lookout for new products and deals.
  • You have to have a minimum amount order. People are not free to buy as much as they want or spend as much as they want. In order for a wholesaler to have the prices they have need to sell a minimum amount of the product to get some benefit from it.

Monday, September 28th, 2009

Here are some of the October Wholesale Trade shows.

If you cant attend this time maybe you would like to go next month and visit other great and interesting trade shows. Take a look at upcoming trade shows for next months.

October 3 – 4, 2009 Men’s, Women’s & Textiles Exitos Dallas, TX
October 4 – 6, 2009 Men’s, Accessories & Apparel Children’s Club Javits Center, NY
October 4 – 6, 2009 Men’s, Accessories & Textiles Beautyworld Mumbai, India
October 5 – 7, 2009 Men’s, Women’s, Apparel & Accessories La Majors Market Spring ‘10 Las Angeles, CA
October 6 – 7, 2009 Men’s, Accessories & Apparel Michigan Women’s Apparel Associates Mt. Pleasant, MI
October 7 – 8, 2009 Men’s, Women’s & Textiles North Texas Machine Tools Dallas, TX
October 7 – 9, 2009 Men’s, Women’s & Accessories INTEX Osaka Tokyo, Japon
October 9 – 10, 2009 Men’s, Women’s, Accessories & Apparel Manhattan Vintage Clothing and Antique Textile Show and Sale New York, NY
October 10 – 12, 2009 Women’s, Accessories & Apparel FocuS on Fashion Ft. Lauderdale, FL
October 10 – 12, 2009 Men’s, Accessories & Textiles Techtextil Mumbai, India
October 10 – 12, 2009 Men’s, Accessories & Textiles TexWorld Mumbai, India
October 10 – 12, 2009 Men’s, Accessories & Textiles Hemitextil Mumbai, India
October 16 – 19, 2009 Men’s, Accessories & Apparel Brighte Companies California Market Center, CA
October 16 – 19, 2009 Men’s, Women’s, Apparel & Accessories La Fashion Market Spring ‘10 Las Angeles, CA
October 16 – 20, 2009 Men’s, Women’s, Accessories & Apparel Spring 2010 Las Vegas, NV
October 17 – 19, 2009 Men’s, Women’s, Apparel & Accessories FOCUS Las Angeles, CA
October 17 – 19, 2009 Men’s, Women’s, Apparel & Accessories TRANSIT Las Angeles, CA
October 17 – 18, 2009 Men’s, Women’s, Accessories & Apparel Vintage Fashion Expo Santa Monica, CA
October 18 – 20, 2009 Men’s & Apparel Northstar Fashion Exhibitors Minneapolis, MN
October 18 – 21, 2009 Men’s, Accessories & Apparel New England Apparel Club Malboro, MA
October 21 – 24, 2009 Men’s, Women’s & Accessories Tokyo Big Sight Korea
October 22 – 24, 2009 Men’s, Women’s, Accessories & Apparel Spring 1 Dallas, TX
October 22 – 25, 2009 Men’s, Women’s & Accessories Southwest Shoe Expo Dallas, TX
October 24 – 27, 2009 Men’s, Women’s, Accessories & Apparel Fashion Market Northern California San Mateo, CA
October 23 – 25, 2009 Men’s, Women’s, Accessories & Apparel Annual Fall Show and Sale Denver, CO
October 23 – 25, 2009 Men’s, Women’s & Textiles International Gem & Jewelry Dallas, TX
October 25 – 27, 2009 Men’s, Women’s &Accessories JA NY New York, NY
October 27 – 28, 2009 Men’s, Accessories & Apparel Michigan Apparel Club Farmington Hills, MI
October 27 – 29, 2009 Men’s, Women’s & Accessories Tokyo Big Sight Tokyo, Japon
October 28 – 30, 2009 Men’s & Apparel Sports Source Asia AsiaWorld-Expo (AWE)
October 28 – 29, 2009 Men’s, Women’s & Textiles North Texas Facilities Expo Dallas, TX
October 31 – November 2, 2009 Women’s & Apparel Pacific Northwest Apparel Association Tacoma, WA

Make sure to enjoy the trade shows you have chosen and know where you are going. If you are not sure try using  Google Maps for directions.

Use CRM to bolster your Wholesale business.

Wednesday, June 3rd, 2009

While having a great inventory management software program is key to a Wholesaler’s business, Customer Relationship Management (CRM) software can also play an essential role in shaping a successful business. It would seem obvious to any business, whether it be wholesale or retail, that the customer be the focal point. However, many businesses do not always see the importance of managing the customer relationship at all stages. The relationship does not have to begin and end with the selling of a product. The relationship actually begins with prospecting, order taking, and continues after the sell with support and up selling.

CRM software can make this entire process more efficient and prompt a Wholesaler to focus on the customer at all stages. CRM software can increase service levels and generate growth in a Wholesale company.

When selecting CRM software the Wholesaler should look for particular features and abilities. A good place to start is selecting a program that automates the entire customer lifecycle from a cold or hot lead, to a qualified prospect, to the customer ordering product, and to follow-up on existing customers. A key feature to look for is an automated up-sell and cross-sell functionality. This would increase your chances of keeping your customers for many years by offering them add-on products and services.

Seek a CRM software program that can provide a single view of all customer data and customer interactions to those in your company who need to see that information. A salesperson can benefit from this greatly as he or she does not have to go to one area to look for a sales history and then another area to see the payment history.

A Wholesaler must have a program that has an integrated order management system. An effective system is one that allows salespeople to take orders from customers in an efficient manner without delaying them with useless commands or fields. This integration should also allow the salesperson to see a full purchase history of all customers.

Ultimately you should look for a Customer Relationship Management software program that has the ability to integrate your e-mail and web marketing. If you want your Wholesale business to also be an E-commerce business, it is vital that your web site is included in the selling process and that all customer interactions are monitored on the Web.

Top Three Steps to Understanding your Wholesale / Retail Audiences

Tuesday, May 19th, 2009

This blog will give you top three steps with tips for getting and using information about your Wholesale / Retail business and how to find the rite Audiences.

  1. Make a list of your major audiences.
  2. Gather information about you products and audiences.
  3. List characteristics about your product and audiences

1.MAKE A LIST OF YOUR MAJOR AUDIENCES
Wholesale AudiencesLet’s say you want to start a Wholesale / Retail Toy Store so first make a list of you major audiences. Think about the people that want to buy you product, and the people that want to buy your product to give to others. When you think of toys you think of children and who would want to give these toys to those kids.

  1. Children
  2. Moms
  3. Dads
  4. Grandparents
  5. Teenagers
  6. And so on…

2.GATHER INFORMATION ABOUT YOUR PRODUCTS AND AUDIENCES

Ok, now that we know what audience we want to target we star gathering information about our products and our Audiences.

PRODUCT: AUDIENCE:

ProductAudience

This information will help us determine what exactly it is we want to sell and what we need to have in stock. Some things are bought more in some colors than others; this depends on the audience’s age, local weather, likes, dislikes and many other factors.

3.LIST CHARACTERISTICS ABOUT YOU PRODUCT AND AUDIENCES

Audience-n-ProductList


As you can see the characteristics between the product and the audience can be similar. This is good because this means that the product will be bought by the client. Your product and what you have in stock is actually what clients are looking for. I hope this will help you with in your wholesale / retail business. Remember that the client is ALWAYS RITE!! Make them happy, sell products that people are actually looking for. There are many things to take into consideration when defining your audience and your products these three are just some of the key factors.

Wholesale Distributors and the Economic Recession

Wednesday, May 13th, 2009

Let’s not fool ourselves. Whether or not the experts call the current economic situation a “severe downturn”, a “recession”, a near “depression” or a “depression”, the climate to sell product is a tough one to navigate and survive with the top and bottom lines intact. While the daily news reports about an unhealthy economy can be discouraging to the average working person, the news is even more devastating to those who make a living selling and distributing product. Wholesale Distributors do not have to wait for the government to put their official stamp of misery on the status of the economy to understand the pain of today’s economy. While retail businesses are on the front line feeling the effects of consumers making fewer purchases, the wholesale distributor is dealing with the serious economic wound that threatens to prolong the pain for months to come if the Wholesale Distributor does not get a handle of his business. The business of servicing customers is essential during any economic climate, but keeping the customer satisfied during an economic downturn is a priority.

The Wholesale Distributor must not lose sight of what is important to business — the customer. In today’s economy, like in every economic downturn, the purchasing power of the consumer is always at stake. Once the consumer has decided to scale back on spending, the trickle down process begins. If the retailer’s existing inventory moves slowly out the door, he will resist adding onto that inventory. And at that point the wholesale distributor can anticipate the inevitable decline in orders.

The wholesaler must be a good resource for his customers from day one of the business relationship. But during the harshest of economic times, it is crucial that the wholesale supplier be a trusted resource for the buyer. The wholesaler must make it much easier for the buyer to act in a way that meets his own business needs. Fewer and smaller orders may be the harsh reality during an economic recession. This reality must be accepted to move on during these trying times. The recession has affected all industries. The wholesale distribution industry represents about 7% of U.S. GDP. This is an important industry and it is vital that you as a wholesaler maintain your business to assist in an economic recovery. The terrible economic news can be overwhelming, but keep your customer base happy during and after an economic storm. Refuse to be a victim of an unforgiving economy. Wholesalers must be survivors.

May 2009 Wholesale Trade Shows!

Monday, May 11th, 2009

If you cant attend this time maybe you would like to go next month and visit other great and interesting trade shows. Take a look at upcoming trade shows for next months.

May 1 – 3, 2009 Men’s, Women’s & Textiles Orvis Warehouse Sale Dallas, TX
May 3 – 5, 2009 Women’s, Accessories, & Apparel NAFFEM 2009 Place Bonaventure, Montreal
May 3 – 6, 2009 Men’s, Women’s & Accessories IFJAG New York, NY
May 4 – 6, 2009 Men’s, Accessories & Apparel Circuit The Show Piers, NY
May 4 – 6, 2009 Men’s, Accessories & Apparel Intermezzo Collections The Show Piers, NY
May 5 – 7, 2009 Men’s, Women’s Shoes The 9th Dongguan China Shoes Guangdong
May 4 – 6, 2009 Men’s, Women’s & Apparel Shop.org Online Marketing Workshop Scottsdale, AZ
May 8 – 10, 2009 Men’s, Women’s & Apparel Material World Scottsdale, AZ
May 11 – 13, 2009 Men’s, Women’s & Apparel Washington Leadership Conference Washington, DC
May 13 – 15, 2009 Men’s, Women’s & Accessories Tokyo Big Sight Tokyo, Japon
May 14 – 16, 2009 Men’s, Women’s & Accessories Kobe International Exhibition Center Tokyo, Japon
May 15 – 17, 2009 Men’s, Women’s & Textiles Continental Antique Show Dallas, TX
May 16 – 17, 2009 Men’s, Women’s & Textiles 4 Wheel Parts Dallas, TX
May 16 – 17, 2009 Men’s, Women’s & Textiles D/FW Franchise Show Dallas, TX
May 16 – 19, 2009 Men’s, Women’s & Accessories International Jewelry Fair/ General Merchandise Show New Orleans, LA
May 20 – 21, 2009 Men’s, Women’s & Accessories Altman Building + Metropolitan Pavilion New York, NY
May 23 – 25, 2009 Men’s, Accessories & Textiles MODAPRIMA 66″ Florence, Italy
May 25 – 27, 2009 Accessories International Watch & Jewelry Guild Las Vegas, NV
May 26 – 29, 2009 Men’s, Women’s & Apparel JCK Presents LUXURY & Premiere Las Vegas, NV
May 29 – June 2, 2009 Men’s, Women’s Accessories AGTA GemFair Las Vegas Las Vegas, NV
May 29 – June 2, 2009 Men’s, Women’s & Apparel Swiss Watch by JCK Las vegas, NV
May 30 – June 2, 2009 Men’s, Women’s & Apparel JCK Las Vegas Las Vegas, NV
May 31 – June 1, 2009 Men’s, Women’s Shoes TRANSIT Los Angeles, CA

Make sure to enjoy the trade shows you have chosen and  know where you are going try Google Maps for directions.

Three Types of Wholesale Products

Monday, May 4th, 2009

If you are interested in getting into the wholesale business industry there are three types of products that will guarantee success. These products are simple to find and very easy to sell.

-Entertainment items: Everyone now a days wants to have the latest technology, the latest iPod or other things like this. Companies that produce MP3, MP4, MP5, DVDs and other entertainment products will often offer wholesalers a good price when buying a large amount of merchandise. Entertainment wholesale products are all ways enjoyed because people will always want to be entertained. These types of wholesale products can be easily offered and sold.

-Personal care products: Today you can get practically any personal care product at a good wholesale price. These wholesale products sell well because they are bare necessity and because they are used on a daily bases. These wholesale products can include toothbrushes, cosmetics, apparel, shampoos, and practically anything that can be used for your body.

-Collectibles: From house decorations, figurines, knick knacks, clocks, etc…there are all sorts of things that people collect year by year. Collectibles may be hard to find. It all depends on how unique or antique they are.

As we see these things are all sold in the retail world. Everyday different wholesalers are starting there own business with these three main types of products. Now all you have to do is decide what  wholesale products you want to start selling.

Clothing Products to Buy Wholesale

Tuesday, February 17th, 2009

In terms of investment, buying clothing products at wholesale prices is a wise choice. Let me explain the reasons why: Clothing products like shoes, handbags and jeans are always going to be very popular among people -not surprisingly all those products sell millions in the retail world. You can get a cut in your finances if you invest your money wisely. Here are some examples of wholesale products you can buy:

  • Wholesale Shoes: Very profitable as they are both a necessity and are closely related to current fashions
  • Wholesale Handbags: Women just love to stay in fashion with the latest handbags and accessories. They can be fashionable with clothing accessories!
  • Jewelry: Low cost jewelry such as earrings and rings can be had at low prices and sell well

The benefit from getting those products at wholesale prices is that later on you can sell them or distribute them at a higher price. Just find a good supplier, read our guide on how to start a wholesale business, add some creativity and you are set to go!

Buying Wholesale Products

Friday, February 13th, 2009

We have talked a lot about the wholesale business from an owner or investor perspective, mentioning important topics like how to start a wholesale business or how to survive the wholesale crisis.

buying-wholesale-productsBut at the end of the day, the most important part of the wholesale business are the customers. Here are some basic recommendations, tips and benefits of buying wholesale products.

First of all, please note that there are unsuspecting businesses with fraudulent and illegitimate transactions, just like in any other business, you need to be aware of those. Here is a checklist we have created here at Wholesale Mall to avoid scam wholesale businesses:

  • Do they provide real contact information in their website? Check that they have an address in their website, telephone numbers, etc. A great tip is to ask for the address and check yourself if they are who they say they are, they should have some sort of business premises. Software like Google Earth will allow you to verify this. If at this point, you find something suspicious, avoid doing business with them.
  • How did you find them? If you found the wholesale store through a reputable wholesale directory is a big plus, as those websites are usually checked manually by an editor to guarantee quality businesses only.
  • What Payment methods do they Accept? Make sure they specify every option available.
  • How is the delivery? Make sure to ask if the wholesale products are going to be sent to you directly from their stock, or if their supplier is going to send you the products. If they cannot answer to your questions about the delivery policies, I personally wouldn’t deal with them.

We know that buying wholesale products could be risky, but always remember: Research, use secure methods of payment, and you will be safe from scam sites and you’ll get top quality wholesale products.

How to start a wholesale business

Wednesday, February 11th, 2009

This post is related to the one in which we talked about how to survive the wholesale crisis we released last week. I would like to write about how you can create and start your wholesale business.

Maybe you have heard something about wholesale business? Old-school wholesale business models didn’t rely on the Internet to make their businesses successful but the Internet has changed the way the wholesale business works; at least we think it did. Why are we saying this? The top country with the highest Internet usage is USA. If you are in the US, you should also know that researches show that 63% of the population connects to the Internet for many different reasons.

This simple yet informative statistic is the key fact that tells us that the Internet is the greatest place to start a wholesale business. With a low risk of losing money, time and you can start off with a reasonable budget. Nevertheless you need to work the smart way and learn how to distribute your time and efforts in a wise way.

To enter the wholesale business you do not need to have a huge amount of capital. You just need to organize yourself and start off by dividing your business into two parts;

1. The consumers for your wholesale business.

2. The suppliers for your wholesale business.

How to solve the first part (the consumer).You just need to ask yourself: “How am I going to reach the clients, so they can buy my products?” The answer can be very simple, and I can summarize it in just 2 steps: Research and Promote.

You need to research which products are ‘hot’ in the web at this moment, analyze trends (Google Trends can be very useful for doing this), the important thing is that you stay on top of product trends. Take note of all the products that might get high sells depending on the season of the year. For example, in these days, I would expect a lot of searches for “wholesale flowers” because people are looking forward to giving them out on Saint Valentine’s Day. We can confirm this by doing a quick search in Google Trends:

wholesale-flowers-google-trends

You can clearly see the peek in the graphic above; when in January the amount of searches for the term “wholesale flowers” started to increase as Saint Valentine’s Day approached.

This information is crucial for your business goals, as you can expect that your products will have a bigger possibility to being sold during these periods of time.

Once you’ve done your homework researching the key products you will be selling in your online wholesale business, you can focus on Promoting your store. Ask for some SEO consultancy, from reputable SEO firms. This will help to make your business visible in the Internet, and will take costumers to your website.

The next thing you need to do is get a list of possible suppliers, and choose the ones that best fit your business needs, but please take note of the following aspects before hiring any supplier:

  • Try to look for suppliers that will drop ship to your wholesale customers. This is really important, as you wouldn’t need to stock any merchandise.
  • This might sound obvious, but be sure that your wholesale supplier sells only top quality products: You do not want to lose credibility, and gain a bad reputation.
  • Try to have samples of your products

If you found this useful head over to our wholesale mall, where you can get a lot more information about Wholesale and business.