With plans to expand into the market as a retailer, finding all of the necessary information and details in short order can be a difficult process. The supply chain is a complex series of machinations that requires careful consideration from wholesalers, retailers and consumers alike. As with any business venture, there are plenty of risks when beginning a new project in retail, but there are added logistical challenges as well. If you are planning on tapping into wholesale markets in an attempt to begin a new retail business, then continue reading to find out more about how to succeed in your endeavours.
Consult with Foreign Manufacturers
Most retail products on the market today originate from a foreign manufacturer in some capacity. Wholesalers usually act as middle-men in the process, helping retailers connect with these products by offering them domestically and at a slightly more expensive rate. Some new retailers may wish to consult with foreign manufacturers directly, such as by doing business with China, as a way to save money, customise products or otherwise achieve a more personalised result. It is important to note that dealing with foreign manufacturers produces more risk than dealing with domestic wholesale institutions, but the combination of customisation and reduced cost may be appealing enough to entice some retailers. Ultimately, it is essential to do your homework on any foreign manufacturer willing to provide wholesale services and to minimise risk wherever possible.
Visit Trade and Market Centres
Before you can make any intelligent decisions regarding product acquisition, you need to consult with and inspect various solutions. The best places in which to do this are usually trade centres. What are trade centres? In short, market centres are locations where wholesalers provide legitimate retailers the ability to peruse showrooms, inspect products and provide a world of information. Whether you need information on the latest trends in your niche or want to see what is going to be the next line of products, trade centres (which are usually found in major cities) and trade expos should be your first stop in navigating wholesale markets.
Never Shop Without a Plan
Whether you are consulting with manufacturers who provide wholesale services or are visiting market centres, it is absolutely essential that you have a retail shopping plan. This entails knowing what specific types of products you are in the market for, and can help prevent you from making strategically bad mistakes. Prior market research as a retailer should have guided you in the right direction with regard to what types of products you’ll be providing, but less experienced retailers may be easily distracted when in the presence of large showrooms or expos in market centres. Always go in with a plan – you’ll no doubt be exposed to hundreds of different products that might match your plans in one way or another – and stay focused on exactly which wholesale items is a part of said plan.
By consulting with manufacturers abroad, visiting local market centres and always making purchases with a plan in mind, new retailers can navigate the wholesale market with minimal confusion.
