Being a retail store owner is all about customers. Your store should always have products that solve customer’s needs and meet their demands. While it may sound nothing to most, we know that this is nothing less than a headache for retail store owners like you.
So, maintaining a steady supply of such products is pretty important. But how do you source them? The easiest and sensible way of doing this is through a UK wholesaler. This blog will be your guide to the process of sourcing the right products for your retail store.
The ‘cheat sheet’
Being in the retail business, pretty much all store owners share one common objective – to source the best products at the best price possible. But everyone has a preference. And this blog is about hitting the perfect balance by educating you about all major ways.
We will start with the most difficult ones and drop down the best one that you should choose. You can choose to read the others or directly skip ahead your choice.
Alright, let us begin.
1. In-house development
Well, sounds almost impossible, doesn’t it? And that is why it is at the top of the difficulty order. But some do this. If you are medium-sized or a large store, this option is not for you. No, we are not saying that you can’t but because it is not economical for you.
However, if you are operating in the right niche where you can keep up with the demand, you can start pretty well with the help of a small team. Or maybe you can launch an exclusive section for those who are willing to pay for a great in-house developed product.
Now, if you decide to make your products, there are a few things that you have to keep in mind. First things first, you have to identify where will you get your raw material from. While there are several places to look for inspiration, you can start from craft stores.
Once you have that in mind, you have to define the delivery timeline as well. Furthermore, you have to also take care of how long will it take to make each item. And you have to keep in mind the labour cost as well so that you do not spend too much on operation & production.
2. Work directly with a manufacturer
Many retail store owners work directly with a manufacturer. But when you are a small or medium-sized retail store owner, dealing with the manufacturer. But this is not an easy task, though easier than creating your products yourself. Buying goods is always better than making them yourself.
But working with a manufacturer comes with a lot of challenges. One of the primary ones is that you have to adhere to the ‘Minimum Order Quantity’ – the minimum quantity of the order that you have to place irrespective of your need.
That means an added expenditure for you and the probability of having redundant stock in inventory that just goes to waste. And if you are a new retail store owner with not much under the belt, taking this kind of investment risk is not a wise decision, to be honest.
Also, working with manufacturers means you have to send the order specifications, ready to take the monetary obligations, be sure that all items will be sold, purchase/rent a warehouse (if needed) and so much more.
3. Working with wholesale store
So, to save yourself from all the headaches, the best way is to choose to work with a wholesale store. Generally, wholesale stores are the middlemen whose job is to give you the products you asked for at the best price.
Now, why working with wholesalers is the best idea? Because they do everything that you would have had to spend money. Maybe you wanted to order a specific product from IDK Manufacturers and they don’t send anything less than 50,000 units but you only need 10,000. A wholesaler can place the order, sell 10,000 to you and sell the rest 40,000 to other retailers.
Maybe you were stuck about where will you store all the items that you have with you. And unless you sell older inventory, how will you be able to order a new one? That is when dealing with a wholesaler is wise because they store everything in their warehouse at their expense. You just have to order and purchase. Yes, that is all it takes.
Working with a wholesaler means you do not have to run around asking manufacturers for the best prices and worrying about the import norms.
Conclusion
While a lot of people prefer doing things their way, we are sure that saving costs and sourcing good products is the end goal for you. And for that, getting in touch with a clearance line wholesale store that offers a wide range of products at great prices is a no-brainer choice.