Have you ever you wondered why some sellers can survive on rock bottom prices they sell their products for?
Believe it or not, many long running sellers are not only surviving while selling at those rock-bottom prices, many are also be making more profits than others who are listing the same items at a much higher price!
Why some large retailers can sell goods so cheaply?
This is because these big-time sellers can get their goods super-cheap from the very best wholesalers. They order huge quantities at a time, often spending hundreds of thousands of dollars on a single bulk order which considerably reduces the price per unit. Large retailers have often spent years building relationships with their suppliers which means they get the best possible deals when they buy in such high volume.
Therefore, they are able to buy more, sell more and make more profit! Simple as that.
While you might be a few years away from being able to spend a few hundred thousand on making a bulk order, there are plenty of things you can do to help you get the best deals possible from the very best suppliers. Here are a few tips to follow when you search for new suppliers:
1. Avoid any suppliers who charge extra fees. This will help to keep your costs per unit down and there are plenty of suppliers out there who will not charge any extra fees such as monthly memberships or charges to access their web site's store.
2. Be prepared to spend a lot of time to conduct pricing research. This is absolutely essential for all retailer sellers. Top sellers differ from other sellers in that they understand the amount of time that goes into pricing research and they get stuck in and do it! Pricing research will help you to determine whether it is possible for you to compete in a particular market.
3. Go for suppliers who offer a guarantee or warranty for all items they sell to you. This is very important for keeping your costs down and profits up, as if you end up with a few faulty items, you need to be able to return them to your supplier, rather than refund your buyer yourself. This also helps to increase your sales as it gives buyers confidence in your products and your customer service. Usually, the warranty will be between you and the supplier, which means, if the items proves to be faulty, your buyer will return it to you then you will return the item to your supplier for a refund or exchange.
4. Import your products - This way, you not only can save but also make a lot more money by importing goods from abroad. Countries such as China, Vietnam and India, just to name a few, are much cheaper to produce items in than developed Western countries which means you can compete better and make higher profits when you sell them in your own country.
There are several ways to find the very best and cheap suppliers and wholesalers, just to name a few ways:
1. Contact manufacturers directly - this can help you get in touch with the very best of their retail suppliers. You can find names of manufacturers by visiting Manta.com, an online directory of businesses in the US, UK, Australia, Canada as well as other countries. Here you can search for manufacturers by entering the name of the product you are looking into sourcing then following the links to the contact information for the manufacturer.
2. Make use of online wholesale directories such as SaleHoo which has over 8,000 of the world's best legitimate suppliers (dropshippers, manufacturers, wholesalers and liquidators) for every type of product imaginable. BTW, 75,000 people in more than 100 countries are currently using the SaleHoo comprehensive home business package right now to source quality products from verified suppliers, and sell them online for instant profit!
3. Go beyond the Internet. There are other ways to find great suppliers - try trade magazines and trade shows - a great way to build all-important relationships with suppliers. You can also visit the massive trade shows held in China - See information in the following website address:
http://www.biztradeshows.com/china
You may also like to read:
Importing from China eBook
If you're really serious about taking your online business (selling physical products) to the next level, take note of our July 11 Launch of:
Online Selling Tactics - The Ultimate Training in How to Sell Physical Products Online
Tags: Wholesale Business
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