There is a lot to consider when it comes to buying wholesale bulk jewelry. Here are helpful tips to know.
The jewelry industry is a multi-billion-dollar market, and retailers across the globe are making big profits. We want you to make big profits too. So, we investigated success stories to pinpoint what they were doing right. Then, we put together a list of nine tips to know before buying wholesale bulk jewelry. We want to share that information with you.
1. Learn More About Wholesale Purchasing
It is never a good idea to start something without being fully educated on what it is and how it can benefit your boutique. A supply chain starts with a manufacturer who creates a product. The manufacturer sells the products to a wholesale supplier at a discounted rate, allowing them to give you a great deal on the products, especially when buying in bulk. The more you buy, the less you pay for each item.
Finding a wholesale supplier who offers numerous different products in the clothing and accessories market saves you time and money. Look for suppliers with variety, one that can serve as a one-stop shop for purchasing clothing, jewelry, and accessories.
2. Know Your Customer’s Jewelry Preferences
When buying wholesale bulk jewelry, it’s easy to get distracted, especially when the wholesale supplier has beautiful, high-quality options. Just because you like it doesn’t mean your customers will, however. When buying for your boutique, think like your customers. Who is your target market?
Also, consider the other items in your boutique. Don’t buy expensive fine jewelry if you are selling athletic wear. Don’t buy Christmas-themed jewelry for the Easter season.
3. Understand Jewelry
Before you become a jewelry retailer, you must become educated on the jewelry you plan to sell. Your customers will have questions, and you need to give them immediate answers to make a sale. If you sell gold, learn how it’s made, the karats, lengths, designer, and weight. Have an outfit displayed showing off the jewelry? If celebrities are wearing it, have pictures available.
Being the expert in your products gives you the confidence needed to convince customers they must have it.
4. Know the Trends
If you are going to sell trendy, modern jewelry, make sure it is trendy and modern. Seasons come and go so quickly it can be hard to keep up. You may want to buy fewer super trendy pieces and mix them with transitional jewelry that can be worn throughout the year.
To check the trends, work with your wholesale supplier. They have a direct line of communication with the manufacturers and can tell you what will be in and out each season.
5. Know Your Numbers
There are two ways to shop. One is with your eyes. You spot fabulous jewelry, and your eyes send a message to your brain that boosts happy chemicals. You buy impulsively without following a budget and regret it later.
The second way to shop is to follow a realistic budget with thought and preparation. To ensure you do this, know your numbers before you shop. By numbers, we mean everything from your demand forecast, expected profit margins, storage space, and how much you can discount if you choose to run a promotion.
Knowing your numbers makes you a smart wholesale bulk jewelry buyer.
6. Purchase Based on Demand
When forecasting demand, think of your customers. You’ve gotten to know your regulars, so you should know if they will like a piece of jewelry or not. If you think five of your regulars will love a piece of jewelry, purchase a few more than that for new customers.
Also, account for the storage space in which you are already paying. The more items you must store, the more it costs your business. It’s likely that if you are storing a lot of jewelry, there is not a big demand for it. In this case, you may have to create demand through marketing.
7. Create a Marketing Plan
Marketing plans are underestimated. They are crucial for getting customers to buy products, however. A marketing plan should include your objectives, budget, and strategies. Get creative in strategy and cover all types of media, including social media, newspapers, podcasts, emails, etc.
Don’t forget to track your marketing efforts. You can do this by simply keeping track with pen and paper or by using your point of sale software to track sales.
8. Negotiate Use of Media
Owning a boutique means you have little time to hire models, take photographs and videos, post them to social media, respond to feedback, and focus on all the other duties of your business. A quick tip is to ask your wholesale supplier if you can use their photos and videos to promote the jewelry you purchase from them.
Wholesale suppliers want you to succeed, and it’s likely that, as long as you give them a photo credit, you will be able to use their promotional tools. You may be able to use this as a negotiating tool in your contract with the wholesale supplier. You can agree to purchase a specific number to have access to marketing materials.
9. Have Fun
Never forget why you opened your boutique in the first place because you want to enjoy your career and life. Your vision is to feel happy at the end of each day because you are doing what you love and helping others look and feel great.
If you’re not enjoying owning a boutique, every day will feel like a burden. It will show in your purchases, customer satisfaction, and sales if you feel burdened.
Your energy and excitement about your boutique and the products will influence your customers’ attitudes. When customers have a fun, memorable experience, they will become repeat customers.
In conclusion, buying wholesale bulk jewelry is not a difficult task, and it doesn’t have to take a lot of effort if you work with the right wholesale supplier. You both have the same goal, to make sales. Working together can ensure you both succeed.