Buying wholesale jewelry can be stressful, especially if you’re a new boutique business owner. Read further for helpful tips.
Owning your own business is exciting and it comes with many advantages, but there is also a lot to know before you get started. If you just decided on opening a jewelry store, or you already own one, you should consider buying your products wholesale. Whether we are talking about dainty pearl bracelets or elegant engagement rings, jewelry is a great market to turn over product, so there’s also a big opportunity to buy it wholesale.
Buying jewelry wholesale is one of the best things you can do for your store. This means that you can stock up your boutique for less money, so your business will have a bigger profit margin. Before going down this road, it’s always a good idea to learn as much as possible about what the process entails so you can avoid making mistakes when buying wholesale.
Here are some tips that will help you do this successfully as a small business.
1. Consider The Trends
The last thing you want to do as a boutique owner is to put in a large order of jewelry that doesn’t sell because it is outdated and not in fashion. It’s up to you to keep up with the trends and make good acquisition decisions. For example, if you are interested in selling earrings in your shop you will find that there are so many options to choose from. Dangle, hoop, stud, or huggie are just a few types of earrings that are trending right now.
The variety of options out there can be overwhelming, especially if you are a new business owner. Instead of letting this become an obstacle in your journey to success, do your research beforehand and select only the products that are in trend, as you know they will sell well. A good idea would be to read articles about trends that are published by reputable fashion magazines, as they have already done the research that you need.
2. Know Your Products
This step is very important because the more you know about a product, the easier it will be for you to present it to your customers. Always make sure to know what your products are made of, whether they are handmade and where they were produced. You might find out some valuable things about your products which you can later transform into big selling points. For example, customers are very interested in natural materials and handmade products so, if the jewelry that you sell meets this criteria, you might be sitting on a goldmine.
3. Determine Your Niche
A niche is a small market segment that focuses on a few attributes, according to customer and product demand. As a small business owner, you probably don’t have very large storage space for your stock, so finding the right niches for your business is a must. First of all, if you know your niche market inside and out, researching your products will be much easier and less time-consuming. And because you are only focusing on a small segment of the market, your marketing strategies will become more effective and your advertising budget will take you a long way.
4. Have a Good Understanding of Your Customer’s Profile
If you want to make sure that your products will please your customers, you must first understand their needs, their style, and their desires in regard to fashion. To do that, you take your market niche and identify who is the person that would buy those products. How old are they? What is their income? Where are they located?
Understanding your buyer’s unique needs, preferences, or identity can help you later create targeted marketing campaigns and even deals and discounts. But if you don’t have any idea where to start on your market research, you can always hire a business analyst to help you. After all, knowing your customer’s profile is one of the most important parts of the business.
5. Choose a Trustworthy Supplier
If your long-term goal is to purchase everything you need in one place at the lowest cost, you must start by finding the right supplier. When purchasing jewelry wholesale, it’s crucial to be able to vet and trust your supplier so don’t be afraid to ask questions, request references, and learn about their processes before making a final choice.
Always check their website for details about their business, as well as product descriptions. You should be able to find information on the material, size, weight, or country of origin.
6. Don’t Go All-In With Your First Order
If you think you found the perfect supplier, don’t get carried away by placing a large order with them on your first try. Instead, place one or a few smaller orders so that you can test the quality of the products before you start selling them in your boutique. Consider purchasing a few pieces of each jewelry type and see if the quality meets your expectations.
Once you’re satisfied, you can begin putting in larger orders. And remember, always apply this concept if you want to avoid business losses.
7. Balance Your Order Quantity vs. Cost
When you order a larger quantity from wholesalers, you get more discounts, resulting in higher profit margins. But the risk is ordering too much. On the other hand, ordering less will cost you more per item. So, it’s crucial that you find the right balance where you order the minimum quantity from your suppliers, but not too little that it can negatively affect your business.
Keep in mind the current jewelry trends and customer demands when dealing with orders for your boutique.
These are just a few tips to help you get started with buying wholesale jewelry. Following them will surely lead to business success! If you ever need further assistance, feel free to contact us!