There are many pros and advantages for your business when buying wholesale products. Purchasing products wholesale offers a lower price range on your purchase order, saving you money in the long-run. Additionally, buying products in bulk saves you time by reducing the hassle of repurchasing the same products over and over.
As the old adage goes, time is money. Saving time can save your business thousands or millions of dollars; instead of focusing on constant re-orders, you’ll be able to focus on other important business tasks, like marketing and building brand awareness.
Lastly, buying wholesale allows your company a competitive advantage. Going the wholesale route allows you to take a better look at what your own business may need to succeed. This insight gives the business a better opportunity to thrive and, in return, be more profitable. These savings, however big or small, could be the key to your success for your business.
Reduction in Shipping Costs:
Buying products wholesale offers you the option to a diverse variety of inventory. One of the many benefits when buying products wholesale is reduction of total shipping costs. Buying bulk usually results in lower shipping costs compared to individual items being shipped—which can quickly become costly. These financial savings can provide extra financial opportunity towards future wholesale purchases. A reduction in shipping costs also gives you the advantage of buying a larger quantity of those same products wholesale because of these savings.
Best Product Prices:
Naturally, another huge benefit of purchasing wholesale is getting the best price for your purchase order. You’ll save a substantial amount of money buying wholesale and in return, this will lower the cost per item when buying more items at once. Getting better deals at much lower costs is one of the greatest benefits through wholesaling.
Buying quantity quickly enables the companies you are buying wholesale from to offer more attractive deals at a hugely discounted price. This applies to every industry, whether you’re buying wholesale clothing or wholesale phone accessories. Having more choice and less hassle streamlines your wholesale process.
Better Brand Recognition:
A third advantage when purchasing products wholesale is high brand recognition for greater sales. Buying wholesale products allows you to tap into good deals on recognized brands. This provides an extra layer of security and reduces the amount of effort you’ll need to put into cultivating brand recognition. For example, if you own a retail boutique, you can buy wholesale products from different brands that have unique followings and leverage that brand’s target market.
Buying wholesale is a more eco-friendly consumer process. Bulk orders use less packaging and consume a smaller fraction of supply chain resources. An example of this would be a jumbo pack of underwear would be wrapped in one piece of plastic, whereas individual underwear would be wrapped individually. It’s easily understandable that buying in bulk uses less packaging, plastic, boxing, etc. Ultimately, it helps decrease pollution and waste that destroys our oceans, lands, and ozone.
Identify the Right Wholesaler:
Understanding and identifying the right wholesaler is crucial. There are three primary types of wholesalers: Manufacturers, Retail Wholesalers, and Merchant Wholesalers.
Manufacturers are at the top of the supply chain because they make the products that they sell. Retail Wholesalers buy products in bulk from the manufacturers and their network of distributors. They too benefit from the same advantages listed above by buying in bulk. They then go on to resell to retailers.
Last, we have the Merchant Wholesale who buys wholesale products directly from the manufacturer. The key difference in a merchant wholesaler is they sell not only to other businesses but the end consumer as well.
Understanding the merchandise you want to buy or sell wholesale will greatly impact which of the above wholesalers you choose to deal with. Knowing your price point also will affect the one you choose as well. Now that we have identified the three different types of wholesalers, finding and keeping trustworthy, reliable, and dependable wholesalers will be the next leap of faith you take upon finalizing your wholesale order.