Keeping up with the latest trends is easy with wholesale jewelry dealers since it’s inexpensive to stock and works well as a gift and personal accessory. In addition, wholesale jewelry dealers offer amazing deals, allowing you to keep up with the latest trends and profit from them.
However, if you aren’t careful, you could pick the wrong wholesaler or buy too much. Read through this guide for tips on navigating this complex market.
Looking for the Best Wholesale Jewelry Suppliers, Custom Jewelry Manufacturers, Wholesale Jewelry Vendors? Oyallc.com can help you keep up with the latest trends.
How Does Buying Wholesale Work?
Your business will make more money if you can stock your store for less. That means you will get a better return on your investment. Essentially, wholesalers sell products in bulk at a lower price to businesses than they would pay at retail, so you can stock more of a particular product or a larger variety of products. Wholesalers can then pass these savings on to you, allowing you to stock more.
Tips for Buying Wholesale Jewelry for Resale
In addition to jewelry being a prime market for turning over products, you can also do this successfully as a small business. Here are some tips:
Find a Good Wholesale Supplier
Let’s say your new bracelets are a hit, and customers are knocking at your door. You will be able to make a lot of money off this jewelry, so you order more before your current stock runs out. Unfortunately, you get a back order from your supplier for weeks, long after the trend has passed. Your business has been hurt.
Alternatively, you might come across a brand-new product that you are confident will sell. You place an order, but when it arrives, it becomes apparent that low-quality manufacturers made it. You don’t get any interest from your customers because of the obvious quality issues. Your supplier has let you down and cost you money.
Buying wholesale goods requires trusting and vetting your wholesale supplier. It’s crucial to turning a profit.
Guard Against Fakes by Checking Product Descriptions
A supplier you’ve worked with for some time is unlikely to experience this, but it’s still important to note: Just because the supplier is reputable does not mean the products are not subject to scrutiny. A shipment can sometimes turn out to be fake when a supplier changes manufacturers.
Don’t Go All-In the First Time
Once you find a supplier who seems trustworthy, don’t immediately place a large order with them. Instead, place a few smaller orders and see if you are satisfied with their products before placing larger orders.
Pricing Wholesale Jewelry
The keystone pricing model involves double the wholesale price as retail, resulting in a 100% markup. Keep in mind the cost of customer acquisition and operations for retailers to sell products.
Pay Attention to Trends
There’s nothing worse than placing an order for jewelry that doesn’t sell because it’s out of style or outdated. You have a duty to keep up with trends and make sound merchandising decisions, even though it is in the wholesale jewelry supplier’s best interest to trendy stock items.
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