By gaining additional market share for your wholesale business, you can increase revenue and eliminate competition. The wholesale business is saturated with merchandise from established suppliers and middlemen who have found a good clearance deal. The following tips may allow you to expand the size of the market share you currently serve.
Tip No. 1
Identify which segment of the wholesale business is ready to grow. For example, if you see a new chain of children’s clothing stores opening, you will want to focus on the children’s clothing market, as the new incoming retail is a sign of growing demand for children’s clothing. The same is true when you see a new product hit store shelves, as it shows that there is a demand for that new product. Identify the trend and position yourself so that you can supply wholesale and clearance products that match this growing segment.
Tip No. 2
All of your communications, both online and offline, should be used as a tool to market your clearance products. Everything from bill payments, catalog shipments, and emails, should include a mention of your inventory.
Tip No. 3
Become a source of information for the wholesale trade. You can do this by writing articles and publishing an online newsletter with information that may be of interest to distributors and retailers. The more insightful and practical information you share, the more your information will be read and consulted. This strategy works well, as a buyer would prefer to deal with a supplier who is considered an authority in the field.
Tip No. 4
Ask for references from resellers who buy from you. While they may not want to provide you with a competitor’s contact details because they won’t want you to provide it, they will share with you the names and phone numbers of any family members or friends who are also looking for wholesale merchandise to resell. .