Even though there are thousands of wholesalers offering many product lines, choosing the right one to match the business needs can be a difficult prospect. It is crucial to source those suppliers able to supply the latest products at the most attractive prices. Here are several different options to finding the right supplier:
Trade Show – One of the most effective options for sourcing the wholesale supplier is by visiting the local trade shows. A trade show offers a perfect opportunity to see each supplier in person. By having a one-on-one conversation with the supplier’s representative, it is possible to learn more about the merchandise and trading practices. It is also possible to compare several of the wholesalers to see which is able to complement the trading ambitions.
Trade Magazines – Trade publications specific to the market or industry is certain to help with sourcing the potential supplier. Magazines can include articles and reports on the many wholesale suppliers, which makes it easier to get an insight into a company’s particular service, including quality of merchandise and customer service.
Peers – Talking to other people in the industry is certain to help with locating the right supplier. If you aren’t in direct competition, a fellow trader is unlikely to have an issue with steering you in the right direction to finding the reliable suppliers. Try contacting non-competing businesses or trade shows to swap experiences, ideas, and stories.
Search Engines – Perform a simple online search to find the high-quality wholesale suppliers. Any well-established wholesaler is certain to have a great website in place. It may also benefit to use the trade or wholesale directories to help source the preferred merchandise.
In the process of evaluating a wholesale supplier, make certain to invest the time and effort to conduct the required due diligence. Search for reviews or feedback online, get opinions from fellow traders, ask for references, and contact industry specific organizations.
Negotiating the Right Terms for the Merchandise
Once a reputable wholesale supplier is chosen, make certain to fully appreciate the terms and conditions of the trading agreement. If some aspects of the agreement don’t seem favorable, don’t be afraid to discuss better trading conditions. Make certain a wholesale supplier is willing to listen to your questions and concerns. Try to establish a great relationship with the wholesaler, especially if you plan on being a repeat buyer. A positive of creating the long-term partnership is the ability to increase the negotiation leverage which helps get better prices and terms in the future.