A Simple Guide For Selecting Products To Stock In Physical Inventory

Posted by Home & Gifts on

You are a small business owner, taking care of everything from sales, employees, marketing, customer support, finance, cash-flow, taxes and everything in between.

We understand you. We've been there and done that. Starting as a family business in 1993 we are now working in a global wholesale field of giftware and home decor products.

To help you start with your business, we've put together this simple guide for selecting a popular product to stock in your inventory.

Every business has significant decisions to make including selecting the right products to market, reputable suppliers, and targeted audience. Whether you are a small business owner running your company from home or an online retailer, carefully select the trendiest products to sell.

When you choose a wholesale supplier, it will be the most important decision you will make for your potential customers. This guide comprises useful tips, information, and suggestions.

Five Tips on Finding Products to Sell

If you are indecisive on which products to sell, do research first on what’s trendy for meeting the needs of people or a specific audience. You can target diverse audiences, such as athletes, hobbyists, children, men, or women. Select a product line of giftware, such as mugs you are passionate about and knowledgeable of its benefits and features. 


Tip 1: Search social media including Instagram, Facebook, Pinterest for the latest trends and get an early start on capitalising on your gift ideas. It’s a reliable source to keep you updated on which product is hot and popular among consumers.

Tip 2: Online marketplaces are great resources for browsing and checking out the most recent trends in national and international markets. You can find a most wished category list of products on Amazon, Aliexpress and eBay websites.

Tip 3: Read reviews from customers on the products which will tell you the benefits, cost, and features. You can find reviews on sites of brands and suppliers on all their product lines.

Tip 4: Use tools, such as Keyword Tool, Helium 10, Keywords Everywhere to search keyword-terms to help you discover new products to market.

Tip 5: If you are just getting started, choose products with high-profit margins and little overhead costs. It is a low-risk way to keep cost reasonable between the business owner and customers. Price the product to account for what you invested in purchasing and selling or your cost of goods sold.

These tips will help you discover products in the highest demand and most profitable. Your goal is to focus on your return on investment and costs of shipment, promotion, and storing inventory. It would help if you also considered the size of the product you select for shipping.

For example, the costs to ship mugs is less expensive compared to a shipment of microwaves because of the weight.

What to Look for in a Supplier

Reliability is a must attribute a supplier should have. If your supplier isn’t reliable to ship your giftware products to customers, it will impact your business and possible not affect the supplier.

Reliable customer service is essential to addressing wrong orders and other needs of customers. You want a supplier reliable in responding to consumers’ complaints. Good communication is essential for suppliers and customers.

Welcoming partnership from the supplier to your business is the start of forming a mutual business relationship. Suppliers who are welcoming to their customers and offer quality products want to form a long-term relationship. You can validate their partnering relationships with other consumers through reviews.

Quality products and services at a reasonable cost are something most business owners look for in their suppliers. It is your responsibility to determine the value of your money spent on a particular product from a supplier.

 

Three Factors to Consider Before Choosing Suppliers

  1. Reputation and reviews of suppliers.
  2. Price of products and discounts.
  3. Financial stability of Suppliers.


Do your research on each supplier you choose for purchasing wholesale products to sell and hold in-stock inventory. Reviews of a particular product reveal how consumers feel about the services they are receiving from suppliers and their reputation. The information you should look for is the quality of products and review of delivery services by consumers. The chosen supplier should be reliable to deliver on time and communicate effectively through customer service.

Price is an important factor when looking for the right suppliers and stocking supplies. Carefully select products you believe firmly in based on trendy research that is a high demand. Consider suppliers who offer discounts and free shipping on large shipment orders. You can retrieve this information when speaking to a sales representative and requesting for online quotes.

While performing your research, don’t forget to inquire about the financial stability of a supplier. You want to avoid companies in bankruptcy and distress. Suppliers should have a healthy cash flow to meet your needs of having your products delivered on time.

Three Steps to Selecting Reputable Suppliers

Step One: Identify your business needs and select the right supplier who is the best fit. The services and products must meet your expectations. If you are selling different products, consider a group of suppliers, up to four. Try to avoid relying on one supplier if you are a beginner entrepreneur. It will help you to control your suppliers easily and make rewarding deals to benefit your business.

Step Two: Make a list of the top four suppliers you researched that offers the right product selection. If you only need one supplier, select a distributor who has the highest rating on customer satisfaction and delivery services.

Step Three: Request for a sales representative to help you with determining gift ideas, shipping charges on your products and the minimum order quantities.

It may make the process of choosing a reputable supplier effectively if you follow the steps and try the tips recommended earlier in this simple guide.

Are you looking for a reliable wholesale giftware supplier? Check out our collections, bestsellers and special offers and register now for instant access to best prices.


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