If you think that starting or expanding a wholesale trendy jewelry brand is going to be a cakewalk, then you are highly mistaken. There are a lot of stumbling blocks that you have to deal with and also some important factors that need your attention. We are not trying to scare you but want to help you with some tips. Have a look:
There is a lot of difference between the retail price and wholesale price. Unlike retail, where you decide per unit price and have a high-profit margin, wholesalers decide the price of bulk orders. They don’t sell a single unit as they can hardly make any profits on that. Also, the profit margin is too low and if you calculate the per-unit cost, it will be lower than the retail. So, you need to learn how to decide the minimum order quantity and fix the price of bulk orders.
Before you start any business or expand an existing one, it is essential to study the market trends and evaluate what is in and what’s not. You also have to analyze the demand and the price that people are ready to pay to acquire the product. Same stands true for jewelry wholesaling too. It is not only essential but beneficial too to study artificial jewelry wholesale market before you convert your brand into one.
Whether it’s retailing or wholesaling, you need a team of jewelry experts to boost your sales and revenue. However, the difference is between the type of team members that you need to recruit. If you are planning to manufacture and supply jewelry collection, then you must employ designers and artisans who can come up with the latest and exquisite designs for your store. Moreover, you also need an accountant, quality analyst and salesmen to conduct your business smoothly.
Until you don’t have an idea about what your competitors of wholesale trendy jewelry are doing, you won’t be able to improve your strategy and collection. Therefore, keep an eye on your competitors, analyze their promotional strategies, evaluate how they expanded their business and then do your planning. We are not implying that you copy each of their steps but take an idea and add your unique touch to it.
Last but certainly not least. What you display becomes your identity as a wholesaler. You have to be meticulous and careful while zeroing in on your jewelry collection. You cannot compromise on the quality and designs just to save money because this won’t bring buyers to your store. If you want to reach the top of artificial jewelry wholesale market, then focus on high-quality and innovative designs that can lure wholesale buyers to your store.