TIPS FOR BUYING WHOLESALE JEWELRY
There are lots of things you need to keep in mind when buying wholesale jewelry. Read these tips to ensure you don't leave room for mistakes.
Jewelry is popular among both men and women. Something as delicate as a pair of stud earrings it is often able to bring that extra something into an outfit. Because jewelry works as a gift and a personal accessory, there is always a high demand in the market. This makes buying and selling wholesale jewelry a very profitable business, especially for resellers.
Because the market is so big, there are also a significant number of lying sellers conducting illegal activities. If you hope to be successful in purchasing wholesale jewelry, you need to learn how to keep away from these situations.
Take the time to read and understand the following jewelry tips, and you will be ready to cash in on the market.
1. Understand the Types of Jewelry Pieces
Jewelry comes in so many options, making it easy to get confused. Hoop earrings, studs, princess necklaces, cuff bracelets – and this is just the beginning. If you don't know precisely what you are looking for, you will get lost in the many varieties you will find.
Take the time to figure out the types of pieces you want, to avoid getting confused and making mistakes. Consider the brands available, the current trends, and the types of jewelry you can find.
Don't forget about your target audience either. Know your customers well, and only buy pieces you know would appeal to them.
Another aspect to consider is your brand image, especially if you want to build a solid customer base.
2. Find a Trustworthy Wholesaler
As in any business, the most important thing to consider when buying wholesale jewelry is finding a trustworthy supplier. A wholesaler you can trust will make sure they only supply you with high-quality products. This is why you always need to make sure you are doing business with a legitimate seller.
To find out if a potential supplier is legitimate, start by looking at feedback from other buyers. You will always find some negative comments, because you can't always please everyone. However, if most reviews are positive, that is a good sign.
Verify the seller's contact information before making any purchase. This ensures you can get in touch with them if you have any concerns. If everything checks out, then you can consider doing business with them.
3. Compare the Offers of Different Wholesale Suppliers
Don't jump in purchasing from the first reliable supplier you find. Take the time to study the market and identify the best deals. Suppliers offer discounts for their products very often. Browse their websites and only settle when you are sure you found the most profitable offer.
Once you find three or four suppliers that suit your needs, go ahead and compare their offers. Look at aspects such as certification, minimum order quantity, stock availability, and return policy. Don't hesitate to go for a more expensive seller if they sell quality products that suit your needs. After all, the quality of the pieces will matter for your reputation as a trustworthy seller as well.
4. Keep up with jewelry trends
If you aim to run a profitable business, you need to know what the market wants. Keep up with jewelry trends to find out what your clients are looking for. Read magazines, look online, use social media to educate yourself. This is how you will always be one step ahead of your customers.
Once you know what is trending, you can search for those pieces at wholesalers and ensure you get your money's worth. After all, you want a business where customers know they can always find what they are looking for, right?
5. Place Trial Orders to Test the Products and Quality
Before you start placing bulk orders, consider placing a few small orders to test things out. This will let you observe how the supplier is interacting with clients, how fast the order gets fulfilled, as well as the quality of the products.
If you happen not to like the trial order, you can just move on to a different seller. But at least you know you did not spend too much money on products that don't suit your needs. The last thing you want is to buy a whole batch of new jewelry, only to find out their quality is questionable.
6. No Middlemen to Reduce Cost
As a business owner, you want to reduce costs as much as possible, to ensure a bigger profit. One way to do so is by eliminating links from the supply chain. In this case, you can cut the middlemen and reduce costs. This ensures that you are left with more money to reinvest and grow your jewelry business.
Try to communicate directly with the wholesale supplier. This way, the number of mediators between you is cut down as much as possible. Some suppliers are also manufacturers. This means you can score better prices, as the pieces come straight from the production line.
7. Check their jewelry Certification
Never buy anything from a supplier without verifying the certification first. You need to see which authority certified the products they are selling, as well as information about the quality of the products. You need to know they are not sending out pieces that lack in quality, especially if it is a supplier you have not worked with before.
Not checking the wholesaler's certification can affect the reputation of your brand. The last thing you want is having to apologize to your customers. This will harm your brand and can have serious financial consequences.
Purchasing wholesale jewelry can turn out to be a very profitable activity, but only if you do it the right way. Follow the tips mentioned above to ensure your success. Take your time to research wholesalers and find reputable suppliers to collaborate with. Keep up with what your customers want, and always know your market well.