Buying wholesale online is a good option for purchasing of products in bulk for reselling to retail customers. You buy at one price, resell at a higher price, and then earn your profit.
If you are an online retailer, you must have purchased from a wholesaler as a part of your sourcing process. And, maybe you had some bad experience.
Here are some important things you need to keep in mind while buying wholesale online.
- Cross check the prices mentioned by suppliers. Sometimes they sell at a price that is mentioned on marketplaces like Amazon and Flipkart, which is actually the retail price.
- Some wholesale suppliers on social media sites like Facebook and Instagram can be fraudsters. Many suppliers operate via WhatsApp groups. Avoid making advance payments to suppliers you don’t trust. B2B marketplaces like India Mart offer payment option where buyers can make deals safely as they offer a secured purchase service.
- Watch competition before purchasing. See at what price other online sellers are offering. Calculate your profit accordingly.
- Sometimes you may get better prices on B2C marketplaces and retail sites as well. Don’t just get obsessed with term wholesale. It might be misleading. So always check at retail sites before finalizing the deal especially before making bulk purchase.
- There are different suppliers of the same product category. Keep multiple options and buy from multiple suppliers and from multiple marketplaces. Don’t depend on just one supplier.
- Don’t worry if you make mistakes and loss in the beginning by taking wrong buying decisions. You will learn with experience.
- Sometimes suppliers ask you to order a minimum quantity. Try to negotiate. Most of the time, suppliers are willing to negotiate with price and minimum quantity.
- If you find products that are easily available on B2B marketplaces, this means the competition will be higher as lots of merchants will source these products for reselling.
- Once you find a good supplier and start dealing, try to have face to face contact and build personal relations.
- Always sell more than one product in a particular product category.