5 Buying Fundamentals in Retail
If you are looking to find suppliers and source new products for your retail store, try and keep these 5 basic fundamentals in mind.
Shop Around
Using the suppliers you’ve used in the past can be easier than searching for new suppliers, but they may not always be the best choice for your business. Shopping around for new suppliers can help you get a better deal and may result in superior end products. Don’t base everything around price and also consider things like the product’s quality, the manufacturing and shipping time, the supplier’s ethics, and their experience.
Do a Background Check
Now more than ever, ensuring your supply chain is ethical is of the utmost importance. Consumers are no longer in the dark about where their products are coming from. Ensure the suppliers you are using are transparent about their supply chain before you agree to buying any products. This can add extra work but in the long run your business won’t suffer if something comes to light.
Look for Hidden Fees
If a deal looks too good to be true, there’s a high chance that it is. Examine their quotes and logic in careful detail to avoid hidden fees that will come to light later on and don’t be afraid to question anything that looks suspicious or that you are unsure of.
Shop What you Need, not What you Want
It can be easy to get carried away when you are looking for new stock. Before you go searching for new stock make a detailed list of what your retail store needs. Buying adhoc products is great if something really special catches your eye but the vast bulk should be well thought out and should come from logic.
See the Stock in Person
Nowadays, the internet can be a tempting place to find suppliers, and while it can very handy, it’s not the best sourcing destination for everyone. If possible, try and see stock in person before you buy anything, a photo on the internet will not show the quality of the products. If you are looking to source retail products, Spring Fair is a great place to meet thousands of suppliers all in one place. Find out more here.
Looking to visit Spring Fair? Register for your free ticket here.
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