Running a successful wholesale handbag business has its highs and lows. The competition is severe, considering that handbag sales are never stagnant and people want to get into the business to cash in on the many opportunities on offer. However, getting it right depends on a whole lot of factors. Get them correct and you will be on your way to exponential growth and development of your business.
Have a strong financial base – Being in the wholesale business, your financial requirements will be greater than the retail handbag segment. You have to have a wide range of stocks on offer and that too in bulk quantities. This is the best way to stay ahead of the competition. Retailers always look to stock up on as many varieties of items as possible and if you can provide this, you will stay in front of the pack. Further, for this to happen, you must have adequate financial stability to offer credit facilities to a host of retailers which at any point of time can work out to a tidy sum. Retailers expect credit from their wholesalers and you should be in a position to offer them the same.
Variety is the key – As a wholesaler, you have to cater to the desires of a wide cross section of people. This is why you have to stock as many varieties of handbags as possible. Most importantly, unlike retailers, you should not have a couple of versions of each. Remember, you have to supply many retailers so it is always prudent to have at least 10 of every type in your warehouse. This is more so for handbags that are the current fashion rage. If you cannot supply now what is in demand, it will be nothing short of lost business opportunities. For a wholesaler, this can be very damaging for business as well as loss in reputation. The more choices you offer retailers, the higher will be your standing as a wholesaler.
Quality above everything – Never compromise with the quality of handbags you choose to stock. Once you have built up a name for yourself as a stockist of good and durable handbags, chances are that you will never be short of business. Trust is very important in any business and the wholesale handbags sector is no different. Your retailers should have implicit faith in you to deliver excellent products only so that they in turn are not let down in front of their customers. Do not worry about the prices of handbags. Most end users will not mind paying a bit more for quality products.
Delivery system – Have a good delivery system in place. There is nothing more frustrating for a retailer to wait for stocks to be replenished. The lesser is the time between receipt of order and completion of delivery the more will be your market goodwill. For this, you can either have an established courier company on a long term contract or hire delivery people through a well known job recruitment agency in Melbourne or wherever your wholesale business is.
Keep these tips in mind and you should definitely have a successful wholesale handbags business on your hands.