103 S. Bridge St. Suite B DeWitt, MI 48820
103 S. Bridge St. Suite B DeWitt, MI 48820
There are thousands of options for wholesale jewelry, so how do you decide which ones to pick for your store? Not all jewelry lines are compatible with your business. A line that sells well in the store next door may be a total flop in yours and vice-versa. While the number of options can be overwhelming, there are steps you can take and questions you can ask to weed through the selection and get to a choice you can be confident in.
WHERE TO BEGIN
First things first, you need to find out what your options are. Here are some places where you can find wholesale jewelry lines:
Wholesale trade shows can be a great place to find wholesale jewelry that fits with your store. Going to a trade show allows you an opportunity to see numerous products first hand. There are many options for trade shows, so you’ll want to do some research to pick the right one. Ask your self what you are looking for, and then look to see if the trade show provides that.
Your Clients and Your Vendors
If a someone thinks a jewelry line could be a great fit for your store, they could be right! Product suggestions can be viewed as opportunities. While you know your market best, you should at least genuinely consider products that are suggested to you, especially by your customers. If you’re getting a suggestion from a vendor, remember that they know hundreds or thousands of their own clients, who run retail businesses, and they’ve seen it all. Their expertise can range from what inventory works best, to display ideas for your store, to merchandising suggestions and event tie-ins that other clients have used to successfully boost sales. Vendors can be a wealth of best-practice information.
Searching online from the comfort of your own space can be nice, and easily fit into your schedule. The downside is not being able to hold the product in your hand. If quality is a factor for you, be sure to request a sample before placing an order. You also want to make sure you a doing business with a reputable company. Ask the wholesaler what other companies they sell to and call these places to verify that they are happy working with the wholesaler.
WHAT QUESTIONS TO ASK
Whether you’re shopping at a trade show, from a suggestion, or online, it can be difficult to know which line to choose. Don’t be afraid to ask your wholesalers questions. They have an outside perspective that can be of great service to you. You’ll also find out the level of customer service they offer, which is another important consideration in choosing who to buy from. A great place to start is asking the following questions.
*Will this appeal to my customers?
This is a question you need to ask yourself. You know your market better than anyone. Every business is unique and what works for one store, may not work for yours. Does it fit in with the theme of your store? Is it relevant to your location? You don’t want to order coastal jewelry if you’re in the desert. If it looks like a fit, proceed to the next question.
*Can I have a sample?
Ask the wholesaler for a sample. This is your sample, so use it to it’s full potential. Post a picture of your sample on your Facebook page and ask for feedback! Taking advantage of social media is a smart and easy way to connect with your customers. Listening to your customers is a great way to learn what they want. Another way to utilize your sample is by wearing it. Wearing a jewelry sample is a wonderful way to advertise. If your customers see the jewelry on someone and they like it, they are more likely to buy it for themselves.
*Does the price point work for my market?
Ask the wholesaler what the suggested retail price is. The businesses you buy from should know what price point other stores are having success with. Then ask your self if that price fits in with the retail price of your current products that are selling well. You could find a product that your customers love but will not buy because of the price point. This is true if the retail price is too low as well as too high. Know the mark up that you need in order to be profitable, and ask wholesalers if their cost can meet your needs.
*Does the quality match my business?
Price point and quality should go hand in hand. If your customers only want to spend five dollars on a necklace, the expected quality isn’t as high. If you only sell made in America items, there is an expectation of higher quality. Wearing that sample you asked for is a great way to test the quality.
*Does the wholesaler offer a guarantee?
Regardless if you are confident a product will work for you, or if you are still unsure after asking your questions, always ask wholesalers if they offer a guarantee. The only thing certain about retail, is it’s unpredictable. Finding out if a business stands behind their product is a good way to find out their level of confidence in the line.
All the shopping and question-asking is useless if you do not take action. You can only make money on what you have for sale. If you’re not offering a product, you could be missing out on sales.
If you’re too busy to find time to put an order together, let your wholesaler help you. Most companies have pre-packaged orders of their top sellers for your convenience. Go ahead, make a decision, and place an order! Share your wholesale jewelry shopping experiences in the comments below.