When you’re looking to start selling your jewelry wholesale, it’s important to understand the basics of how the process works. In this article, we will outline how to sell your jewelry wholesale and provide tips for success.
Why Should You Sell Your Jewelry Wholesale?
Selling jewelry wholesale is a great way to get your products in front of more people while also making a higher profit margin than you would if you were selling retail. Wholesale customers are usually business owners who are looking to resell your products in their own store or online.
How To Sell Jewelry Wholesale
Selling jewelry wholesale takes time and effort. The process involves more than simply walking into a retail store and asking a buyer to sell your products. You have to prepare your business and create long-term relationships. Below are some tips to help you through this process.
Make Sure Your Business Is Ready For Selling Wholesale
Though this may seem obvious, you need to make sure your business can handle selling wholesale. This means your business will have enough inventory on hand to meet customer demands and is able to produce more products quickly, as needed. It also means having comprehensive knowledge of your product line, your manufacturing process, and your target market.
Calculate A Wholesale Price
One of the most important aspects of selling wholesale is pricing your products correctly. You need to make sure you are making a profit, but also that your prices are in line with the competition.
To calculate a wholesale price, you typically take your retail price and divide it by two. For example, if your retail price is $100, your wholesale price would be $50. Or, if you don’t have a retail price in mind, a good rule of thumb is to mark up your wholesale price by about 50%. This will allow you to make a good profit, while remaining competitive.
Set Up Your Policies
Before selling to retailers, it’s important you have certain policies in place. This includes your minimum order quantity (MOQ), return policy, payment terms, and shipping costs.
The MOQ is the number you set as the lowest quantity of products the retailer can buy from you. This is typically between 10-20 pieces per style.
Your return policy will outline under what circumstances a retailer can return your products. It’s important to have a strict, but fair return policy in place.
Your payment terms will outline when and how you expect to be paid by the retailer. This is usually 30 days from the date of invoice.
Finally, you need to determine your shipping costs. These should be included in your wholesale price or passed on to the retailer.
Invest In Attractive Packaging
Your packaging is often the first thing a potential customer will see, so it’s important to make a good impression.
Your packaging should be attractive and well-made. It should also be easy to open and close and protect your products. Also, make sure to have your logo and contact information on your packaging so retailers can easily get in touch with you if they have any questions or need more products.
Create Line Sheets And Order Forms
Line sheets and order forms are an essential part of selling wholesale. A line sheet is a document that lists all of your products, their prices, and the minimum order quantities. An order form is a document that a retailer completes when they want to place an order with you.
Both of these documents should be clear, concise, and easy to understand. They should also be branded with your logo and contact information.
Create A Demand
Before selling wholesale, you need to create demand for your products. This can be done by selling at retail, exhibiting at trade shows, or getting featured in the press.
You can also advertise your products through social media, online ads, or email marketing.
The more demand you can create, the easier it will be to sell wholesale. Retailers want to buy products that are in high demand because they know they can sell them quickly and for a good profit.
Research Retailers
Once you have your wholesale price figured out, it’s time to start looking for retailers who might be interested in carrying your line. There are a few ways to find retailers. You can search online directories, attend trade shows, or even cold-call stores in your area.
When you find a potential retailer, it’s important to do your research. Make sure they are a good fit for your brand and that their customers are likely to be interested in your products.
You should also find out what type of terms the retailer offers, such as buying “net 30” or “on consignment.” Net 30 means the retailer will pay you within 30 days of receiving the merchandise. On consignment means they will only pay you after they sell the product.
Research Competitors
It’s also important to research your competitors before reaching out to potential retailers. This way you can see how your prices compare and what type of terms your competitors are offering.
Perfect Your Pitch
Once you have all of this information, you can start reaching out to potential retailers.
When you contact a retailer, it’s important to have a pitch prepared. This should be a short, concise summary of your brand and products. You need to persuade the buyer why your jewelry is unique and why customers would choose it. Your pitch should also include information on wholesale pricing, minimum order quantities, and shipping costs.
Be Persistent And Proactive
When selling wholesale, it’s important to be persistent and proactive. You will likely need to contact a potential retailer multiple times before an agreement to carry your line will be made.
It’s also important to follow up after you’ve sent a retailer your information. This shows that you’re interested in doing business with them and that you’re serious about selling your jewelry.
Network
One of the best ways to sell jewelry wholesale is to network with other jewelry designers and business owners. Attend trade shows and events, join online forums and groups and connect with other jewelry professionals on social media.
You never know when you might meet someone who’s interested in carrying your product line or who can introduce you to a potential retailer.
Maintain Your Relationships With Your Retailers
Once you’ve landed a few wholesale accounts, it’s important to maintain your relationships with your retailers. This means being responsive to their needs and keeping them updated on new products and specials.
You should also provide them with excellent customer service and help them promote your products. The better the relationship you have with your retailers, the more likely they are to continue doing business with you.
Conclusion
Selling jewelry wholesale can be a great way to grow your business. By following these tips, you can significantly increase your chances of success.