Many retailers love jewelry because it is affordable to stock, and can be used as both a gift or personal accessory. You can get amazing jewelry wholesalers USA deals that will allow you to keep up with the latest trends and make money.
If you aren’t careful, you might choose the wrong jewelry wholesalers or purchase the wrong amount. This guide will give you some useful tips to navigate this complicated market.
Are You Looking for Jewelry Wholesalers USA for Your Business?
You are likely aware that lower overhead costs on inventory acquisition and operations can give you more profit margins. This means that your business will be able to stock its store at a lower price, which in turn will result in more profit.
Wholesalers sell bulk products to businesses at a fraction of the cost they would charge retail. These wholesalers will then be able to pass these savings on to you, which allows you to stock more or a wider variety of products.
Tips to Buy Wholesale Jewelry for Resale from Jewelry Wholesalers USA
There are great opportunities to purchase jewelry wholesale, as it is a high-turnover market for the product. These are some ways to make this a profitable small business.
- Find a Good Wholesale Supplier
Imagine This: Your new gold plated pendants are a huge hit and customers keep coming to your door. These gold plated pendants could make you a lot of money, so you order more to ensure that your stock doesn’t run out. Your supplier then places you on backorder for several weeks long after the trend has ended. They let them down, and this can cost your company money.
You might also find a new product that you are certain will sell. It’s obvious that the product came from low-quality suppliers when you place an order. Your customers are not interested in the quality issues because they are obvious. Your supplier let your down, and it cost you money.
It is essential that you can trust and vet your wholesale supplier. Wholesale sales are a profitable business venture.
- Protect Yourself from Fakes by Reviewing Product Descriptions
This is unlikely to happen with a supplier that you have been working with for a while, but it is important to note: Just because he or she is trusted doesn’t mean that the products aren’t worth scrutiny. Sometimes, shipments can be falsified when suppliers change manufacturers.
You should ensure that product descriptions include information such as size, weight, and origin country. Make sure to learn about the manufacturer vetting process of your supplier and, if possible, verify the manufacturers with the Better Business Bureau.
- Do not Go all-in the First Time
Let’s suppose you have found jewelry wholesalers USA and they seem to be trustworthy. You shouldn’t place a large order with them the first time you try. You can test their products by placing a few small orders. You can place larger orders once you are satisfied.
- Wholesale Jewelry Pricing
The keystone pricing model allows for a retail price that is twice the wholesale price. This means that the markup is 100%. Remember that selling products is more expensive when you consider customer acquisition and operational costs.
You’ll need to make sure your products are priced competitively. Sometimes brick and mortar stores are priced out of the market by Amazon or other online retailers with a 100 percent markup. This delicate balance is something you will have to achieve.
The MSRP (Manufacturer’s Suggested Retail price) may also be adhered to. This will help you remain competitive as other customers who purchase the product may also be looking at that MSRP.
- Be Aware of the Latest Trends
You don’t want to order a lot of jewelry that isn’t in style. It’s not in the best interests of wholesale jewelry suppliers to stock trendy items. However, it is up to you to keep up to date with current trends and make sound merchandise decisions.
- Take Advantage of Promotions and Deals to Get Creative
Once you receive the stock from your wholesale supplier it is your responsibility to sell it. This means being creative with your promotions and deals. According to buying psychology, many shoppers are drawn to sales and will spend more if they feel they are getting a good deal. Markdowns, buy one/get one promotion and other deals can make the product sell fast.
- Balance Supply and Demand (and Always Work to Increase the Demand)
Wholesale discounts are more common for larger quantities. This means that wholesalers who are able to purchase large quantities of the product have the potential to make higher profits. Wholesale purchasing is a decision that must be made. You need to determine how much product you can turn and how much you will order. While ordering too many items can be risky, ordering less will result in higher prices per item.
- Profit from Peak Seasons
Peak seasons can mean that you could turn over more inventory. Be prepared for this and make sure to have enough stock. Valentine’s Day, as well as other gift-giving holidays, are the peak jewelry seasons.
Partnering with a reliable wholesale supplier will help you turn a profit in your jewelry business. Kaash is one of the best jewelry wholesalers USA. They offer glorious jewelry like gold plated pendants, Custom Name Pendant, Gold Plated Anklets, oro laminado, gold plated bangle bracelet and many more at affordable costs.
Also Read:
How to Find the Best Gold Plated Jewelry Suppliers in the USA?
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