Wholesale buying

How to purchase cheap wholesale products for your retail store

Oct 21, 2021

Buying cheap wholesale products is not exactly uncomplicated. There are millions of wholesale products available in the market which makes it difficult to identify one worth investing in. there are numerous marketplaces online, but which one is the best for wholesale products is not very easy to evaluate. Even if you find a platform, there is a lot to think about before purchasing wholesale products. In this article, we will see how you can select the best wholesale products for resale. Less competition: if the market is full of competition that is to say if many businesses are selling a specific product. It becomes difficult to stand out from the mass. So, to avoid this, it is best to buy wholesale products that have less competition. Check different platforms providing wholesale products such as Aslidesi, Indiamart, TradeIndia, etc. to estimate the competition by seeing how many wholesale businesses are listed on these websites. High margin: the margin is the difference between how much a product cost to your business and the price you can sell the product for. The higher the margin the higher the profit for you. A good profit margin for an online retailer should be anything above 40% of the cost price. When you buy goods from a wholesaler in bulk, you can generally get them at a lower price per unit which in return can increase your profit margin. Robust demand: once you work out the high margin plus low competition products, check whether there is sufficient demand for those products. A trick to determine the demand for a product is using the Facebook ad library. This tool allows you to search for ad campaigns for a product. Something different: if you are not able to find products with less competition and with high demand, stop searching for them and try searching for something different and unique, niche products. Generally, innovative and unique products have low competition. The product’s uniqueness will make it stand out from other products in the market, which can bring demand. Lightweight products: usually small and lightweight products are considered profitable wholesale products because when you buy wholesale from another side of the country or some other part of the world, you need to consider the cost of shipping and, if you run an eCommerce business, you also need to consider the cost of shipping to the customers. Here, small and lightweight products can prove to be cheap and easier to ship. Due to this reason, many businesses follow a simple rule while buying wholesale products that the product should be small enough to fit into a shoebox and weigh less than 2 kg.