How to Buy Wholesale Clothing
Finding the best market for your resale business can be a hard task, especially when searching for the most profitable niche market. So, in order to make the correct choice, pick the areas that you’re already experienced or have interest in. Also, don’t forget that it’s crucial to find a market with few competitors, whether you’re looking online or in your area.
However, if you’re reading this article, you probably want to focus on buying and reselling clothing. Whether you’re already an experienced buyer or a newbie in the industry, the tips in this list will make sure your business runs smoothly. Our guide is intended for resellers who own physical shops, as well as online resellers.
Starting a clothing retail business is an extremely popular choice. That isn’t surprising, as the potential profit is exceptionally high. However, to succeed in your goals, you’ll need to find the best places to source your products. Moreover, knowing when to buy specific products, mostly due to high discounts, will give your business an additional boost.
Why should you buy wholesale in the first place?
The only way you can run a profitable reselling company is by buying in bulk. Regardless of the type of supplier you go for, you should find a company that best suits your needs. That applies to both liquidators and wholesale suppliers alike.
Many suppliers offer clothes along with a variety of different products. However, they usually prioritize one category of products. So, it would be a wrong choice to go for a supplier that primarily focuses on, e.g., home decor. Before making any important decisions, you should thoroughly research your potential supplier, whether it is a local company or the one you found online. When studying their website, focus on the clothing section.
The first things you should pay attention to are prices, terms, and conditions, as well as the reputation of the company. Still, all those things are not as important as the quality of the clothing itself. Although you need to find an affordable option, low-quality products will not give you the profit you want to achieve.
Categories and suppliers
There are a few clothing categories you should check out. The main categories are men clothing, women clothing and children clothing. There are also numerous ones below that, and you should try to aim for each one of them. That way, you can give your customers a wide array of options.
Still, the diversity of your product line won’t help you if you don’t reach out to a high-quality supplier. Focus on well-known companies that are responsible for the merchandise of some famous brands. They are the ones that are most likely to offer you quality products.
Another benefit of opting for a reputable company is their detailed manifest. That will enable you to see exactly what they’re offering and to choose only the clothes related to the direction in which you want to take your brand.
If you want to boost your profit quickly, try to build and maintain a good business relationship with your chosen supplier. After some time, they will probably offer you deals and discounts not available to short-term customers.
Although wholesale suppliers are a go-to option for most resellers, they don’t have to be your only source of clothing. Buying from retailers is also a good option, especially when you know when to buy.
Make use of seasonal buying
If anything can be described as seasonal merchandise, then it’s most definitely clothing. After a particular season, e.g., winter, retailers will try to empty their shelves promptly so that they have more space for clothes they can sell in the next season. Hence, that will allow you to buy clothing at a significant discount. However, you can only find these deals with retailers who don’t work with wholesale suppliers and liquidators. These are mostly small brands, and they can be tough to discover.
If you are a reseller, making use of these discounts could bring you a significant profit. But, it’s not an easy task, and you’ll have to frequent the websites of the potential retailers. That way, you can catch the discounts as soon as they roll out. Otherwise, other resellers might be quicker, and they will snap up the items before you.
Another possible issue with seasonal buying is the storage of the clothing items. You’ll have to wait several months before they are relevant again so that you can sell them at a reasonable price. Thus, this method requires you to have a fairly large storage space, which is not an option for many resellers. So, if you want to sell your merch quickly, seasonal buying may not be the best choice for you.
If you do choose to go for this option, the best method would be to pick only one retailer and buy clothes for all seasons, rather than just focusing on one. By doing so, you won’t have any off-season periods. Also, you’ll stay on track with customer demands throughout the entire year.
Therefore, avoid retailers who offer clothes only for one season. Stick to those who are versatile and on whom you can count on the entire year.
The buying process
To round things off in this article, let’s go back to the beginning. Regardless of what option you go for – buying from wholesale suppliers, seasonal buying, or both, you must stay aware of your budget at all times. Furthermore, research and analyze the current state of the market on a regular basis. The analysis should include a comparison of wholesale and retail prices, as well as the prices of your most significant competitors. By staying aware of all of these factors, you’ll get a realistic picture of your potential profit throughout the year.
You should offer competitive prices, but in a way that you are still making enough profit to continue growing your business. So, you should focus on quantity by offering lower prices than your competitors, rather than counting on those who can afford to buy at a higher price. This rule is especially true if you have an online business, as people shopping online are more likely to go for the cheapest option. By having high prices, you will achieve a few big sales but will drive away many potential customers as well. Therefore, calculate your profits only when you have sold all your merchandise and offer prices that allow you to achieve that.
In the end, all this may seem a bit overwhelming, especially for newbies in the business. However, after some trial and error, you will be able to quickly grasp the basics of reselling. Moreover, you will get a chance to speed up the growth of your business exponentially.