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Getting The Best Wholesale Price

Getting The Best Wholesale PriceCompetition is a business fact of life.  Whatever you do, there’s someone out there who wants to do it equally well or better for less money.  Your goal as a business owner is to stay on top.  To do that, you’ll want to obtain the best wholesale price possible.  If you can do that, you can keep prices at a minimum, and your business will grow.

If, however, a competitor is selling the same items for a less expensive cost, then they’ve obtained a good wholesale price.   By obtaining a lower price, they can sell it at a discount and they will be at the top of customer’s lists.   Obtaining a low wholesale price is one strategy to insure that both sales and profits will increase.

Here are some tips to help you obtain a low wholesale price, and keep your company at the top of customer’s lists instead of your competitor.  This way, you can sell the same items at prices lower than theirs.

  1. Try to Place Massive Orders:  This may not seem like an advantage for new sellers, because they require large investments which often make new sellers hesitant.  If you can do it, however, it will probably be worth the effort.   Purchasing your product in massive amounts, will make the items cheaper per unit.  Once you find a good wholesaler, this should be your goal.  When referring to “massive orders,” it generally means purchasing in bulk and costing over $1,000.  For example, you may buy a single item that you can purchase for $4, your $1,000 order will be a bulk order, and will be a good investment.
  2. Make Connections:  Most top sellers didn’t obtain the best wholesale prices over night, they worked hard for it.  Top sellers take the time to connect with their suppliers.  A good relationship between the seller and supplier is crucial for the success of any business, and even more so when dealing with the Chinese.  You need to establish a good relationship, because the Chinese think this is most important in business dealings.  If you are a first-time seller, make sure to research the culture and style of business dealings in China.  This will give you a good start.  Connect with your supplier.  Contact them frequently by phone or email.  Let them know new business you may have in the future.  This helps them feel a part of your business, because they see that you are interested in building and upholding a good relationship with them. 

    No matter how small your business or the amount of your order may be, nearly all Chinese suppliers give high regard for your business.  Research shows that 99% of online retailers started out small and build from there. As their business grows, they retain loyal customers.   Because they expect your business to grow, suppliers will also try their best to know you and keep you happy as much as possible.  They want you to keep them as your supplier in the future.  Suppliers and sellers have to be able to rely on each other.  That’s where building the relationship and making the connections with the wholesaler is important.  When you have the chance, let the supplier see you as a person.  Tell them about yourself, family, and your future plans.  Getting to know each other is important, and will help insure a solid relationship for years to come. 

  3.  Go the Extra Mile When Dealing with Foreign Suppliers:  Foreign suppliers, especially Chinese suppliers, have different customs.  They can be a barrier when doing business.  Language can be a hindrance in forming a good relationship.  Don’t give up.   Keep trying to build the relationship.  You should always give them treatment which is above and beyond customary business dealings.  In China, one way is to send your supplier local treats that are unique only to your country.  Provide them written information about your business.  Some foreign businessmen can read the language better than they speak it.  By sending written information, you help to insure a better relationship.
    • Know Who to Deal With:  As much as possible, you should avoid dealing with middlemen.  Instead, you want to deal directly with the manufacturers.  This way, you will be more likely to get the best price.
    • Be Prepared:  If you really want to get a good manufacturer, it is imperative to be prepared.  Make sure you research to get a good, legitimate wholesaler, have the money you need to buy your product, have adequate storage for your product, and make sufficient transportation and shipping arrangements. 
  4. Negotiate a Good Price:  When you approach a supplier, you have to negotiate. Before you can do this, however, you must know the best possible price that you have to offer the manufacturer.  Remember that you need to give a price that still makes your business a profitable one.  Sometimes it’s better to have a partner do the actual negotiating, so you can still keep your good, personal relationship.

These are a few of the tips to get the best possible prices from your suppliers. If you follow them, you will find the best possible price, and stay ahead of the competition.

 

 
 
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