Turning your WooCommerce Store into a Wholesale Store
As many in the retail business know, selling directly to consumers only is a decent business practice on its own. However, there may come a time when you feel the need to expand your business.
One of the most efficient ways to expand your business is by reaching out and selling your products to other retailers via wholesale. Once you start selling through wholesale, your revenue will start to increase exponentially.
Like any stage of business, working through wholesale may be more difficult than selling solely to regular consumers.
Once your products start selling through other retail stores, the sales you make through marketing your products will grow. In this guide, we’ll help you learn how to start expanding your business through wholesale.
Selling Wholesale: How to Do It
There are a few things you must learn before you start expanding your business into wholesale. Once you have a solid grip on these methods, put them to good use for the benefit of your company and the improvement of your product marketing.
Learn the Buying Strategies of Other Stores
Of course, like many other retail stores, each store has different buying strategies implemented. In some occasions, you will be working with buyers who are committed to your products when working with a chain of retail stores. Other times, you may be working directly with store owners in smaller business practices.
You must learn how to sustain your business according to their personal buying schedules and maintain efficient contact with your buyers. Getting to know your buyers and their buying schedule will help you increase their likelihood of buying from you.
Learn Your Target Audience
One of the most important factors of selling wholesale is to learn about your target audience. Carry out your research on other retailers accordingly and keep track of what type of specific audience you are looking to appeal to.
Sometimes you will have to physically visit the stores you are selling to, then make a mental note of the information you will have to learn.
Think about where and how the products you are selling will fit into the business that you are planning to sell to. Think about your competition and how to hold your own against them. By doing so, you will be one step closer in your preparation to expand your business through wholesale.
Adjust your Product Pricing Accordingly
More often than not, you will have to adjust your prices for different customers. By doing this, you can maintain business with them while still making a decent profit.
Regardless of whether you are working with retailers or consumers, you must always keep in mind that you should never undercut your retailers under any circumstances.
They are an important part of your wholesale growth and you will want to remain on good terms with them.
Always sell items to your retailers for a smaller price than you would sell to your consumers. The retailers that you are selling to must also be making a profit when they invest their business in your products. So, maintaining a good price range will keep them loyal to your company.
Also, make sure to keep the price of other outside factors, such as freight and marketing costs, in mind while conducting business with other retailers. Remember that you might have to set a minimum amount for each product when you are selling to other retailers. Adjust their prices accordingly.
Expect and Prepare for Rejection
After a bit of time and experience, you will learn that rejection is a normal part of working in wholesale. Your business practice or the products you are aiming to sell may not suit the needs of every retailer on which you set your sights.
Dealing with rejection may be difficult at first. However, the fact remains clear that giving up is not a viable option. The important thing is, you must not allow every rejection to dampen your spirits. You must keep trying with other businesses who are more ready and able to accept your business.
How We Can Help You
Are you ready to make the next step in your business going into wholesale?
We can help you get your website all set up for this expansion. Let us walk you through the setup progress.
Price, Tax Control and Payment & Shipping Rules
We’ll set it up so that you will be able to manage your pricing options. Plus, you can set up specific shipping and payment rules. The retailers buying from you must follow these rules in order to conduct business.
There are endless amounts of pricing options to choose from. Using this function of our plugin will make it much easier for you to implement fair pricing options for each product.
With the tax control function, you will be able to satisfy the tax requirement for the sale of your products. You will also be able to control the pricing display when you use this software.
Controlling Product Visibility
With this function, you will able to control who sees which products are available. You will have the option to choose between “Wholesale Only” or “Retail Only” for each product, so you will be able to narrow down the target audience of your products.
Rules for Minimum Purchase
Setting a minimum amount for each product to sell to retailers is an important part of working through wholesale.
With this function, you will be able to implement a minimum quantity for each product that you are aiming to sell to other retailers. Plus, you’ll be able to change your minimum accordingly, whenever you need it.
Streamlined Order Form
Last but not least, you will able to construct a one-page streamlined order form that will work as a solution for many wholesale customers. Overall, this setup will make your wholesale business a lot easier, especially if you are just starting out.
Let Us Help You Take Your Business up A Notch
Now that you have the information that you need to go forward with your business in wholesale, you will be able to have the time to put this information into use.
Let us help you get set up so you can get a head start in growing your business.Contact Us