5 Tips for working with a NEW Supplier.

So you found a new supplier, that’s great!  Here are some helpful tips towards long term success.

 

  1. First Impressions count!

When starting out or even after your business is established you’re probably going to be cold calling a wide variety of potential suppliers. Those first impressions will give you a basic sense of what they might be like to work with.

Watch out, for those that are slow to provide responses, images, product details, or shipping rates. It may mean they don’t value those core customer service basics, they’re understaffed, or they’re disorganized.

I specifically avoid businesses that do not provide a phone number to call them, email is ok but for some things a call is absolutely really necessary. This is one of those times, if you cannot call them now – you won’t be able to later if there is a problem.

  1. Communication is KING

Once you have started a relationship, keep your communication door wide open.  This could mean all the difference when your supplier decides to discontinue a certain product or worse experiences procurement issues.  Finding out you cannot fulfill an order for your own customers is never good for business.  Always keep the lines of communication open and you can avoid most obstacles with lots of notice.

 

  1. Become “Friends”

Social media is a great way to stay informed.  Suppliers routinely use this platform to provide specials, deals and one-time offers.  Follow your suppliers and stay on top of what they post, you could easily find yourself in an advantageous position just for being a “friend”.  This also provides another method of communication, definitely a plus.

 

  1. One is none and TWO is one…

It’s never wise to have all of one product come from one supplier. A supplier can close down, suffer health issues, fail to procure product on time, or run into shipping difficulties. Keep yourself covered and try to spread yourself out among several, this way you should always have a source if needed.  Suppliers know you get products elsewhere so there is no need to hide this fact, if they ask tell them and you might find yourself receiving better customer service since they know you have options.

 

  1. Nobody’s perfect

Everybody wants the best deal, experience etc. Applying perfect expectations to any supplier is ultimately going to provide you with disappoint.  Remember this works both ways, all relationships require both sides to put in work.  You can hold suppliers accountable while still be reasonable.  You might be surprised how well your understanding and patience is received.

5 Days, 5 Cities: ASD Hits the Road to Celebrate Small Business Week & Retail

April 24, 2018

LOS ANGELES, April 2018 – In Celebration of National Small Business Week 2018, ASD Market Week and Hubba team up and take Retail Minded’s Nicole Reyhle on the road to celebrate success of thriving local retailers in 5 select cities across the U.S.

As part of National Small Business Week, ASD, the leading general merchandise trade show in the U.S., in partnership with Hubba, will be joining forces with global thought leader Nicole Reyhle of Retail Minded, to celebrate the growing role of small businesses in the next generation of commerce.

“We’re excited to bring retail front and center during Small Business Week and highlight some of the amazing, hard-working small business owners who attend ASD Market Week,” shares Camille Candella, Vice President of Marketing and Sales for ASD Market Week.

Joining Nicole on the road will be Amy Corral (Buyer Acquisition Manager), as well as a representative from Hubba. Collectively, they will deliver real-time updates direct from retail stores and communities across the country – offering small business info, news, and ideas.

Continue reading 5 Days, 5 Cities: ASD Hits the Road to Celebrate Small Business Week & Retail

GetThatWholesale Interviews Honeys Place

Brian is the Web Accounts Manager for Honey’s Place, he offers his expert opinion on the Adult Novelties industry.  Our business is your success! Honey’s Place works hard to ensure your experience is always personal, profitable and successful. We offer state of the art order processing and drop shipping services.

GetThatWholesale: Could you provide a brief sketch of your background and industry experience?

Brian: In May 2000 I started as a sales associate at the Hustler Hollywood store on Sunset Blvd. I was eventually promoted to Inventory Control Manager of the store (maintained inventory, placed all orders, received all product, and made sure it was properly merchandised and/or backstocked). I worked there until April 2008. I have been with Honey’s Place as a web account manager Since April 2011.

 

GTW: It would certainly seem that the market for adult novelties has become huge in recent years. Is this so, and if so to what do you attribute this rise?

B: I think the “mainstreaming” of porn and the rise of up-scale women/couples friendly erotic boutiques has hugely contributed to the increase in market size. Companies aren’t sleazy as they once were, the new generation of owners/producers see it as a serious business.

 

GTW: How does the profit margin on adult toys compare to other retail niches?

B: The profit margins are normally a little higher than normal retail.

Continue reading GetThatWholesale Interviews Honeys Place

Source Your Inventory From Top Retailers With BULQ

 

BULQ is disrupting the liquidation industry by offering a manifest guarantee, flat-rate shipping and the ability to source on the go.

BULQ is striving to disrupt the liquidation space. They’re a sourcing solution that is committed to providing resellers with the best possible buying experience. Because BULQ’s founders have experienced, first-hand, the challenges to sourcing, they have created a sourcing platform that offers a more modern and accessible approach to the liquidation industry.

What Sets BULQ A Part From Their Competitors?

What really sets BULQ a part from its competitors is ‘The BULQ Promise.’ The three main pillars of this promise include a manifest guarantee, flat-rate shipping, and dedicated support.

BULQ’s founders understand that a major pain point for customers is wasting money on lots that don’t match the manifest, they decided to implement a manifest guarantee. If the manifest is off by more than 2% in terms of condition and quantity, customers can make a claim for reimbursement.

Another frustration in the industry has been around high and unpredictable shipping costs. BULQ has made the shipping process super simple, offering flat-rate shipping. Shipping  is $30 per case and $200 per pallet. Inventory can also be shipped directly to a buyer’s door, no lift-gate required.

The final part of the BULQ Promise is the brand’s dedicated customer care team. Agents are available 6 days a week to answer questions and or provide other assistance either over the phone or via email. Continue reading Source Your Inventory From Top Retailers With BULQ

101 Hints & Tips for Flea Market Success

Research and Preparation

  • Find the market where you’d like to sell. Flea markets seeking out vendors usually advertise on Craigslist, local newspapers, and via online venues such as news station chat boards. Check these avenues out to find a market in your area, or ask friends about the markets they like to shop.
  • Observe and take notes. Scout the market you’re considering for your booth and look at the population, the products being sold and their prices. Note any trends that you identify.
  • Note other vendor’s prices. Your prices always should be close to or ideally below the prices of your competitors, especially if there are many of you selling the same types of items at the same flea market.
  • Depending on your city, county, and state requirements, you may need a tax ID number or resale license. The flea market office can usually tell you what you’ll need, and many have the paperwork available onsite.
  • Try to reserve a booth as close to the entrance as you can. This will ensure that buyers entering and leaving the flea market will see your booth first, and then again as they prepare to leave. The more visibility you have, the better!
  • Pay for your spot in advance if possible. Sellers all tend to arrive at the same time and stand in line for a spot. Maximize your chances of getting a spot in the best area by knowing who you’ll need to talk to and where you’ll need to go. If the market offers that option, paying ahead guarantees that you’ll have a spot.
  • Ask the flea market owner if they provide any additional services to their vendors. Some provide a newsletter to their vendors that gives them business tips, local auction dates and times, recommended places to buy products, etc.
  • Choose the highest traffic booth space, if you have a choice. If entrance spots aren’t available, try to be near other booths or concessions that will attract the sort of traffic that you want.
  • Invest in a pop up shelter, as well as some good folding tables and folding chairs. Make sure you have some anchors (such as 2 ½ gallon buckets full of sandbags or cement) that you can use to hold your shelter down if the wind picks up. Tables should be clean, or have some table cloths (preferably solid colored) to cover them with. Presentation is very important to buyers and will help increase sales.
  • Setting up a canopy will not only give your space a professional store-like appearance, it will also give you protection from the hot sun or rain. After setting up your tables, arrange your merchandise in an organized manner. Remember, a junked-up messy area can take away from the value of some items. It can also cause people to start tripping all over the place.
  • If you need electricity, bring extension cords! Most flea markets have power outlets available but they are not necessarily going to be near your booth. You can often hook up to one of your neighbors’ power supply if you bring your own extension cord.
  • If the flea market doesn’t specify a setup time, get there early. You want to have everything ready to sell when the customers arrive, and they will arrive the moment the flea market opens.
  • Make up a cash box ahead of time with plenty of change, and note down the total amount so that when you can take out the day’s receipts, the box is ready for next time. At the booth, keep the cash box close by and out of sight.
  • Use a tote bag to assemble a kit of things you’ll need such as tools, marking pens and tags, tape, paper towels, etc. Leave the kit packed and ready to go each time. This saves time on sale day and helps ensure you don’t forget anything.
  • Be prepared with the following: pens, pencils, markets, a notebook, price stickers or tags, extension cord, bungee cords, zipties or Velcro straps, safety pins, shopping bags for customers, wet wipes or hand sanitizer, tape, scissors, calculator, business cards, sunscreen, bug spray, aspirin/ibuprofen, a small cooler with water.
  • If you sell clothing, fashion accessories or shoes, make sure you have a full length mirror in your booth. Shoppers love to check themselves out before buying an item – don’t lose out on a sale because a shopper can’t see what she looks like in the coat she is trying on!
  • Bring more than you intend to sell. You may still end up bringing things home but it’s best to have a variety of items always available rather than seeing your stand get depleted throughout the day. Full stands attract more buyers!
  • Don’t be afraid of bringing items you think you won’t sell. There is a market for everything and at the right price, anything goes!
  • If you can, bring someone with you. Not only will it be helpful to help you set up and tear down without spending hours on it, but it will also allow you to step away from the booth for a few minutes during the day and see what others are selling at the market.
  • Having someone with you can also help wait on customers and watch for shoplifters. Professional shoplifters often work in pairs. One person will distract the vendor with questions, while their partner steals items.
  • Make and bring change! Make sure you have all kinds of coins (especially quarters) and small bills. Many people are likely to show up with $20 bills and you need to make sure you don’t run out of change in 3 or 4 transactions.
  • Pack a cooler! Most flea markets have a snack stand or place to get something to eat and drink but if you’re really busy, you might not have time to step out. Bring a cooler with ice packs, water, small snacks or anything to hold you over through the day.

Continue reading 101 Hints & Tips for Flea Market Success

CHAMPS IS GOING TO FLORIDA OCT 27TH-29TH

Champs Trade Shows
818-855-1528
champstradeshows.com
10-12-2017
FOR IMMEDIATE RELEASE

CHAMPS Trade Shows, the oldest running B to B trade show for smoke and vape shops, will be in Orlando, Fl
at the Gaylord Palms, Oct27-29. Anything and Everything for the 420/Vape retailers. No charge to attend. For
more info go to ChampsTradeShows.com or call the office at 818-855-1528.

Champs-FL-Oct2017

A GUIDE TO BUYING RETURNED AND EXCESS MERCHANDISE

What to look for when sourcing returned an excess merchandise.

(aka: how small store owners and resellers can bank on the busts of retailers and manufacturers)

Around $440 billion worth of merchandise is returned each year – a lot of which can’t go back on the shelves. But one retailer’s headache is another’s opportunity, and for online sellers, independent retailers and resellers, there has never been a better time to source returned and excess merchandise on the secondary market.

So, how do you navigate the secondary market to successfully sift through the bad and the ugly to get to the good? Here are some tips on what sellers should look out for when sourcing customer returns and excess merchandise:

 

It’s best to buy directly from the source

By purchasing directly from the retailer or manufacturer you can assume that there is no middleman involvement and no price mark up. Historically, it has been difficult for small to medium sized buyers to buy excess inventory directly from large retailers and manufacturers; however, today there are new, efficient systems that automate the manual work otherwise required for them to sell to larger buyer groups.  One such tool is an online auction marketplace platform. These marketplaces provide a level playing field for all buyers to compete for the inventory, and they enable a direct relationship with the source via a transparent platform. Because they eliminate all negotiation over price, it is just as easy to have thousands of buyers involved as it is to manually sell to just a handful.

 

Source online from reputable sellers

Independent retailers, online sellers and resellers can often source inventory more affordably and efficiently by tapping into online auction marketplaces that sell returned and excess merchandise. There are numerous benefits to sourcing this type of product online including: greater product availability, detailed product descriptions, bulk quantities at your fingertips, shipping options, and a quick sales cycle. The key is to make sure you are buying from a known brand: many top retailers like Wal-Mart, Target, Costco and Best Buy have their own liquidation marketplaces while others leverage multi-seller marketplaces like B-Stock Supply or Liquidation.com. In the case of multi-seller marketplaces, be sure to use one that has a seller rating system, so you know you are buying from a reputable seller.

 

Purchasing inventory via these online-auction liquidation marketplaces can be a great way to secure inventory at an affordable, in some cases rock-bottom price, ensuring a better profit margin for you.

Continue reading A GUIDE TO BUYING RETURNED AND EXCESS MERCHANDISE

Secondary Market, the Road to Profiting in Wholesale

Every year over half a million businesses are created in the United States.  Approximately one third of these start-ups are retail businesses.  A large portion of these businesses will focus on the “Secondary Market”. This marketplace offers great advantages and high rewards but you need to be well prepared.  Finding the right supplier to source products from is critical.

Secondary Market products consist of Closeouts, Surplus Goods, Customer Returns, Liquidated Items, and any product that is not sold after its initial manufacture. Many companies specialize in secondary market purchases and reselling.  Resellers might experience some level of unsellable merchandise in these types of wholesale orders but not always.  Retailers will be hard pressed to find a cheaper source of merchandise than secondary market items and these products can be a great way to turn a profit.

Working within the Secondary Market is more than knowing just your product niche; you also have to know how to sell products with a variety of quality conditions.  Getting creative is essential for moving not only the good products but also the less desirable ones.  A good strategy is to start small by purchasing a few pallets and working your way up to buying full truckloads.  If buying smaller loads is an obstacle, you might need to consider your source. Remember, where you get your products is just as important as what you get, especially when sourcing surplus goods.

To gain additional insight into this industry we spoke with Michael Lawrence of DirectLiquidation.com.  His company represents one of the fastest growing marketplaces for Surplus Merchandise.  

In the past, online liquidators pawned off “as is” and “salvage-grade” merchandise to buyers as the best value available in the wholesale marketplace. Product misrepresentation, low-grade items, and a narrow assortment of tier-2 or 3 brands were commonplace. The ability to purchase small loads or retail-ready products was virtually unheard of. In addition, if you were “lucky” enough to win one of their auctions you could expect a further 7-15% “buyer premium” charge for the privilege of buying their junk inventory. – Michael Lawrence

Michael went on to explain how Direct Liquidation can solve these problems, they offer buyers an incredible range of products, tier-1 brands sourced from their exclusive relationships with top national retailers and manufacturers.  Smaller loads are available so buyers can test customer demand without depleting resources.  Having an ability to test demand could be the difference between a good bottom line and a bad one.

Large liquidators buy huge volumes of surplus merchandise and returns for literally pennies on the dollar. They process and sort this inventory and make it available to the smaller buyer. Generally liquidation lots are sold “as-is, meaning there is no guarantee of lot quality and usually no return on purchase. Understandably, this comes with the deeply discounted prices on these lots, typically well below wholesale. But “as-is, doesn’t necessarily mean poor quality.  Frequently a large portion of the inventory is in new or like-new condition.  Fact is, buyers can and do make a healthy profit reselling this merchandise.

Secondary Market Wholesale Products

Continue reading Secondary Market, the Road to Profiting in Wholesale

Solving the Customer Returns Puzzle

creturn

One of the key strengths to a successful business in this industry is to be creative with the merchandise.

With customer returned merchandise you will see all kinds of goods come through your warehouse, everything from Electronics, Housewares, Hardware, Toys, Furniture, Clothing, Patriotic items and more.  Working with customer returns is more than knowing just your product niche; you also have to know how to sell products within a variety of quality conditions.  A truckload of customer returns will not only include a mixture of products but also a variety of product conditions including; new, open box, scratch & dent, shelf-pulls, and damaged items.  Getting creative is essential for moving not only the good products but also the less desirable products.  A common challenge that many startups have is trying to make money by focusing only on the good items without a plan for the not so good items.  It can be very challenging to move products that have missing pieces or have broken parts, but you have to remember there is a recovery value for everything.  Continue reading Solving the Customer Returns Puzzle

$280 Billion Discount Trade Industry Is Experiencing A Major Shake-Up

GREGORY GARVIN
MARKETING MANAGER
1-855-493-0073
GREGORY@TIGERTRADE.COM

FOR IMMEDIATE RELEASE

January 27, 2017

TigerTrade B2B Platform Is Revolutionizing Global Off-Price Commerce
Ripe For Disruption, $280 Billion Discount Trade Industry Is Experiencing A Major Shake-Up

NEW YORK, NY – TigerTrade sees opportunities in global demand for bargain hunting getting bigger and faster thanks to its cutting-edge approach to international off-price retail. This technology-focused firm launched a first-of-its-kind, business-to-business (B2B) off-price platform designed to improve the speed and efficiency with which companies can sell their excess inventory to international buyers in new markets such as China, United Arab Emirates and Mexico. As simple as signing up, bidding and completing a transaction, vetted businesses and retail brands can move excess inventory across the world within a few clicks. While globalization has accelerated business-to-consumer methods of purchase, changes in the B2B off-price industry have not seen much innovation or automation – until now.

Tanjila Islam, CEO of TigerTrade, and an International Trade and Global Sourcing adjunct professor at the Fashion Institute of Technology said, “Our mission is to be the trusted end-to-end marketplace for buying and selling wholesale closeout merchandise. We achieve this because we understand the needs of our buyers, we know our suppliers.” Islam continues, “There is a ton of supply and plenty of demand, but it is currently hard for buyers to locate international sellers.” Where she saw a market need, she also saw inefficiencies.

Continue reading $280 Billion Discount Trade Industry Is Experiencing A Major Shake-Up

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