Updated: Jan 18
When starting a new shop or boutique, it can feel overwhelming picking jewelry wholesalers and importers. Navigating all the options at tradeshows or online can also make your head spin. Here are a few tips to look for when picking a good jewelry wholesaler.
1. Find a company that knows your target market. Do you have a shop that caters
to men, women, kids, or both? Knowing your target market not only helps you formulate your marketing plan but also increases company profits. When you pick a jewelry wholesaler, make sure you pick one that understands your target market and can help advise you on what products will sell quickly. A wholesaler should always be adding new products to their inventory to help give your shop a fresh new look and keep your target customers coming back again and again.
2. The jewelry wholesalers should care about customer service. It's the worst when you start buying from a company and their customer service and follow-up are lacking or non-existent. Like we do with so many things in business, it's great looking at company reviews. Also, networking with other like-minded business owners that have referrals of good wholesalers can be really helpful. Nothing beats hearing from someone who has direct experience dealing with the wholesaler. In addition, make sure you'll have an assigned sales representative that can handle re-orders or a team that can serve you throughout the year that cares about keeping you happy. Another added bonus would be a product sales guarantee. Sometimes a jewelry wholesaler will offer to exchange products that are slow moving in the sales department for items that will be a better producer.
3. Direct experience in retail is a big bonus. What better than to pick a wholesaler that understands the workings of retail? Retail can be really challenging at times, and having a jewelry wholesaler who shares the positives and negatives that come with running a shop can be a big bonus. Not only that, but they may do product testing in their own retail shops to find out the best-selling items, which results in you getting products that already had a dry run. Less work for you and more savings in your pocket. They could also provide you with selling tips, product arrangement techniques, and other ways to increase traffic for quicker sales and maximum profits.
4. Smaller mom-and-pop business. Sometimes, you'll get lost in the shuffle when working with a larger wholesaler. Connecting with someone smaller usually results in greater attention to detail, customer service, and follow-up. A lot of times, these small businesses are family-owned, so you won't have to muddy through levels upon levels of management for grievances or concerns. Building a close relationship with the sales representative and team can be much easier and products can be tailored to your niche when you have one-on-one attention.
There are so many challenges that come along with opening a new shop and being a long-term business owner. Taking some of the grunt work out of finding the best-selling products will free you up to focus on doing the things you really love about running a shop. There's no harm in interviewing the wholesalers before you buy to see what they're all about and who will be serving you throughout the relationship. Picking jewelry wholesalers that know your target customer, care about quality customer service, have direct experience in retail, and are a smaller mom-and-pop business will guarantee success and growth in the long-term. Happy hunting!