How to Buy Wholesale Merchandise
Having a successful retail business depends greatly on offering the right product, at the right price, at the right time. Therefore, it is paramount to the success of your business to be able to locate the best sources for those products. Once you know what products or product lines you would like to sell, it’s time to find places to buy wholesale merchandise.
Buying Wholesale Merchandise
Before you buy wholesale merchandise for your store, try to visit a competitor or a store selling a product line similar to what you plan to sell. Browse the store’s product selection, making a mental note of the brands they carry. What products seem to be selling well? Which items are in the clearance bin? If you visit a similar store too far away to be a competitor, that retailer may be willing to share with you the source of his wholesale merchandise.
Retailers can often find products to sell in their stores by searching online, joining buying groups, using library resources and attending trade shows or buyers’ markets.
A trade show is one of the best places to buy wholesale merchandise for your store. Retailers can find many suppliers, serving the same markets, and their product offerings. Conduct an online search for tradeshows in your industry to find the nearest event. Trade shows aren’t open to the general public so be prepared to show proof that you’re an established business such as a resale certificate, tax id, business cards or some other form of license or permit.
Once your store is open and doing business, it will be easier to find wholesale merchandise to sell because the suppliers will be coming to you, instead of you looking for them. Customers can also play a large role in finding suppliers as they recommend products they would like to see in the store.
Types of Suppliers
Manufacturer – Some manufacturers will sell their products at wholesale prices directly to the retailer. If they do, they may sell their products at large quantities or at a high minimum order. If you have a particular product you want to sell, contact the manufacturer and ask if they sell directly to dealers. If not, ask what distributors they sell their products through so you will know where to buy the items.
Importers – Due to globalization, importing products has become much easier than it used to be. Retailers can purchase from importers or buy the products directly from a foreign company. Before using this type of supplier, do your homework. It is important to understand all the aspects of the paperwork, shipping time, product life cycle and all costs involved.
Distributors – A distributor generally sells a large variety of a certain classification of products. They must make a profit too, so their prices may be slightly higher than if the item was purchased directly from the manufacturer. Retailers can buy lower quantities with little or no minimum order. Some even offer free freight on orders over a certain amount.
Other Wholesalers and Liquidators – In searching for products at wholesale prices, you may find wholesalers that don’t sell just one type of merchandise but many, many kinds of products. Some will sell closeouts, truckloads and pallets of merchandise and even damaged goods. Before buying wholesale merchandise from this type of supplier, be sure you completely understand the condition, price and terms of the sale.
Auctions – Retailers can find many bargains on eBay, the world’s largest auction site. Just browse the Wholesale Lots category of the type of store you have and you’ll find tons of merchandise. Not all product prices on eBay are truly wholesale but if you spend time watching the auctions and learn how to buy effectively, you’re sure to find a deal. Don’t miss out on live auctions for bargains on merchandise for resale.
Choosing a Vendor
Once you’ve located several sources of products, evaluate each vendor on a variety of factors. In order to bring the best merchandise to your customers, you’ll need to buy from someone offering quality products, reliable delivery and superior customer service. This information can be gathered through references, marketing material or by simply asking the sales representative how they conduct business.
Other Factors to Consider
- Shipping Options
- Shipping Costs
- Customer Service
- Terms of Sale
- Business Hours
- Returned Merchandise
- Website and Online Purchasing
Don’t get discouraged. It may take some time, research and several vendor negotiations to find the best merchandise to sell in your retail store.
Wondering what all those new products will cost? Find out how to calculate inventory startup costs.
Payment Methods Accepted
Payment methods available in Our website includes:
- Western Union
- Bank Wire Transfer
- Money Bookers
- Cheque / Money Order
- Google Checkout
1. Paying with a popular payment processor
(1). This enables you to send payments quickly and securely online using a credit card or bank account.
(2). When you select your preferred payment processor as the payment method, you go to their Site, where you can send your payment.
Payment is traceable. You can trace the status of your payment using your account.
Payment does not require you to use your credit card online (you can transfer directly from your bank account). Our website doesn’t see your credit card number (it is safely encrypted through server), which limits the risk of unauthorized use.
This offers Buyer Protection on qualifying items – up to $1,000 in free coverage. Additional limited protection is offered through a popular payment processor’s Money Back Guarantee.
2. Paying with Western Union
We are also happy to accept Western Union payment for most orders. Due to the punctuality and convenience of this payment, we’d like to offer a 5% discount to the total of your order (shipping included).
Please contact us if you want to pay with Wire Transfer(Email or Call).
(1) Please email the PO number, western union control number, order amount, sender’s full name, sender’s address and country, also sender’s phone number to our service after you finish sending the payment through Western Union.
(2) Buyers are responsible for all the local Western Union handling charges,please confirm it with your local Western Union before you pay.
3. Paying with Wire Transfer
We are also happy to accept Wire Transfer payment for most orders.
Please contact us if you want to pay with Wire Transfer(Email or Call).
(1) Please email the PO number, order amount, sender’s full name, sender’s address and country, also sender’s phone number to our services after you send money by wire transfer.
(2) Buyers are responsible for the local bank handling charges and Intermediary bank handling charges, please ask for clear information about this from your bank before you pay. For example, if you are paying for a Our website order of $500, and the bank will charge $50 to transfer, please submit for the transfer $550. If you only submit $500 then the payment that arrives with us (in this example) will only be $450 and we won’t be able to send your full order.
(3) Soureplaza pays for any bank currency conversion fees and you can send your payment in any currency.
4. Can you accept cash on delivery?
No, please pay for your order in full, in advance, by bank transfer, western union or credit card. Also we do not recommend buyers to send us cash via mail. It is just not safe and we are not responsible for any loss in the mail.
5. How long does it take to clear my payment?
The lead time to clear payment is :
— Payment Processor – 1 working day
— Bank transfer T/T – 1-2 working days
— Western Union – 1-2 working days
6. Do I have to pay VAT or any other sales tax for products bought through Our website?
We do not add any additional charges or taxes in China, you just pay what it shows on Our website.
Possible additional costs to you may include:
– bank transfer charges,
– money ‘upload’ charges,
– Any import duties that are levied at your customs.
Please note that if you are re-selling goods from Our website, Please ensure you are abiding by the tax rules and (or other) regulations for selling goods in your home country and the destination country.
Please note that if you are drop-shipping to end customers, Please let them know about any taxes they may have to pay while receiving goods from the courier
7. Do I need to pay import duties for the products bought from Our webiste?
The answer is “yes”, all import taxes / duties are the buyer’s responsibility.
Some countries do not charge import duties on private items, samples, and goods below a certain stated value, but only the buyers know or should know what the import policy is for their own country before placing an order. There is no way for us to know the rules, regulations, customs, traditions, practices, loopholes, schemes, systems, paperwork, codes, laws, or rulings of any country.
If you have to pay import taxes and/or additional duties and sales taxes (e.g. VAT in the UK) then you would have to pay that to the courier upon receipt of the package(s) from China. Unfortunately we can’t calculate this for you and there is no way to pre-pay it. If you are drop-shipping or sending a gift item to someone else please make sure they are aware of the possibility of having to pay taxes when receiving the goods
Please find out as much as you can about your import duties in your own country before placing an order.
If you find out information about the import tax in your country, and you believe there are ways for you to minimize the taxes you have to pay (or eliminate the taxes altogether), we are more than happy to follow your instructions regarding labeling, packing, declarations, invoices, etc. Just tell us what you need and we will let you know what we can do to help.
8. Can you do something for my order to avoid import taxes?
Question: “I am in [COUNTRY]. If the order is declared over USD [TAX THRESHOLD] then I will be painfully taxed. Can you help me by declaring the goods at [VERY LOW VALUE]?”
ANSWER: First, we will do our best to help you with import regulations.
If you have special instructions for the waybill and invoice declaration on your orders, you need to tell us these instructions every time you order, using the online checkout comments box. One such example is instructing us to declare the value below a certain value.
9. Can we always declare low? Like, under $30?
The answer is NO, NOT ALWAYS… because your order value may be much higher than this and declaring that low value would not be feasible.
Provided the value of your order / type/ quantity of the items is suitable for a declaration under $50, we will do our best to help you with this.
If you need advice about whether a particular declared value is deemed possible, before you pay, you can check out an order and submit a ticket with your order number. We will then look at the contents of your order and your country and assess what declared value is sensible.
10. How Does this method Works, Generally Speaking?
If you pay by the payment processor, you have several options:
– send money from existing credit on your account (if any);
– send money from a credit card: the amount is drawn from your credit card and sent directly to the recipient’s account;
– send money from a debit card/ bank account: the amount is sent directly to the recipient’s account.
Please note that will probably charge you some commissions when “uploading” money, so please check with the customer service for the charges of this service.
Please be intensely vigilant about possible fraud sites purporting to be the real site in order to intercept your personal information. Don’t click on links to “verification” emails as they are always ‘fishing’
11. Delivered Duty Paid (DDP)?
Goods bought from Our webiste are DDP – delivered duty paid, right?
Wrong, sorry. We do not – and cannot calculate, predict, or guess the import taxes and duties or any other charges you may have to pay in your country when the goods arrive. Please find out about this before you place order.
12. How can I view prices on your website in different currencies?
You can choose to view prices on our online shop in different currencies using the drop-down Currencies menu at the top of the right-hand pane of the store system window.
You can view prices on our website in just US $ but can buy in any of the following currencies:
– US Dollar (US$)
– Euro (EUR)
– British Pound (GBP)
– Canadian Dollar (CA$)
– Australian Dollar (AU$)
You can pay your orders in any currency by using the Universal currency calculator available on our we site.