In this Thrifting For Profit Podcast we discuss … Wholesale Product Sourcing Part 4
Today Charlene Anderson of Purveyor Of All Things Creative is helping me answer questions on the air and in the chat room.
Previous Discussions Related To Wholesale Sourcing
Part 1 – Wholesale Sourcing
Part 2 – Wholesale Sourcing
We discuss the Magic $25 and Wholesale (Part 3) in this podcast:
Here I share my updated thoughts about the Magic of 25 + 10:
Wholesale Product Sourcing Advice From Charlene Anderson
If you were going to open a new brick and mortar store – you would probably need a huge loan or line of credit and a ton of wholesale supplier contacts.
Your store would probably cater to a specific type of product:
- Pet Supplies
- Quilting Supplies
- Teaching Supplies
- Gift Shop
- Flower Store
- A service (locksmith or computer repair) with a store front and some retail
- Think of all the mom & pop stores in your area
Where would you start to find products to sell in your store?
What’s the best way to find a variety of products to fill up those shelves?
My own personal experience when I opened my brick and mortar gift store:
- I attended a large gift show.
- I contacted a large gift product distributor and the “rep” came to me with catalogs and samples.
- I searched locally.
- Internet was not an option…. ***giggle***
Similarities and Differences in Wholesale Sourcing For Amazon
- Sticking with a niche.
- Attending Wholesale Shows.
- Search Locally.
- Internet IS an option.
- Some wholesale suppliers will be resistant to online only sellers.
More questions about wholesale:
- A reminder to check for (or think about) hazmat.
- What length of time until a sale do you consider good when testing a product that already has a product page?
- How about one that is new to the catalog (you just created the product page)?
- If that item sells quickly, then how many more do you usually send in?
- Is there a certain point where you decide to “go deep” or do you consistently purchase just a few of an item?
Wholesale Sourcing – For and During The Holidays
I’ve said over the last few podcasts – that I had a plan for the holidays. This plan included retail arbitrage (online and in stores) and stocking up on specific products from my distributors.
The “stock up” is for products that I sell regularly – but that should sell for a bit higher price and more frequently during the holidays.
I used notes from past holidays to make educated guesses for stock levels in these specific products. These products should continue to be good sellers over at least the next few years – which makes it easier to “guess”.
I also introduced a few new “similar” products (gradually) and some of them are selling like hotcakes – in fact I’m not sure how many to order at a time, they are selling out so fast.
I won’t know when the distributor will run out of these (if and when)… so I’ll ride the wave while I can. My plan is to replace “hot sellers” with a very similar product. It may take some hunting, but it’s worth the effort.
I’m learning as I grow about a specific niche – it’s new to me over the last 7 months and took me by surprise. I tested ONE thing (about 6 of them) and all of sudden (if 7 months can feel that way)… I have an entire niche to explore.
Okay… Have A Great Weekend and Profitable Sourcing!
That’s my story… and I’m sticking to it…
Next week’s show… Pinterest Marketing For Amazon
Listen live to the show Fridays, 2pm ET at http://thriftingforprofit.com/listen