One of the most challenging parts of opening and running a “tiangge” or low-priced retail store is determining the right products to sell. Once you begin to develop your list of products the next big hurdle is finding the best wholesale suppliers to provide those products. Fail at either of these and you are in for big problems. After all, having the very products your shoppers need and will buy is a big part of the formula for sales. Having wholesale suppliers which can reliably provide those products as they are needed helps to maximize sales as well.
Some of the most important criteria for selecting the vendors to support your business when you are running a retail store.
Popular items – they know what sells
Being associated with a wholesale supply company which knows and shares what sells is a big plus for those running a retail store. Having this type of information provides a powerful means of knowing exactly what will bring shoppers into your store. The best selling items represent a means of quickly turning inventory into cash – and maximizing profit.
It is nice if you can find the wholesale suppliers which can always charge the lowest price. This is seldom, if ever the case however. The reality is you seek to have competitive prices on everything you buy from your primary product suppliers, with a few items being the lowest priced of all your vendor options. In some cases a few items might even be the highest priced. It is simply a matter of locating a vendor which meets all of your important selection criteria and provides competitive pricing on top of everything else.
Great customer service
Who wants to constantly feel there is no contact or follow-up from the very companies which are so important to the success of your retail store? Make sure your suppliers not only promptly return your calls, but they also take the initiative to be proactive by keeping your informed and updated about your orders. Make sure your suppliers care about your happiness with their performance and do everything to make each experience easy and pleasurable for you.
Fast delivery of products
When you are running a retail store it does no good to have a major need and then deal with suppliers which are slow to confirm, pull orders and ship them to you. Speed of order processing should be one of your top considerations as the faster your suppliers deliver, the lower the safety stock you can successfully maintain to meet shopper needs. Lower safety stock can lead to higher profit when your suppliers deliver before you are out of stock!
High in-stock percentage
Successfully running a retail store requires you to have the exact products your shoppers need and want in-stock whenever they are needed. To accomplish this task you need wholesale suppliers you can depend on to reliably have those same core products in-stock most of the time. You need to know in virtually all cases you can submit an order and it will be quickly filled.