Establishing an online wholesale business isn’t easy. Especially when you are clueless about where to begin, landing your first order can seem unachievable. In addition, even if you have sales experience, it may not be enough to tackle the hurdles of buying and selling in bulk. Therefore, we have decided to guide you on how to get your first wholesale order.
Luckily, with the help of the right wholesale selling strategies, you can get good business with ease. However, you need to choose the right product, connect with the best manufacturers, and set attractive prices. By following this road map, you’ll be on your way to getting past any hurdle in landing your first sale.
Once you get your hands on good opportunities, your success can build itself. You may come across a strong partner or deal with loyal customers who you can retain. Having that said, here are the crucial steps you need to take in order to get your first wholesale order.
Finalize your Product(s) to Sell
Though there are thousands of products you can work with, it’s always better to stay within your industry when finalizing your products. Following that, you can make a list of the top companies to which you’d like to sell your products. This may be a time-consuming task, but it will help you narrow down your search for a business.
It is advised to work on products or services you have prior knowledge of. For example, if you are interested in clothing and fashion, this could be the option for you. Your expertise in this industry can help you source high-quality goods and sell them to businesses both locally and globally.
However, before finalizing your products, you need to be sure that the product is demanded in the market or not. You wouldn’t want to end up selling the same product that thousands of other wholesalers are selling. However, if you manage to come up with something unique or highly demanded, this could be the opportunity you’re looking for.
Clear Terms and Conditions
A wholesale terms sheet is a simple document that needs to be shared with your clients to make sure both you and your customer are on the same page when it comes to conditions. You’ll want to ensure that the following points are mentioned in this document:
- Payment terms
- Minimum order quantity
- Return and exchange policies
- Shipping and delivery
- Ordering process
- applicable fees and taxes.
- Details about the product
You are free to add other necessary terms according to your business. Be clear with all the terms before closing any deal with your clients. This saves you time from getting into any future conflicts.
Attractive Wholesale Prices
Your pricing strategy will play a crucial part in your success or failure in getting your first wholesale order. Setting the right wholesale price is vital.
Consider all your costs, in addition to the price you’ll buy and sell at. That way, you’ll get a clear picture of where you’ll stand. A competitive price may help you get orders, but if your costs are higher, they’ll eat up all the profits, leaving you with nothing to be proud of.
Initially, if you wish to save the cost of managing your warehouse, you can consider the option of drop shipping. Once you are sure of all the costs, the right price can be set to enter the market. Remember, prices can change according to the demand and supply of the product in the market. Therefore, you must always be flexible to survive in the B2B sector.
Reaching Out to the Right B2B Buyers and Manufacturers
One of the most important steps in how to get your first wholesale order is actually connecting with the best B2B buyers and manufacturers. Though making a deal with a manufacturer isn’t that hard, you’ll still have to compete with other companies for supply and pricing. The more you buy in the B2B environment, the better the price will be. However, you wouldn’t want to buy more than you can sell. So, sit back and try to figure out the actual demand before cracking a deal.
Next up is what this blog is about: how to get your first wholesale order. The right B2B buyer is who you need to reach out to. There may be competitors providing similar products in the market. Also, thanks to digital media, buyers can now directly buy from manufacturers to get lower prices. That’s why it is crucial to offer something extra to attract buyers to your business. It can be streamlined logistics, better pricing, after-sales service, or just convenience.
Give your customers a strong reason to buy from you and not your competitors. Once you do, you’ll be able to get your first order and develop a strong relationship that’ll last for many years.
Give your Clients an Easy-to-Use Buying Platform
It isn’t easy to run an online wholesale store. If you aren’t organized, you may lose customers. Therefore, you’ll need to ensure your WooCommerce store is ready for your first wholesale order.
With the help of a premium wholesale solution, you can make it easier for your clients to make a purchase. With such a tool, you can easily set wholesale prices and process orders. You can also use other features that can make your online store perfect for B2B buyers to shop.
Promote your Wholesale Products
The right marketing strategies are what you need to close your first wholesale deal. It would be best to emphasize how important you are as a middleman in the industry.
Your website is what represents you. Therefore, make sure all the content is attractive, and it should reveal why you are better than others. You can mention all your USPs on the homepage to make it more engaging. Also, you can use important areas of your website, like the header and footer, to run ads for your products.
Other than that, you can also utilize other marketing strategies like running ads on Google, social media marketing, or even email marketing to lure potential leads to your business. If you are ready to go old-school, you can also pick up the phone and start calling companies that you think may want to buy from you. Cold calling is a traditional selling method still being used by many B2B companies.
Online wholesaling can be tricky at the start. However, once you know how to get your first wholesale order, you’ll be able to get a hand at it. The steps mentioned above are crucial in helping you land your first deal. Therefore, make the right decisions and start your wholesale business with the best approach. Is there anything that you think we missed? We’d love to hear your feedback in the comment section below.