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When you first start looking for new ways to expand your small business, it can be difficult to know which path is best for you. Should you sell physical products in local boutiques or on online marketplaces? What about attending local market events? What even IS wholesale?
In time, we hope to use this blog to address all of your concerns and provide you with a better understanding of all of the resources available to help you grow.
For today’s blog post, we’ll get into 3 incredible benefits to wholesaling and how bulk b2b orders can make you more money while helping your business grow.
First of all, it might be worthwhile to answer the question what is wholesaling exactly?
Wholesaling is the act of selling a large quantity of your products to another retailer so that they can then sell them directly to their customers. For small businesses with limited financial, spacial, and marketing resources, wholesale purchase orders can be hugely beneficial to reach a wider customers base and develop brand recognition.
Here are 3 reasons you should consider selling wholesale:
Let’s get into each reason in a bit more detail.
It might be common sense that if you can be found in more places, you are more likely to be discovered by a wider audience.
The major benefit of wholesaling is the ability to easily connect with new customers outside of your local community. Instead of shipping off individual orders to customers directly, wholesale allows you to connect with retailers who are already tapped into their market in other parts of the world and are ready to share your amazing products with them!
While large orders might seem intimidating at first, there are a lot of reasons they are a good fit for small businesses.
Wholesale orders allow a business to purchase supplies in bulk and batch production. It also prevents inventory from being left around to collect dust when you have limited space.
In addition, if you have retailers who reorder from you regularly, you will be able to focus your time and energy on new innovation and product development instead of constantly feeling the need to market yourself to your own audience.
Repurchases are a great sign you are fulfilling a need for their business and that their customers appreciate the quality or look of your products. Building a relationship with your buyers can lead to longer term commitments and mutual strategy to help both businesses grow.
The retailers who purchase from you are putting out money with the desire for a return. They are going to be work hard to advertise the beauty and benefits of your products in order to sell them! Oftentimes when it comes to artisan maker products, the retailers who purchase will go out of their way to share the details of who you are and the history of your business.
This point of connection provides context and intimacy to the customer that the retailer might not have on their own.You can expect more individuals to seek out your business to learn more about you, explore your other offerings, and follow you on social media.
When we took a survey on our Instagram we found out that a lot of small business owners in our community are already selling this way! If you are one of them, we would love for you to share you experience in the comments of this post to help other businesses who are deciding if it is worthwhile for them.
If you are starting to think wholesale might be a good fit for you, we have a recommendation for you!
Our favourite wholesale marketplace, Faire.com connects you to 300,000 independent retailers around the world who are looking for new artisan products to sell from small businesses just like yours!
We think their fees are quite reasonable (25% commission on first orders, 15% on reorders) and they have a great guaranteed payment system to ensure the order process goes smoothly. Their online store, internal retailer message service, and order fulfillment system is very easy to use too which is a bonus.
Sign up with your email address today to get started – be sure to let us know how it goes if you do!
