Wholesale and retail businesses need to constantly introduce new
products and services to their customers to keep their interest. By
generating new ideas, a wholesaler and retailer can stay both
relevant and interesting to his customers.
Coach handbags might be really popular one month,
only to be replaced in demand by Michael Kors handbags,
which can then be forgotten in favor of Guess handbags.
My point is that just like customers want to see
new products, they also want to see new ideas
and strategies that can help them
Remember when eBay stores were all the rage?
Now selling on Amazon has become the new
The following strategies can help you come up with new ideas which
can be used to increase sales and retain customers.
Subscribe to wholesale trade newsletters. You can search online and
find a list of printed newsletters and e-zines which cover the
industry. You can come across a great story by a business who has
attained success through an innovative concept which you can in
turn apply to your own wholesale business. There are also some
pretty good publications such as Wholesale News, Closeout News, and
Web Wholesaler, which are full of advertisers and business related
articles from which you can gain valuable insights.
Study your competition. This is an age old practice which is used
by generals, politicians, and entrepreneurs. Visit your
competitor's web sites and see the products they are supplying to
retailers. If you see a product which they seem to be doing well
with, or would be of interest to your customers, you can search for
the manufacturer or wholesaler that is supplying it to them. If you
are not able to locate a direct source you should consider buying
their inventory so that you can resell it your customer base.
If you see that a competitor is starting to
sell out of his R&M Richards dress inventory,
you know it's time to start purchasing
wholesale R&M Richards for your store.
Call wholesale trade organizations and ask them for a list of new
products being introduced into the marketplace. These organizations
are paid by members to help them obtain leads, so they will be
happy to put you in touch with manufacturers that have a new line
This is an especially crucial strategy for Amazon sellers
since the competition for strong selling products
can become quickly saturated.
You should also find out if a popular brand is
releasing a new label so that you
can get in early.
I remember when Ecko introduced Ecko Red
to further capitalize on the demand
for urban clothing by young women.