Getting into the jewelry industry is a great way to build a business you can depend on for years to come. In fact, buyers in the United States spend more than $82.5 billion on jewelry and watches in 2018 alone. That number will likely increase over the next few years.
If you’re looking to break into the industry, you need to make sure the products you provide are high quality enough to attract the right types of buyers. This means you need to find a wholesale jewelry supplier to partner with as soon as you can.
Buying wholesale jewelry can seem difficult at first, but it doesn’t have to be the hardest part of running your business. Here are a few proven tips to help.
1. Figure Out What Types of Wholesale Jewelry You Want
Before you can start shopping for jewelry for resale, you need to identify the types of pieces you want to feature in your store. Think about the message you want your brand to convey.
Are you looking to create a trendy and up-and-coming brand that sells modern or contemporary pieces? Or do you want to provide customers looking for elevated classics?
The type of message you want to send largely influences the types of jewelry you’ll shop for. Think about your personal preferences and the types of customers you want to attract before you make a decision. Once you have these things in mind, you’ll be able to look for suppliers that can meet your needs.
2. Read the Product Descriptions Closely
When you’re shopping for jewelry for resale, it’s easy to get distracted by the pictures. After all, you need to know what you’re buying and the best way to gauge the quality and look of the pieces is to focus on the seller’s high-resolution images. This is a great place to start, but it’s not the only thing you need to look at before you buy.
You also need to read the product descriptions closely.
Remember, fake gemstones can look as good as the real thing and if you’re not careful, it’s easy to end up buying them instead. If you’re looking for fake gemstones, this is fine. But if you’re looking for the real deal, you’ll be sorely disappointed.
Read the description for each product you’re considering. In those descriptions, you’ll learn more about the materials and the types of settings the maker used. This will make it easier for you to make sure you’re buying the products that you actually want.
3. Research Each Wholesale Supplier’s Reputation
Believe it or not, the quality of the wholesaler matters almost as much as the quality of the jewelry you’re buying. Before you place your first order, take the time to research each company in detail.
Read up on reviews and see what other people have to say about their services and the quality of their products. You should also look for information about their return policy in case the products you receive aren’t up to your standards.
The last thing you want to do is partner with a wholesaler that makes it hard to fix errors on your orders.
4. Pay Close Attention to Your Bottom Line
Before you start placing orders, you need to think about how much money you’re willing to spend on your inventory. Look at your budget and look for suppliers that can work with that number.
Don’t forget to think about your estimated markup for each product. As a general rule, you won’t be able to charge as much for lower quality pieces. Depending on the wholesaler’s prices, that markup may be so small that it’s not worth working with them.
If you’re not sure where to start, don’t hesitate to reach out to different suppliers and let them know what you need. Make sure they understand your budget before they start recommending pieces.
5. Consider the Selection Available
As you grow your resale business, you’ll likely want to refresh your collections every year or so. This means you’ll want to choose a supplier that offers more than one type of jewelry if possible.
The more pieces and styles they carry, the easier it will be to refresh your displays and stay on top of fashion trends. One of the hardest things business owners have to deal with is searching for a new supplier just because their original supplier can’t keep up with their demands.
Look for a supplier that can help you grow your business in the long run.
6. Place Small Orders at First
According to the team at Wholesale Sparkle, you need to be able to test the merchandise before you commit to larger orders. Wholesale Sparkle is a supplier of wholesale jewelry and recommends that all buyers make sure the products fit their needs before ordering enough pieces to fill a jewelry case.
You can do this with several suppliers at once to get a better feel for the quality of the jewelry they offer.
Once you know which suppliers give you the best price and quality, you can increase your orders and start to rely on them in the future.
7. Build Lasting Relationships With Your Suppliers
The best thing you can do is choose a wholesale jewelry supplier that you can work with for years to come. This way, you’ll be able to establish consistency in your products’ quality so your customers can keep coming back with confidence.
By building lasting business relationships with your suppliers, you’ll be the first to know about new collections and may even qualify for discounts that newer buyers won’t receive.
Buying Wholesale Jewelry Can Be Easy
If you want your business to be successful, you need to learn the ins and outs of buying wholesale jewelry before you set up your shop. Keep these tips in mind and you’ll be able to find a supplier you can work with for years to come.
Once you have your products in place, you’ll need to attract new customers and make sure they see your brand as the high-quality company it is.
This means creating a solid marketing strategy and focusing on helping the customer every step of the way. Check out our latest posts for more tips to help you better meet your customers’ needs so you can grow your business with ease.