Guide when buying Wholesale Clothing – PART 1
Still, fashion is the top selling industry all across the globe. According to Oberlo, “In 2018, an estimated 1.8 billion people worldwide purchased goods online (Statista, 2018). In the same year, global e-retail sales amounted to $2.8 trillion. If that isn’t enough to blow you away, projections show that global e-retail sales are going to grow to up to $4.8 trillion by 2021.” Talk about rapid growth!
Because of this fast increase in the demand of fashion items sold online, several online selling platforms and marketplaces are popping out left and right. Seems like there’s just no reason why you won’t dive in the online selling industry right? Knowing that platforms are very easy to setup and understand nowadays. It’s as simple as posting photos on social media platforms, but the only difference is you are getting sales!
If you’re already on the process of sourcing your initial inventory of chic clothing pieces, consider buying wholesale first. Not only will you be getting more items for a lower cost, but you can easily identify your style or niche as to which trends you want to sell. You may find a lot of wholesale suppliers online, be sure to transact only with reputable and trustworthy suppliers. Check out this blog to learn how to determine if your supplier is a good one.
When buying wholesale clothing, you must remember these 5 things.
1. Always check quality/product condition.
When buying from online wholesale suppliers, you do not have a chance to inspect each and every product one by one. This is the very reason why you should always check the quality or product condition of the items that you are planning to buy. We have a blog on this one that discusses different product conditions that a wholesale clothing supplier might be selling. You have shelf pulls, customer returns, overstock, refurbished, and a whole lot more. You need to understand these first before placing an order online. Be meticulous enough to research and understand the differences between each product condition so that you will be able to choose the right quality for the clothing items that you are planning to sell.
2. Check MSRP
Another thing to consider is checking the MSRP of each item that you are going to buy. MSRP stands for Manufacturer’s Suggested Retail Price. Basically, this is how much you can sell each item for when you put them up or list them in your online selling platform. For example, if a product’s MSRP is $100 but you only got the product for $10 when you bought a wholesale box and then you sell it for the original price which is $100, you immediately get $90 in profits. Easy right? Now, you have to do this for all clothing items at you are buying so that you can compute your anticipated sales and revenue.