When it comes to stocking your boutique, buying wholesale is the key to keeping your inventory fresh, trendy, and profitable. But with so many options available, how do you ensure you’re making the smartest choices for your business? Whether you’re a seasoned retailer or just starting out, here are some expert tips to help you buy wholesale smarter and maximize your margins.
Know your customers
If you don’t know your customers and who you are buying for, how can you serve them correctly? One way to get a better insight into your customer is by doing customer interviews or surveys. Some good questions to ask include:
- What are your customers’ needs, wants, and desires?
- What are their pain points or frustrations? (Is this something you can offer a solution to? Customers will pay to have their problems solved.)
- What sizes do they need?
- What fit, feel, and function do they need?
- What colors do they love?
Remember, just because you love it doesn’t mean it is what your customer is looking for!
Set a Budget & Stick to It
It’s easy to get carried away at markets or while browsing online wholesale platforms. Set a budget before you start shopping and prioritize purchases that align with your sales goals. Remember, just because something is a great deal doesn’t mean it’s the right fit for your boutique.
Understand your vendors sizing
Nothing is worse than getting excited about an online order only to find out that the sizing isn’t correct. Make sure your customers don’t experience this with your boutique. It’s up to you to provide the right resources for your customer and knowing your vendors sizing is a key step in this process.
Understand Prepacks
Vendors will most often pre-pack their items. These are packages of one item based on size runs. Common pre-packs include 2-2-2 (2 small, 2 medium, 2 large), or 1-2-2-1 (1 small, 2 medium, 2 large, 1 extra-large). It is up to you to make the best decision with these pre-packs. If you have a number of XL customers, it wouldn’t make sense to order a 2-2-2 pre-pack. Likely, if your customer base is primarily small-sized, it wouldn’t make sense to order a 1-2-2-1 pack. Lot’s of numbers here, but this is a crucial part in making sure you aren’t left with overstock and buying what your customers actually need.
Diversify Your Product Mix
Avoid putting all your eggs in one basket. Carrying a variety of price points, styles, and categories will help you appeal to a broader audience. Balance staple pieces with trendy items to maintain a well-rounded selection.
Buy in Strategic Quantities
Overbuying can tie up cash flow and lead to excess inventory, while underbuying can result in missed sales opportunities. Consider using an open-to-buy plan to track purchasing needs and ensure you’re ordering the right amounts at the right times.
Keep Minimums in Mind
Another important thing to keep in mind before purchasing from a vendor is minimums. Each vendor works differently, so make sure you ask about this. Some brands require a minimum dollar amount spent, while others require a minimum number of pre-packs bought. Is this something you can afford, or is it just that one sweater you fell in love with? The majority of the time, it is not worth it to break the bank to meet that minimum requirement for that one item. This is a huge red flag and will result in leftover inventory.
Price for Profit
It is easy to get caught up in a pricing bubble while wholesale shopping. When you are shopping around, the first thing you should ask yourself when you find something is ‘what will my customer pay for this?’ Once you’ve decided on a price, and only then, turn that pricetag around. If the wholesale price is justifiable and can offer you a good ROI (return on investment), you’re good to go! If there isn’t a gap between your ideal retail price and the wholesale price, it might not be a good option.
Wholesale Buying Handbook
The more knowledge you have, the better purchasing decisions you’ll make. Our How to Buy Wholesale Handbook walks you through everything you need to know—from finding the best vendors to negotiating prices and managing inventory efficiently.
Get your copy of the How to Buy Wholesale Handbook here.
Buying wholesale doesn’t have to be overwhelming. By implementing these smart strategies, you can make better purchasing decisions, optimize your inventory, and boost your boutique’s profitability. Ready to shop smarter? Download the handbook today and start buying wholesale like a pro!
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- Smart Strategies for Buying Wholesale Like a ProWhen it comes to stocking your boutique, buying wholesale is the key to keeping your inventory fresh, trendy, and profitable. But with so many options available, how do you ensure you’re making the smartest choices for your business? Whether you’re a seasoned retailer or just starting out, here are some expert tips to help you buy wholesale smarter and maximize your margins.
