If you want to have a gold chain retail business, getting inventory for your business will be a crucial consideration.
As a newcomer into the business, there will be some uncertainty regarding the business. So, naturally, you want to know how to go about it and how to avoid pitfalls that would interfere with your business's success.
Here is a step-by-step guide on how to buy gold chains wholesale.
Know Your Market
Before hitting the shops, you need to know your key market. The reason for this is simple. Once you make an order, you want to be sure that you get items that will move quickly, not end up as dead stock.
Think about a simple demographic like age. Younger people will almost always go for simple, classy designs, while a more mature crowd will want more intricate designs.
Knowing your clientele helps you stock your shop with the right kinds of jewelry.
Determine Your Stocking Needs
One thing that can quickly kill a jewelry business is being short on stock. Customers want to have a reliable shop to go to. So if they keep finding their favorite items out of stock, they simply stop coming.
For this reason, you need to know what your stocking needs are and learn how to straddle the tricky balance between being adequately stocked and being overstocked.
With this in mind, you can find a wholesaler that is perfectly capable of fulfilling your orders. This is important when thinking about how to buy gold chains wholesale.
Figure Out Price Points
You will buy jewelry items at the wholesaler's price, then mark them up to get a profit.
This means you have to think about what the mark-up price will be and its affordability Vis a Vis your customers' purchasing power.
Something you can do as you start is to have different jewelry types at different price ranges. This will help you see which items are most preferred by your clientele. You can then stock more of these.
Find A Good Wholesale jewelry supplier
If there is one thing our entire business will be heavily reliant on, it's your choice of the right gold jewelry supplier.
You need to find someone that offers a wide array of jewelry to choose from and at reasonable prices so you can mark them up. Once you identify a few good options, look at their reviews to see what other customers say about them.
You want to find a wholesaler generally regarded as professional, with good customer service, responsive, and engaging in fair business practices.
Similarly, find out the source of their gold and if it's ethically mined. Also, find out if it's recycled or fresh gold and if your customers are particular about a specific type.