A Quick Guide in Reselling Wholesale Jewelry
Jewelry - it’s a booming industry. Beyond all doubt, there’s a huge market for buying wholesale jewelry for resale, and nothing is more satisfying than gaining success by selling exquisite gems to people all over the world. However, like any other business, you must first understand the basics before you can grasp the opportunity of becoming a successful reseller.
In this quick guide on how to buy jewelry wholesale and make a success out of it, we provide you with all of the tips and tricks you need to buy wholesale jewelry to sell for a profit.
Let’s get started!
Humble beginnings are always the best place to start, especially when you’re looking at starting your own business that deals in buying wholesale jewelry for resale.
The first thing you need to know about
wholesale jewelry is that it can be rather expensive if you don’t do your
homework correctly.
Buying the most exquisite pieces on the market is high-risk especially when you are just beginning, so instead of starting with high-end products, new business owners should opt for affordable jewelry - something like sterling silver.
Sterling silver is considered an “entry-leveling” option in the wholesale market. For more information on this topic, check out our last blog on the difference between sterling silver and silver!
Once you have a good idea of the items that will sell and what your budget looks like, it’s time to find a wholesale supplier.
Finding a reliable source can be pretty tricky if you don’t know what to look for, so here’s a quick checklist on how to buy jewelry wholesale by finding the right supplier.
With a low minimum order quantity, you will be able to try out a variety of pieces at once. If you’re just starting out, this is an essential requirement for when you buy wholesale jewelry to sell. Exploring what product works will cost you less in the long run.
There will be times where some of your jewelry will suddenly get good sales compared to others. This could be down to specific trends, seasons, amongst many other reasons. Having a supplier with a short-order processing time gives you the advantage of restocking those products faster before the trend goes down.
If you are unable to find a supplier with fast delivery times, you’ll find yourself stuck with under-used products and a huge pile of unsold inventory.
Wholesalers usually offer free shipping depending on how much you order. Buying wholesale jewelry for resale is much more affordable if you do not have to pay extra on shipping fees.
So, make sure that your supplier has free or low-cost shipping options available before buying your items - it will save you a lot of money in the long run, and will add more to your profit!
ELF925 offers free worldwide shipping for orders over USD 499.00!
Volume discounts can be another great way to save money when you buy wholesale jewelry for resale. Buying in bulk will allow you to get discounts or additional bonuses from your supplier, reducing the cost even further and increasing your profit margins!
Here at Elf 925 Wholesale, we provide you with all of the wholesale jewelry essentials at affordable prices, and we offer fast order processing times and free shipping, too. Learn more here!
A wholesaler with long-term ties to its supplier means that the quality of the products is good and gets sales. If you notice that the quality of your supplier’s products changes from time to time, it means that they are changing suppliers, which in effect can harm your business. However, if your current supplier’s product quality is consistent, then you are in good hands.
Did you know that ELF925 produces its own jewelry? We are experts who have been doing this practice for over 20 years. Learn more about us!
When it comes to jewelry, trends are constantly changing. From yearly events to the ever-changing seasons, there is always something new to look out for when it comes to wholesale jewelry.
If you want your business and products to be successful in the long run, then you need to stay up with what’s trending by regularly checking websites that provide news on trends such as Pinterest or Instagram. This will help give a boost to your sales in the future.
ELF925 offers many jewelry designs for different seasons and occasions, all at wholesale prices. Check out some of our Special Occasions jewelry such as Christmas and Valentine’s Day!
Customers love a deal, so give them one!
Not only will you boost your reputation and free up space in storage, but offering deals and discounts to your customers will help you in the long run by increasing sales.
It is also an excellent way for new customers to try out your products at an affordable price point before deciding whether or not they would like to buy more from you in the future.
Remember that ordering more from wholesalers will get you more discounts, resulting in higher profit margins, but the risk will be ordering too much. On the other hand, ordering less will cost you more per item.
It’s vital that you find a balance where you order the bare minimum from suppliers, but not too little that it can be detrimental to your business. Learn to balance both scenarios with the current trends and customer demands in mind.
Now that you have an idea about which jewelry to sell and what suppliers to look for, you should start to think about where to sell. There are many ways businesses sell jewelry, but let’s categorize them into 2: Online and Offline.
Since selling online mostly just requires a computer, internet connection, and knowledge, the barrier to entry to set up an online jewelry business is lower than ever.
Commonly used online sales channels are:
Hiring a digital marketing agency to help you sell your jewelry online is always an option, but it can prove to be cost-prohibitive for some businesses.
Selling on the above channels is very convenient because they offer built-in traffic and support for selling products, which serve as another great reason why starting an online business is easier than ever. However, your own website is an exception as it requires more digital marketing knowledge to be effective.
Aside from online sales channels, jewelry businesses still thrive in selling physically. If you prefer to sell jewelry to customers in your own community or a particular area, here are some options to consider:
All in all, this is an excellent opportunity to make money and have fun simultaneously. It’s also a way to get into the business world with little investment and a high potential for returns.
ELF925 offers many jewelry designs with wholesale prices that will help you achieve your goals without having to worry about spending too much money.
With ELF925 Wholesale, you don’t only get high-quality products at a wholesale price; you also get the support and guidance to help your business grow. Reap the rewards of success in buying wholesale jewelry for resale with:
Jewelry is popular among many retailers, as it’s inexpensive to stock and works as a gift and personal accessory. Wholesale jewelry dealers offer some amazing deals, letting you keep up with and cash in on demand for the latest trends. However, if you’re not careful, you could choose the wrong wholesaler, or you could purchase the wrong amount for your needs. Check out this guide for some helpful tips on navigating this complex market.
Looking for a wholesale jewelry supplier for your store?
M&M Merchandisers can help you keep up with the latest trends.
You're likely keenly aware that lowering your overhead on inventory acquisition and operations gives you more room to turn a profit. That means if you can stock your store for less, your business will make more money. This is made possible by wholesalers, who sell product in bulk to businesses for less than they would pay at retail. Wholesalers can then pass on these savings to you, allowing you to stock more of a certain product or a greater variety.
With jewelry being a prime market to turn over product, there’s also a great opportunity to buy it wholesale. Here are some tips for doing this successfully as a small business:
Imagine this: A couple of your new bracelets are a hit, and you have customers banging down your door. You stand to turn a big profit on this jewelry, so you decide to order more before your current stock runs out completely. Then your supplier puts you on back order for weeks, well after the trend has blown over. They let you down and cost your business money.
On the other side of the spectrum, you might find a brand-new product that you're certain will sell. You make an order, but when it arrives, it’s apparent that it came from low-quality manufacturers. The quality issues are so apparent that your customers have no interest. Your supplier let you down and cost your business money.
You must be able to vet and trust your wholesale supplier. It's crucial to turning a profit when purchasing goods wholesale.
It's not likely to happen with a supplier you've been working with for some time, but this is still important to mention: Just because the supplier is reputable doesn't mean the products are without scrutiny. Sometimes when suppliers change manufacturers a shipment turns out to be fakes.
This is why you should check product descriptions, which should include size, weight, material, and country of origin. Get familiar with your supplier's manufacturer vetting process and, when possible, vet the manufacturers yourself with the Better Business Bureau.
Let's say you found a supplier, and they seem above-board. Don't put a huge order with them on your first try. Place one or a few smaller orders so that you can see and test the quality of their products yourself. Once you're satisfied, you can begin putting in larger orders.
With the keystone pricing model, the retail price is double the wholesale price, meaning the markup is 100%. Keep in mind that it costs retailers more money to sell products when factoring in customer acquisition and operations cost.
On the other hand, you'll also want to be sure that you're pricing products to sell competitively. In the age of Amazon and other online stores, sometimes brick and mortars price themselves out of the market with a 100% markup. It's a delicate balance that you'll have to overcome.
You may also abide by the MSRP (Manufacturer's Suggested Retail Price). Doing so helps you stay competitive, presumably, as other customers buying the product are also looking at that MSRP.
The last thing you want to do is put in a large order of jewelry that doesn’t sell because the lot was outdated and not in fashion. While it's in the wholesale jewelry supplier's best interest to stock trendy items, it's also up to you to keep up with those trends and make sound merchandising decisions.
Once you have the stock from your wholesale supplier, it's your responsibility to sell it. That means getting creative with your deals and promotions. Buying psychology dictates that many shoppers love sales, even to the point that they'll be willing to spend more money when they perceive they're getting a deal. This means markdowns, buy-one/get-one promotions, and other deals can help the product fly off the shelves.
The larger lots that you purchase wholesale, the more of a wholesale discount that you get. That means that retailers who can purchase larger quantities have a potential for much higher profit margins. Once you enter into wholesale purchasing, you'll need to consider how much of the product you can turnover and balance that with how much you order. You'll always run the risk of ordering too much, but ordering smaller quantities will cost more per item.
Peak seasons mean you have the potential of turning over more inventory, so be sure to plan ahead for that and have plenty of stock. For jewelry, the peak seasons include Valentine's Day and the other gift-giving holidays.
By partnering with a reputable wholesale supplier, keeping up on merchandising best practices, and continuing to grow your store, you'll turn a profit in the jewelry portion of your business in no time. Start that process today by looking into M&M as a wholesale jewelry supplier.