Buying Wholesale Jewelry For Resale in India
Who is a Reseller and How Reselling Works?
Resellers are third parties that act as a middle men between a manufacturer or wholesaler and a customer. They are able to resell the commodities that were purchased from the manufacturer or wholesalers, and resell them back to their customers.
These types of resellers are also known as drop shippers. In contrast to distributorship businesses that require building and maintaining a warehouse and buying commodities that end drastically, reselling businesses does not require a manufacturing unit or warehouse, making it an extremely convenient business for entrepreneurs to start and make profit without excessive waste of money.
Advantages of Starting a Wholesale Reselling Business
1. No excessive money needed to be spent: No need to spend more, If you want precious jewelry made of gold, silver, platinum, gemstones and so on, you don’t need to spend so much money. A variety of diamonds, pearls, gemstones and more can be found in our jewelry. They are lighter and more durable than their previous counterparts, but they look very similar to their counterparts.
2. No worries of maintaining a warehouse of your own: The godown does not have to be bought or rented in order for it to be used as a warehouse for your jewelry inventory, whether you buy bulk jewelry, a few pieces or just one piece.
3. Purchasing jewelry direct from the manufacturers or wholesalers: Making a direct purchase from a manufacturer or wholesaler and selling it directly to customers is efficient and cost- effective. Purchasing jewelry from Maroth Jewels at wholesale price whether in bulk or limited quantity, you will always get the best deals.
4. You can maintain your niche according to you: Any jewelry items can be sold, including bangles, pendant sets, rings, earrings, chains, anklets, mangalsutra, etc. You don’t have to focus on selling only one type of jewelry. Whether you choose to sell diamonds, gold, silver or gemstones, you can create a catalog of jewelry you wish for.
5. Less investment, great profit: As we pointed out earlier, reselling or drop shipping does not require a warehouse or a large amount of money to start, so it is an excellent way to start your own business of reselling jewelry without wasting time or money.
Major Points that as a Reseller You Should Focus on for Jewelry:
1. Authenticity or quality of the jewelry
2. How much discount you will get and the margin upon it
3. Shipping period and courier options and charges
4. Payment mode and bank charges
5. Return policy and cancellation charges
6. Government laws and jurisdiction
Key Points You Should Keep in Mind While Buying Wholesale Jewelry For Resale in India
With jewelry being a great market to turn over products, there is also a great opportunity to buy it wholesale. Here are some tips for doing this successfully as a small business:
#1. Find a Good Wholesale Supplier
Here’s an example: You have just made a couple of new bracelets, and your customers are pounding your door. Your current stock of jewelry stands to make a big profit, so you decide to order more before it runs out. A few weeks later, your supplier puts you on back order, well after the trend has died down. Ultimately, they cost your business money and let you know.
Read more:- How To Get Jewelry Manufactured?
On the other hand, you might stumble upon a brand new product that you think you will sell. After making an order, you discover that it was manufactured by low quality manufacturers. Your customers are uninterested in the product due to the evident quality issues. Your supplier let you down and cost your business money.
In order to turn a profit when buying wholesale goods, you must be able to vet and trust your wholesale supplier.
#2. Keep an Eye Out for Fakes by Checking Product Descriptions
While it is not likely to happen with a supplier you have been working with for years, it is important to mention: Just because the supplier is reputable doesn’t mean that the products are untouched. The shipping of a shipment can be tampered with when suppliers change manufacturers.
To ensure that your products are of the highest quality, you should check their product descriptions which should include dimensions, weight, materials and country of origin. Learn about your supplier’s manufacturer vetting process, and, if you can, speak to the Better Business Bureau in order to verify the manufacturers.
#3. Taking it All on the First Try is a Mistake
Suppose you find a supplier who appears to be trustworthy. Do not place a large order with them on your first try, Instead, of this place one or a few small orders so that you can evaluate the quality of their products first. Once you are satisfied, you can begin placing large orders.
#4. Get the Best Pricing for Your Wholesale Jewelry for Resale
As you can see, the keystone pricing model involves a double digit markup on the retail price, which means that there is an all- round 100% markup. When it comes to customer acquisition and operation costs, retailers make less money selling products than other companies.
However, you will also want to make sure your products are priced competitively to sell well. In the age of amazon and other online stores, brick and mortar businesses sometimes have to mark them up 100% to get their products to sell. You have to find a way to balance these two factors.
The MSRP ( Manufacturer’s Suggested Retail Price) may also be adhered to, which keeps you competitive, since other customers who are interested in purchasing the product will also look at it.
#5. Pay Attention to the Trends
When you place a large order of jewelry, you don’t want the lot to not sell because it is outdated and out of fashion. Keeping up with the latest trends and making sound merchandising decisions is important for your wholesale jewelry supplier. However, stocking trend- driven items is also in your best interest.
#6. Get Creative with Deals and Promotions
Once you receive the stock from your wholesale supplier, it’s your responsibility to sell it, which means coming up with creative deals and promotions.
A significant portion of shoppers are attracted to sales, even to the point that they will be willing to spend more money when they believe they are getting a deal, which means markdowns, buy one get one promotions, and other promotions might help the product fly off the shelves.
#7. Supply and Demand Relationship Always Works
Retailers with the capability of purchasing larger quantities will receive a higher wholesale discount. As a result, retailers with the capability of purchasing greater quantities may have the potential for much higher profit margins.
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Getting into wholesale purchasing means you will need to consider how much of the product you can sell and balance that with how much you order. You will always run the risk of ordering too much, but ordering small quantities will cost more.
#8. Take Advantage of Peak Seasons
You can turn over more inventory during peak seasons, so be sure to stock plenty of inventory. For jewelry, valentine’s day and other gift giving holidays are among the peak seasons.
In no time at all, you will turn profit in the jewelry portion of your business when you partner with a reliable wholesaler, stay up to date on merchandising best practices and continually expand your store.
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