A business person has a lot of logistics to deal with. Your business model has to be spot on if you want to register profits and run a sustainable organization. A steady supply of products is mandatory if you want your clients to stay around. The supply should be of the highest quality available to beat the competition. The retailer you choose to work with determines how far this goes. So, how do you choose one? Here are tips on how to choose the best retailer for selling your products online.
- Pick options
There are many retailers available although not all of them offer the best quality. The reason you’re picking options is that different retailers offer varying value propositions. By sampling some, you get a chance to analyze what value every potential partner brings to the table.
With a list of ten retailers, you’re good to go. This is a process you can do time and again. Remember business dynamics change with time and that is why a good or bad retailer today may be the opposite tomorrow. Besides, new businesses come up every other day as more close shop in equal numbers.
2. Conduct deep research about the retailers shortlisted
Most rich people buy brands. That mentioned, you have to go for retailers that sell popular brands. The goal is to make as many sales as possible. You can achieve this target if you buy and sell the right products. eCommerce is growing more competitive by the day. That is why you do not want to rely on a brand that’s hard to push to the consumers.
During your research, you’re not only finding out the retailer profile but how perfectly their products meet the needs of your clients. One way to find this out is through going to buyer reviews. That will make it easier for you to make informed decisions.
3. Narrow down your options
At the end of the day, you will have to settle for one or two retailers. What will guide you in this process? What criteria will you use to drop seven out of ten and have three left? You can take the trial and error approach or be conservative.
The first option is subjective but may still give you desirable results. Choose three of the best, out of the ten options you had selected before. The retailer closest to your vision should carry the day. You may split your orders into three.
That means, purchasing the same product from the three suppliers. Be keen on your clients’ reactions towards these products. You will realize products from a particular retailer go faster than those of the others. tick to that retailer and let them be your supplier.
The customer is always right. Not in the literal sense but to mean they will only pay for what they like or want. No matter how good or bad you may perceive a product to be, the decision to buy is the client’s. And that makes them powerful and right. Your ability to influence these clients to change their purchase patterns is limited.
For that reason, your decision to work with a certain retailer should be informed by your clients. After taking the first step to shortlist potential partners, the decision to settle on one or two retailers to work with for long should be informed by your clients.
4. Short term contracts
Once you settle for a particular retailer, you can be sure to record increased sales. This is true if you choose quality partnerships by working with reliable providers. By choosing to work with them, you say yes to their values and philosophies.
Change is inevitable. That is why every other financial year sees companies rise and drop in value. Things like a change of management, strategic decisions like mergers and acquisitions, among others heavily affect companies. This means the partner you choose to source your products from will not be in the same financial position every other time.
They may become a better company with time. That means they will produce better products. If the opposite happens, the quality of their goods will significantly drop. Your sales will be directly affected. For that reason, you must keep revising your partnerships to ensure you maintain great quality standards. And that’s how you’ll keep your clients.
Qualities of a good retailer
Business partnerships are the hardest to establish. The dynamics change every other and that’s why you need a particular standard to adhere to for your business to remain competitive. One quality you must look out for in a retailer is reliability.
Business is a going concern. Clients want to buy from a seller who guarantees them they will still be there tomorrow. For you to be able to supply enough, your supplier too must be reliable. That way, you will be able to supply continuously without fail. That consistency is very important in the existence of your business.
Now, it is not just about consistency. You also have to deal with an established brand. There’s power in a brand name. It is easier to sell a popular brand than one that’s not known. Besides, some brands are so popular and that may mean more revenue. Prestigious brands like Apple provide high-end products that allow you to charge high.
You can also think about goods returned. It is a common practice for clients to return goods after purchase. While some do this with malice, others have no ill will. Either way, someone has to be bear the cost of that loss. A supplier that is ready to take back spoilt and returned products are one to consider. That means you won’t have to bear the loss of returned products you had no hand in spoiling.
Responsive suppliers are also good enough to make partnerships with. Clients want excellent customer service and that is why you expect them to bombard you with questions time and again. At times, you may be unable to answer. That means looking for answers somewhere else. The obvious source of your answers will be the supplier. The faster they get back to you the faster you’ll respond to your clients and close the matter.
A partner that takes ages to respond will also affect your turnaround time. That may mean loss of clients who will leave you for sellers who respond fast. That is something you want to avoid at all costs as it will affect your sales.
Once you have a reliable supplier, you also need a good platform to operate from. Ecommerce is a preferred business model today. But even at it, you have to do some things right. Many online platforms allow you to sell your products. How do you select the right online platform to sell your products on?
Criteria for selecting an online platform to sell on
- Popularity
Clients have a go-to platform when choosing where they will buy products from. They make their decisions based on past experiences and expectations. For instance, Amazon is very popular. The platform is known to provide amazing products and that is why buyers flock to the platform to buy products.
2. Features supported by the platform
Features allow you to optimize your online shop. The more features supported, the easier it is to make better impressions. Some platforms allow you to add plugins that give the site more visibility than others. In the end, your sales go up and profits increase. This has a great benefit in the long run.
There are lots of features to consider when settling for a platform, but the following three are very important. Web hosting, site growth, and security features are crucial. Imagine optimizing your online shop only to lose its control to hackers.
Or, having a well-established site only for it to crash. Supportive features should take care of your site’s security and hosting needs. And as you grow, the platform should have features to support growth and economies of scale. That way, you can make strategic decisions that will help you focus on keeping your clients.
3. Costs
Every business needs an accountant, or better said, your business requires proper accounting to proceed. One of the ways to grow is to cut costs and maximize sales. Some costs must be incurred. The point is to go for a site that will cost you the least for the best possible services.
Just like you’d pay rent to occupy a brick-and-mortar store, eCommerce platforms will also charge you to host you. But there are many reasonable providers today offering free hosting plans. The only challenge with such plans is that the host reserve some of the branding rights. Your URL will contain their name. however, there are cheaper payment plans that allow your business to grow.
4. The number of products you can sell
Owning an online shop comes with challenges and opportunities. One challenge small and medium online businesses face is growth. Online retail business is never the easiest to grow. Part of the cause of this challenge is talented traders signing up on platforms that limit the number of products they can sell.
You should not be limited in partnerships. The goal is to enter into business with a retail partner that allows you to realize your full potential.
For instance, you can use the professional seller program on Amazon if you have a 40 item target. That is the threshold for value for money. There are monthly fees you should pay. That is why you should go for the individual account if you have no goal of selling more than 40 items in a month.
There are online platforms that cannot allow you to sell more than a particular number. Maybe that limit is a control measure to achieve something. It may be an advantage for you at the start but a major setback when it’s time to grow. That is why you have to do your research well before setting up a business. You must establish how the platform limits and supports every stage of a business cycle.
5. Social media integration
Social media is a game-changer. Generating organic followers are as important as social media followers. Both have to work together for optimum results. This is true because you do not know when and where the next big paycheck will come from. A good platform for an online store allows you to integrate your shop and your social media platforms.
One of the easiest ways to do the integration is to set up a social login option. This allows buyers to get to your platform through their social media platforms. The use of links has also proven to be very effective in this. A platform that allows you to do all this is very effective and should be the go-to option for you.
6. User experience
At the end of the day, users go after the most efficient services, after quality and costs. That is why you want a marketplace that lets buyers enjoy their shopping. Spending your money shouldn’t be a problem at all. When the user experience on an eCommerce platform is wanting, you can be sure the clients will opt-out. The reverse is true. Buyers will always come back to your online store if they experience excellent services.
You are also a user of the same platform you utilize for your online business. How does it feel selling there? Or, if you’ve not started the business yet, how will it feel to retail your products on that platform? These are thought-provoking questions you must consider. If the feeling is smooth, please continue using the platform. If not, consider other options.
Conclusion
A business plan is what you need to start a business. A proper working model is what you need to run the business. And, a strategy is a requirement for growth. Part of a successful plan is to get products from a consistent supplier and sell on an efficient online platform like Amazon. Ecommerce continues to gain popularity as a modern marketplace and is so promising. Get the right online store platform, and you’re halfway to your success. Good luck!
