Many entrepreneurs are afraid of expanding their business because they have restraining thoughts about failure. Also, many of them think that customers don’t crave for changes and it’s acceptable to provide exactly the same service, products through the years. However, innovations are always needed. What if this alteration at online retail stores doesn’t mean newly added products but transforming the shop to be a supplier business as well, so stepping onto the other side of the market?
Being an online retailer means you run your store on one of the e-commerce platforms (such as Shopify, Magento, WooCommerce, etc.) and selling products from your suppliers, manufacturers virtually. As for keeping an inventory, you can choose whether you would like to have your own stock, for example in a fulfillment center or in your garage, or you want to use drop shipping that means you do not need to buy products beforehand if you want to sell something. If you cooperate with drop ship suppliers, they send products directly to the customer when an order is placed. Moreover, the remote warehousing model is almost the same, the only difference is that the product the consumer ordered from your online store arrives at your (the retailer’s) place at the first time, and then you can sort them out. The latter method has many other advantages.
Do you, as an e-commerce store owner have pretty unique products from your wholesaler that you think you could resell to other retailers? Would you like to work as a supplier as well? Or do you have your own handmade products, so you are a manufacturer? Well, it’s obvious that you want to sell more, as everyone else wishes to. What if you would offer your brand to other retailers? It could make you have a wider audience of potential customers.
Many retailers have hard times finding suppliers who can give products that best meet their needs. If you run good marketing, merchants will find you easier. As in this case you would become a reseller, you need to offer some extra benefits compared to your supplier’s service. For instance, you can cut the shipping time – be a local supplier. You can’t play a lot with the product prices, you can’t offer them for less money than the original supplier as you need to have a reasonable income as well.
If you resell products from another wholesaler, you need to figure out what you can offer that the original provider cannot. You have the chance to stock products. In this case, you don’t have to own many pieces of them, you just need to have a few in stock. As you already have what you sell, you can offer shorter delivery time for those who live in the same region as you, so, you will promote your service as being a local vendor.
What are those things online merchants want? Quick delivery, good quality, and unique products, reliable service, low prices.
Some elements and steps are basic for everyone who does business in the online commerce world.
Broadening your business in this way involves a bigger potential audience of retailers you can reach. If you choose a good channel to work on, you open a door for even thousands of possible clients. Thanks to these, your income will be also higher.
Try yourself in a new role. Being a supplier means that your business’ name will not only be known amongst consumers. Online retailers will know you as well. And if your reputation grows, your income will grow too, and it’s possible that bigger companies will contact you due to opportunities for cooperation. What kind of partnerships could it be? For example, being listed in articles, catalogs where more people can read about you. Or, as you would be a reseller, you can count on the possibility that the biggest brands from your product field will be ready to cooperate with you.
Every advantage you can think of is about having bigger revenue.
You wouldn’t think how simple it is to be a supplier too. You just have to find a service that helps you export your products data from your online store with ease. For example, if you run your business on Shopify which is one of the biggest e-commerce platforms, you can pick the Syncee application to integrate the products and every crucial data of them. Also, you would be listed in the app’s supplier catalog where thousands of retailers can get to know about your products, and have their items uploaded and updated into their online Shopify store constantly and automatically.
Being a supplier as well besides staying in retail business doesn’t need much more work from you than before. You have to take the same steps. You can provide the same products, orders arrive at you the same way, and you have to sort the items out just as you do as only a retailer. Becoming a supplier means you not only provide your products to buyers but to other online stores as well so you turn to be a reseller. Run this business smartly, give a wholesale discount to retailers and advise a reasonable potential price margin for your clients they can use. The main reason why is it good for you to work as a wholesaler is that you can get more income. Do not be afraid of changes, be the friend of challenges.
About the author:
Barbara Racz is a content manager and e-commerce adviser at Syncee. Her passion is strong for e-commerce novelties, online stores, and creative content creating. She is committed to helping others succeed by her writings.