Trade-In Tech
by on June 29, 2020
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The wholesale electronics business has grown rapidly in the last decade. As a whole, the consumer electronics industry was valued at more than 1.172 trillion dollars in 2017 alone! It's expected to grow by about 6 percent in the coming years.

 

It's not just big-box retailers that are seeing those profits. Retailers and wholesalers in the secondary market are reaping the rewards, too.

 

Whether you're new to the wholesale electronics world or you have an established company, there's always room to grow. The demand for consumer electronics isn't going anywhere, so the market is ripe with opportunity for wholesalers.

 

As a wholesaler, your role in the supply chain is an important one. Your business sources goods for retailers and resellers. Even if you also sell directly to consumers, the wholesale side of things can be very profitable if you take the right steps.

 

If you're looking for ways to grow your wholesale electronics business, we have you covered. Here are some tips that you can use to increase sales and improve your company's bottom line.

 

Advertise on Wholesale Directories

 

Wholesale directories are often the go-to for retailers looking for products. The retail supply chain can be quite complex. This is especially true with consumer electronics. Rather than going directly to brands and manufacturers, most retailers simply go to wholesalers that will provide merchandise to sell.

 

Those retailers will buy electronics in bulk to meet the demands of their customers. A wholesale directory is the retailer's source for merchandise, so advertising on one could be a great source of business. Think of it as a phone book of potential companies that retailers can work with. At its core, a directory is one of the most important resources of any retail store. Without any merchandise, they wouldn't have any way to make money!

 

There's no shortage of directories out there to advertise on. Some have a bit of a farther reach than others, so it's always important to do some research before you commit to those advertisements.

 

Advertising on a directory will cost you. After all, it's a form of direct advertising. Your business information is put in the hands of your target demographic. It's a worthy investment that can lead to a significant increase in sales. Just make sure that you're advertising strategically and placing advertisements in directories that are used often.

 

Call Your Customers & Take Time to Build Relationships

 

Just because you're working with retailers and other distributors doesn't mean that you can skimp on customer service. Business is all about developing those important relationships and networking. Even on the B2B side of things, being personable pays off.

 

Retailers aren't looking to work a ton of different wholesalers. Finding the right company to work with takes time. Jumping between different wholesalers for every shipment is just a waste of money and resources.

 

The best-case scenario for both parties involved is to develop a long-term working relationship. Imagine how much repeat business would be for everyone. As a wholesaler, you would have a regular source of revenue. Meanwhile, your retail customers would have a source of merchandise that they can rely on.

 

Take some time in developing that business relationship. Call your customers directly and see what it is you can do to create a contract and earn their repeat business. It might not seem like much, but you'd be surprised by how much of a difference a simple phone call makes.

 

Rather than being a faceless wholesaler, you turn into a real business partner that's focused on helping your customer.

 

During your call, ask those all-important questions. Take the opportunity to figure out what your customers are after and see what you can work on together to improve the relationship. Here are just a few things you can iron out:

 

  • Minimum order requirements

  • Shipping details

  • Return policies

  • Payment structures

  • Wholesale pricing

  • Support needs

 

Addressing those concerns upfront can make a huge difference in how your customers see your company. You're putting your best foot forward and opening up the doors for a solid business relationship.

 

Beat Your Competition with Better Quality

 

The best way to grow your wholesale electronics business is by simply being better than your competition! I know what you're thinking. That's a lot easier said than done. While that's true, there are some steps you can take to make yourself more appealing than other wholesalers on the market.

 

At the end of the day, quality is always going to trump everything else. This doesn't mean offering your goods at a lower price than everyone else. Quite the contrary. It means providing a level of service that stands well above competitors in your arena.

 

The key to beating your competition is to see where other wholesalers are lacking. This is where making those phone calls to your customers comes in handy! Use those calls to learn more about other wholesalers your customers have worked in the past. See where those wholesalers fell short and do your best to ensure that your company's service rises above.

 

There are many ways that you can do this. Maybe it's providing a lower minimum order or having a more forgiving return policy. Whatever the case may be, that difference is going to be significant with current customers and potential clients looking for a new wholesaler.

 

It can be tricky to improve your service quality. There's a healthy balance between attracting customers and not hurting your bottom line. But once you find that balance, you're bound to reap the rewards!

 

In addition to providing a better quality of service, you can also improve the quality of the products you're offering. If you're sourcing electronics from the secondary market, go the extra mile during the flipping process. Invest in your wholesale business and put the necessary resources into providing the best products possible.

 

No retailer wants to deal with inferior products. Your customers' business relies on you providing top-notch products. Don't disappoint! If your products have fewer issues than the products from another wholesaler, it makes more sense for retailers to go with your company. Your merchandise is more reliable, which benefits the retailer's brand. Some may even be willing to pay more for that peace of mind.

 

Diversify Your Sales Channels

 

Any successful business owner will tell you that limiting yourself to just one sales channel is a bad idea. Every customer shops differently. Some will go to a sales directory to find wholesalers. Others will turn to social media or dedicated sales platforms.

 

To grow your wholesale electronics business, you need to be on as many channels as possible!

 

Your primary sales channel will be your most basic. It's going to be your website and sales team. This is the channel that potential clients will find on a wholesale directory. Alternatively, they may have found your company directly through a search engine or advertisement.

 

If that's the only sales channel you're taking advantage of, you're missing out on a lot of potential sales! A good area to branch out is social media. Many social media channels have dedicated sales platforms. At the very least, you can conduct business through the platform and direct potential customers to your official sales team.

 

Check out LinkedIn, Facebook Marketplace, Twitter, and more. Those networks can connect you with retailers directly and prove to be a lucrative channel for sales.

 

Finally, there are dedicated marketplaces. Marketplaces like Trade-In Tech are specifically designed to connect wholesalers and retailers in one safe space. You can advertise your merchandise on the platform. Interested retailers can then contact you, send payments, and more.

 

The Trade-In Tech platform is geared toward the wholesale and secondary market. Thus, you're exposed to your target demographic directly. It's easy, safe, and quick.

 

The Bottom Line

 

Expanding your wholesale electronics business is a great way to boost your company's revenue. Rather than holding onto massive amounts of inventory and waiting for consumers to pick up goods on their own, you can let retailers take care of the hard work.

 

Wholesale electronics make it easy to offload stock and complete large sales in one transaction. Of course, getting to that point takes time! You need to build your customer list and make your business stand out from a sea of wholesalers. Use these strategies and your business will be well on its way to success!

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