Trade-In Tech
by on July 30, 2020
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Transitioning your wholesale business to an online business model can seem like a daunting process, but there are numerous products and ideas out there that can help make the transition a smooth one. It will no doubt take some time to get used to selling a large inventory of electronics online, but that does not mean it has to be a complicated process.

 

Start Selling on One Selling Channel


Your wholesale online business needs to start out by selling on one single selling channel. You will have to do some research as to which channel you pick, but sticking with one channel, in the beginning, will help provide your company with a smooth transition to the e-commerce world. Many selling channels exist, so it is a good idea to do a bit of research in picking the channel that will work best for your company.

Some things to keep in mind when looking for selling channels is how much they charge for product listings and how reputable they are. You will also want to verify whether they charge monthly subscription fees.

Because you run a wholesale business, you may want to steer clear of businesses that charge large per-item listing fees. Monthly subscription fees may not be the worst thing if the company offers discounts on listing fees, but you cannot let monthly fees eat away entirely at your profits. You will want to try to figure out which selling channel offers your wholesale business the best deal.

The selling channel you choose needs to be reputable so that customers know they can put their trust in being able to conduct business on that channel. Read multiple reviews on the channel, and do not be afraid to ask the company questions should you have any.

As always, keep track of your profits that you make when dealing with a specific selling channel. Make sure your business is making adequate revenue to grow and expand. You may find that you just barely make profit at the start, but financial growth should be continual.

Do not be scared to switch selling channels if you feel your business is not making enough profit. There are many channels out there that will welcome your business.
 

Research Competition for Top Selling Products


Many wholesale companies resell electronics online. Your goal as a wholesale online business is to make sure the other companies are not beating your prices or quantity of items in stock. You do not want your customers reaching out to other wholesale businesses to get the products they need at cheaper prices.

As a wholesale business, you need to continually research your competition. Keep relentless tabs on what many other wholesale electronics businesses are doing. You will need to collect a lot of data to compete with the competition. Keep this data in a notebook so that you may refer to it when making your business decisions. The notebook can be as simple as a pad of paper and a pen.

Check your competition for what they are pricing their products at, what their bestselling products are and what kind of percentage discounts they are offering on their products. This may require visiting multiple sales websites, or it may even require making a few phone calls to ask about pricing information. Trying to find bestselling products can be a challenge. Generally, they will keep a larger stock of the products that sell well. Sometimes their website will tell you how many items they have in stock. As you grow as a business, you may find this information becomes easier to find.

You will have to keep data updated as product prices and other various information is constantly changing. Some pricing data changes from day to day or even hour to hour. Of course, you likely will not have enough time in a day to do hourly pricing research, but you need to do it often enough to keep your wholesale business competitive in nature.

Be sure to keep an eye on what your business competition is charging for shipping on products. Notate whether they are offering free shipping on their products or if their shipping model does not offer free shipping.
 

Focus on Buying – Let Electronic Commerce Platforms Do Sales


Use only selling channels that make your life easier. Selling products online should not become a nightmare. Whatever selling channel you choose to use should cater to the needs of your wholesale business.

You need to focus your attention on the purchasing of products at the best prices possible. Most of your energy in your wholesale business should be devoted to seeking out new inventory that you can turn a profit on through resale. You also need to focus on keeping enough inventory of certain items. Therefore, whatever e-commerce platform you choose needs to focus on the sales part of the business. You need to spend your time and energy on other matters.

If you happen to be stuck on an e-commerce platform that is not doing much of the work for you, you will likely want to consider changing platforms. Spending your time doing the work of what the e-commerce platform is supposed to be doing for your business is a waste.
 

Use Multichannel and Shipping Software to Efficiently Manage Orders


Many wholesalers are not aware of this, but a lot of software exists that can make their business run more smoothly. It is amazing the technology that is out there that can make listing and shipping products an easy process.

Multichannel software exists to help you list your merchandise quickly and easily. It places the listings on many selling channels, so you do not have to manually enter product and pricing information on every channel. This alone will save you a lot of time when you are trying to get your products across to as many channels as possible.

It is typical for multichannel software to also be able to handle the relisting of products. So, if you have products that did not sell during a first product sale listing, multichannel software can automatically relist the products for you.

Also, if the merchandise sells on one platform, the software can pull the listing that you may have spread out on multiple platforms from each of those platforms. This saves your business confusion, helps you better manage your inventory, and helps saves customers from confusion as well.

One convenient feature of most multichannel software is that you can usually list your items with stock keeping unit numbers, also known as SKUs. This will save you a lot of time in creating your merchandise listings if you tend to sell a lot of products that have SKU numbers.

Another convenience at your fingertips is shipping software. Shipping software will allow you to print multiple shipping labels at one time and to choose the specific shipping carriers that you want to ship your merchandise. The software will automatically keep a list of tracking numbers for the merchandise you ship, and it can even be programmed to send the tracking numbers directly to the customers who order the merchandise.

Some shipping software also allows you to obtain discounts on shipping charges if you tend to ship a lot of products out at one time. These discounts can really add up for your wholesale business. Another way this software can save you money is through accessing potential shipping refunds. Sometimes carriers will not deliver products on time, and some versions of shipping software automatically contact carriers to request refunds of the shipping charges. Although full refunds are not typical, you can usually obtain a percentage of the postage you paid back in a refund. As you can see, having that option can also save your business some money.
 

Expand to New Channels After $100,000 Per Month


Once you have found a channel that you can make $100,000 per month, you will likely want to think about expanding to other channels. Your goal as a wholesale business should be to expand your business as far as possible with the options on your table.

The selling channels become your options, and there are many selling channels. Again, being smart about choosing the lowest cost, best advertised, and most reputable platforms is of prime importance.

Do not allow your business to stagnate by keeping your sales all on one platform. Build a nice monthly income on one channel, and then choose more channels to help build your wealth.

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