8 Costly Mistakes Wholesalers Must Avoid
Gold jewellery wholesalers in UK might have a profitable business in their hands but not without meeting any hurdles in their paths. In starting or expanding a business, mistakes are likely to make you stumble on your way but you should treat these as challenges for you to improve and not to weaken your resolve to go on.
Here are the blunders any gold jewellery wholesalers in UK may encounter:
- Zero knowledge about your product. Know your product. If you don’t, how are you going to sell it to retailers? Gold might be an in demand jewelry but you’re not the only one offering it. According to WAHM.com, you should “find out how it is used, where it is made, how long it will last and how well it is made.”
- Offering too many different products. Everything might get out of hand when you have too much on your plate. Wide array of items don’t easily translates to bigger sales. Just focus on a particular product line, know it very well so you can market it with ease.
- Not identifying your target market. This goes hand in hand with the first item on this list. You must have a specific target market in mind when you choose a product. WAHM.com advises that you should also understand “the demographics of both your wholesale customers, and the individuals who ultimately purchase the products.”
- Poor inventory analysis. This is one of the pitfalls of wholesaling. Whether you’re distributing frozen goods or are a gold jewellery wholesaler in UK, you must be able to monitor your inventory well. Eazystock identifies the three inventory analysis problems such as:
- Not dealing with excess stock.
- Poor handling of inventory obsolescence.
- Not analyzing inventory seasonality.