In 2018 the total revenues from the retail clothing industry in America were $348 billion.
Experts speculate that this number will keep growing, making this the perfect time to venture into this industry. So, when you set up a retail clothing shop, you need to look for ways to maximize your profits. That’s why you should consider buying clothes in bulk.
You want to buy clothes at a relatively low wholesale price, thereby maximizing your profit margin. However, as you’re new in this industry, you don’t know how to buy clothes wholesale. You fear dealing with unreliable wholesalers who charge you high prices even when buying in bulk.
To overcome this challenge, here is an informative guide to buying wholesale clothing.
Specify the Clothes You Need
Many new entrepreneurs have no idea the specific types of clothes to stock. Many make the mistake of thinking that to be successful, they must stock different kinds of apparel. That’s why they have both men’s and women’s clothes for sale.
In addition, some of these stores will even add a baby clothing section to their inventory. Doing this, although not wrong, will tie down your capital. So, it’ll be hard to buy a given clothing line in bulk.
That’s why as a new clothing store owner, you must limit your stock selection. You need to decide whether to stockmen, women or kids clothes. Besides, when you settle on a given category, you can narrow it down further, freeing money to buy clothes in bulk.
For instance, you can settle on selling a given line of sportswear, such as skate wear. So, you’ll need to find the top skate wear wholesale shop. Your goal is to buy these clothes in bulk, thereby enjoying a massive quantity discount.
Understand Fashion Trends
Before buying clothing in bulk, you must research the latest fashion trends. You want to avoid a situation where you buy out of fashion clothes. The reason is that you’ll be stuck with a dead stock that people won’t buy even if you sell at a loss.
So, seek recommendations from other clothes retailers on the current fashion trends. Also, if you’re uncertain about the popularity of a given clothing line, avoid buying in bulk. You want to buy clothes that you’re certain will move fast.
Check Your Inventory Moving Rate
When buying bulk clothing for your retail, you need to predict the moving rate. So, you should check out your past sales trends. The idea is to rely on this data to predict your future sales.
You want to buy clothes in bulk that you’re confident you can sell within a given period. Also, look for experts who’ll guide you to know more about different inventory management techniques. You want to know how to handle your clothes stock to avoid holding too much inventory.
Also, you want to find inventory tracking tools that’ll guide you when to reorder clothing. You want to avoid stockouts as this will cause you to miss out on potential sales.
Search for a Reputable Clothes Wholesaler
To ease buying clothing in bulk, you need to search for a reputable wholesaler. That’s why you should compare various options for buying wholesale apparel. You’re looking for an option where you’ll enjoy the best deals.
Here are some of the options for buying wholesale clothing for your retail shop:
You should start by searching for the top domestic suppliers who offer wholesale clothes. So, seek referrals from other clothes retailers to know more about these suppliers. You want to find the best wholesaler who offers great deals when you buy clothes in bulk.
Choosing a domestic clothes wholesaler is ideal if you want to receive shipments fast. Also, communication is easy and effective when dealing with a local clothes wholesaler. The reason is that you don’t face any language barrier that arises when dealing with an overseas wholesaler.
So, you significantly reduce errors and mistakes which may cause you to receive the wrong clothes shipment when dealing with a local wholesaler. Besides, it’s easy and fast to make payments to this wholesaler. So, if you’re a new clothes, retailer chooses to buy in bulk from a local wholesaler to ease your work.
In many instances, it’s cheaper to buy clothes in bulk from an overseas wholesaler than a local one. The reason is that manufacturing costs in other countries are cheaper than in the USA. So, these countries manufacture high-quality clothes and offer them at highly competitive prices.
However, if you decide to buy clothes from an overseas wholesaler, expect long shipping periods. So, you may have to wait for several weeks or even months before receiving the shipment. In addition, the shipment costs will be higher than when buying from a domestic clothes manufacturer.
So, you need to check whether the money you save from buying clothes at low prices from overseas suppliers covers shipment costs. Also, you need to learn how to handle the language barrier when dealing with overseas clothes wholesalers. You want to learn how you can streamline communication to smoothen things.
Boost Your Profits by Buying Clothes in Bulk
As a clothes retailer, you need to find ways to boost your revenues. That’s why you should start buying clothes in bulk. You want to enjoy massive savings by buying clothes at low prices, thereby increasing your profit margin.
So, to ease buying clothes in bulk, you need to understand your needs and research the latest fashion trends. Also, you must check your stock moving rate to decide how much stock to hold at a given moment. Finally, you need to decide whether to buy from a domestic or an overseas clothes wholesaler.
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