As an entrepreneur, your first challenge is to create a product that is worth buying. And after that, you must find a channel where you can sell your products to your target customers, with direct-to-consumer channels being the most popular choice.
However, convincing retailers to sell your products in front of consumers take more than just firm persuasion as you also need to conduct market research and gain knowledge of the wholesale buyers you are going to do business with.
So take time to read this entry as we are going to share tips on how to sell products to retailers and get your stuff into their stores to earn profit.
Focus On Your Value
One of the surefire ways of getting your product noticed is to have a compelling background story. To be specific, try to establish what sets your product apart from the competition. Likewise, emphasize on the value of the product that you can give to the consumers. These are the key details that you’ll need so retailers will choose your stuff over other brands.
Determine Your Terms
How to sell products to retailers also involves a good assessment of the specific terms you want so you’ll be able to answer them clearly the moment retailers will ask you about these.
We recommend you focus your terms by answering the following questions:
- What is your minimum first order and re-order?
- What is your turnaround time?
- What are your terms of payment?
- What are your shipping terms?
- Do you offer insurance?
- Do you accept refunds, exchanges, and returns?
Know The Retailers That Are The Best Fit To Your Product
Establishing a personal relationship with small retailers will give you a better chance of succeeding. And of course, this will also involve some research on your part so you’ll be able to determine if they’ll be the best fit for your product and sell it to your target consumers.
Create A Line Sheet
The line sheets should include these details:
- Company overview
- your Terms
- Product catalog with MSRP and wholesale price, product name and SKU number, sizing and variations, any other details that they need to know about your product
- Order instructions
Approach Local Retailers
Most experts in the eCommerce industry agree that approaching top retail companies may not be the best avenue to get your product noticed. Instead, focus on small retailers, particularly those who are located in your area.
By doing this, you’ll be able to provide tangible proof about your product’s value and appeal and earn an ‘internal’ fan who can help advocate and testify about your product’s worth once sell at a national level.
Attend Trade Shows
Lastly, how to sell products to retailers effectively also requires you to attend trade shows. Trust us, it’s a good investment as you are now being exposed to different stores and major players in the retailing industry.
This is a tremendous opportunity for you to educate them about your product, build connections,and talk about your product’s selling point so you can start the ball rolling and get your stuff into their store immediately.
If you need the help of a retail consultant, you can visit RetailBound for more information.
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