Posts Tagged ‘worldwidebrands’

Struggling to Find and Manage Products You Want to Sell?

Thursday, October 1st, 2009

Are you wanting to sell products online to make extra income?  Are you struggling to find wholesalers who will sell to an online store?  When you find a wholesaler and the products you want to sell, are you struggling to organize the information and get back to it quickly when you need it?  What can you do to drastically reduce the time it takes to assemble product information and then make sense of it?

To sell products successfully online, you need some critical information for each product:
1. Market and product research information
2. Current Demand
3. Current Supply
4. Current competition
5. Competitive pricing in eBay Auctions
6. Competitive pricing in major Retail (Amazon)

Once you secure the information for EACH product you want to sell, you need to sort it and track it different ways. It’s a major task to try to set this up on Excel Worksheets. That’s why the team at www.worldwidebrands.com has developed a unique Product Sourcing Tool designed to meet the needs of active online retailers. 

Research

Using a keyword, the Research Tool provides a complete Demand/Supply/Competion Picture for you in one place using simple organized tabs.  For each keyword you use to search, the tool identifies the other keywords used by browsers to find such a product.  This way you can perform multiple product searches to help identify the niche you can possibly sell into.  Your searches can be saved for later to help with trending.  There is no risk of errors trying to cut and paste or re-key information into an Excel Worksheet.

Suppliers

For each keyword search, The Product Sourcing Tool identifies qualified wholesale suppliers willing to work with online retailers and supply wholesale products to sell via Amazon, eBay, Yahoo! Stores or customized websites.  It identifies the wholesale supplier that offer products for dropshipping, light bulk, large volume & liquidation.separately.  Searches can be saved by Supplier.  Suppliers can be located by city, state or country in the tool as well, so if you want to locate a supplier in your region, you can easily locate them.   You can save your Preferred Suppliers separately - Add To My Suppliers.  You can also list suppliers that you cannot review when you see them but want to come back to them - Preferred Supplier.  It’s a fast way of finding retail wholesale relationships and identifying drop ship products.  http://www.worldwidebrands.com/pop_taketour.asp. 

Saving You Time

Time wasting for new online retailers includes:

  • Keying and emailing your company information to multiple wholesalers to request the opening of an account with those wholesalers.   The My Account section of the tool allows you to update the information once and then send an accurate, up-to-date information sheet to as many wholesalers as you need.
  • Looking for specific products you don’t find listed.  With WorldwideBrands.com, you don’t have to do the work.  Just contact info@worldwidebrands.com, tell us what product/s you need to find and we will do the research work for you and find the right wholesale supplier for you.
  • Identifying what’s new.  You can select Show Only Last 30 Added from the Tools’ Dashboard and bingo, all the latest stuff is there for your review.
  • Wasting time researching products that eventually you determine you cannot sell on eBay or Amazon anyway.  The Tool clearly identifies these in the search result before you spend any time contacting the wholesale supplier.

 

Time is of the essence when you start to develop your own online retail business.  As Product Sourcing is an ongoing requirement to keep your business fresh and alive, and growing, it’s important that you have an organized and swift method of getting product information and being able to recall quickly it any time you need it.

Visit the WorldwideBrands.com Testimonials section to hear how many others have saved time finding and managing the products they want to sell. 

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What Is Buying At Cost?

Monday, June 29th, 2009

A genuine wholesale supplier might use the term: At Cost.  Do your research carefully on this before you go ahead and buy at cost.  When a wholesale supplier sells ‘at cost,’ it means they are making no profit on the sale since they are selling at the same as it cost them to buy from the manufacturer.

Also, if the wholesale supplier’s customers are NOT buying the product, you may want to check out the demand using your Worldwidebrands.com Product Sourcing Tool before you place any orders.  Unless people want to buy, you may be the next person selling ‘at cost’ or probably much ‘below cost.’

Click to review more of Chris Malta’s “Wholesale Tips”

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Before You Contact A Wholesale Supplier

Friday, April 24th, 2009

There is something very important you need to do before you contact a wholesale supplier.  You should view the chapters in Worldwidebrands.com’s education series, The Whole Sale, that explains how wholesalers operate and how they make money.  Don’t assume that all wholesale suppliers will be willing to work with online retailers.  You might think that because they want to sell products, they will welcome you as a new sales channel. 

Factory-authorized wholesalers have good reasons why they prefer not to work with online sellers:

  1. Online retailers are typically small accounts.   Real wholesalers - especially the large wholesalers - look for volume business.  They spend most of their time dealing with retailers like Target, Wal-Mart, Office Depot and Home Depot who place large, frequent orders for products.   With the small volumes from online retailers, a wholesaler actually spends as much time time processing a small order as they do on the ‘big box’ retailer’s order.  As the revenues are much lower, their profit per order is lower.   Unfortunately, beginner online retailers typically apply for many wholesale accounts - especially Drop Ship accounts  - and  then purchase very little.   Wholesaler’s recognize that online retailers require a lot of support for very little return. 
  2. Wholesalers have to pay commissioned sale representatives to support each approved retail account.  Reps earn less commission from Internet retailers than their bigger box customers.  Reps like to spend more time where they can generate larger earnings. 
  3. Some manufacturers prevent their authorized wholesalers  from selling to online retailers.   This is typical of the highly recognized brands.  You have to be an authorized dealer with large volume purchases.  They do this to maintain a perception of their brand as a high value brand.    Beginner online retailers often enter markets by slashing prices to be the lowest price on the web.  Online sellers have very little overhead so can often offer products at lower prices than brick-and-mortar retailers.  Once product prices plunge, brands become devalued.  If the physical retailer (the largest source of revenue for wholesalers) cannot sell profitably, they will stop carrying that brand.  Everybody loses.

These are just a few of the many reasons why a wholesaler may be reluctant to open an account for you as an online retailer.  If you approach the wholesaler correctly, you can succeed in your application for an account on your first contact with a wholesaler:

  1. Only call the wholesaler when you are a registered business.  Quickly let them know you are a valid business before asking about their products and prices.  (”Hello, I am Chris Malta, CEO of  Worldwide Brands, Inc, in Orlando, Florida.”).   The wholesale rep is thinking:  “WIFM.”  (What’s In it For Me?)  Help them understand you’re a RETAILER on a path to sell their products in volume.  Quote your Sales Tax ID up front.  This confirms that you are professional.   Rehearse your call before calling.  Make your introduction quickly and get to the point. 
  2. Ask what the wholesale rep needs from YOU to set up an account.  Come across as attending to the rep’s needs before launching into your own needs.  [If you come across as high-maintenance, or a low-value account with no plan for growth, the wholesaler is likely to decline you for an account. 
  3. List their requirements, thank them and hang up.  Focus on determining their requirements, presenting yourself professionally and securing the wholesale account set up. 
  4. The FIRST contact should be brief.  Be prepared and professional.  You want to secure that wholesale account, instead of  “No, thanks.”

Click to review more of Chris Malta”s Wholesale Tips.

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