Building A Broad Catalog Of Sources

Keep your business growing

How to sell products online is a simple skill to learn, but hard to master. The internet has made it easy to connect buyers and sellers. With growing competition, it’s important to always be one step ahead of other competitors in your retail space. Doing so while keeping your risk factors like keeping up with demand without over-buying can make or break a small or growing retail business.

Connecting with the markets demand at the right price at the right time is the name of the game. A retail operation is nothing without solid product sourcing channels. Understanding how to make product sourcing vendors work for your business is important. This can be especially challenging while you are growing, so working with a versatile partner will save time and money. Working with a domestic company that offers a wide range of desirable goods, and can be purchases cheaply, it a great option.

START SMALL: investing with an overseas sourcing is expensive and requires taking thousands of units. Don’t put all your eggs in one basket, scale your growth don’t be crushed by it. Once you have an established buyer base and strong place in the market, that’s when it’s wise to invest heavily in deeper inventory.

TEST AND LEARN: what products sell is the recipe for success, over investing in product or committing to the wrong source for goods is a recipe for disaster. Find an inventory source that’s, close to your business, has a steady flow of inventory you know sells, or is within your budget to experiment taking to market and learn the ins and outs of that source.

You’re not going to make a million dollars overnight in retail, you’ve got to play the smart game to win. Making sure that your company is investing in the right things at the right time. Knowing that you can count one a steady flow of product inventory should be on the top of your list. If you can’t source to your markets demand, they will find other places to get it. The flip side to this would be over invest or committing to heavily to a product.

KEY TAKEAWAYS FOR SCALING:

• Understanding the markets demand for the product you’re interested in selling
• Securing a solid and reliable source for that inventory
• Making sure the sourcing partner has acceptable terms and pricing
• Control your potential grow with calculated investments in inventory types and quantities
• Learn how to work with your product source to make continuous improvements