Purchasing products to resell for a profit is the age-old strategy of any company’s success. “Buy low, sell high” can be heard throughout marketing sessions worldwide. Retail sourcing used to be as simple as taking a stroll through a good neighborhood on town-wide yard sale day, snagging a ton of steals from folks who just want that stuff out of their house, and slapping a much higher price tag on the item in your store.
With the evolution of world-wide commerce opportunities online and growing complexity in global markets it’s time to consider automation through global sourcing software in order to scale and grow retail private label assortments.
Renewable Product Sources
If your goal is longevity as a successful retailer with repeat customers, you’ll want to work with supplier’s who have capacity, can produce the quality required and can hit agreed upon timeline at the agreed-on price.
There are a number of ways to source and work with suppliers , each having its own set of pros and cons. Pay particular attention to any additional upfront costs associated with the supplier that you will have to pass onto your customer.
Single Sale Resources
These wholesale purchases are one-shot-deals. It’s not impossible that you may find the same items again in a single sale offer, but you cannot count on it.
Liquidation sales are a prime example of this. Occasionally companies have large quantities of an item they want to move quickly.
Product sourcing software automatically compiles all the relevant data for your supply chain, allowing you to spend time on more important tasks while still watching your profits grow.