Are you a Shopify merchant looking to diversify into selling wholesale, or are you a first-timer who wants to sell in bulk to retailers and end users? If that is the case, you are right where you need to be.
Contrary to the opinion of many, selling products wholesale on Shopify is a great way to increase your revenue with quick turnover.
However, managing a successful Shopify B2B wholesale account will require some tips and trips to get it right and keep the business going.
Fortunately, you have come to the right place. In this guide, we will share with you 18 tips that will help you excel in the wholesale business. But first, let’s find out how wholesale works and the benefits of selling wholesale.
How Does Wholesale Work
Wholesale involves selling products in bulk to retailers or individuals at a discounted price. The buyer then resells the product to their customers at a higher price. You can create a Shopify wholesale channel on your website so you can sell directly to end users.
Benefits Of Selling Wholesale
1. Increase Revenue
Selling wholesale can help you increase your revenue because Wholesale orders usually surpass those from retail. This is so because retailers need to buy products in bulk in order to make products. Therefore, you will have a quick turnover. Even though you sell at a discounted price, the quick turnover will lead to an increase in revenue.
2. Increase sales without incurring more marketing cost
Acquiring new customers almost always comes at a cost. But when you sell wholesale in Shopify, you can bypass this cost as another business shoulders the costs. The retailers you sell to already have a market for your products. So, instead of trying to find individual end-users, you can simply sell in bulk to other businesses and let them worry about marketing.
3. Reach a larger audience
Selling wholesale usually means you are selling to businesses with an established customer base. Expect in situations where end users buy directly from you. Yet, it still exposes your business to a larger audience. Plus, selling products wholesale online gives your brand better visibility and reach.
Creating a Wholesale Channel
To sell wholesale on Shopify, you must have a separate wholesale channel different from the regular retail store. Also, you need to upgrade to the Shopify Plus plan if you are yet on it.
Steps to creating a wholesale channel:
- Sign in to your Shopify admin, click on settings, then select the Apps and Sales Channel.
- From the Apps and Sales Channel page, click on Shopify App Store
- Log into the Shopify App Store if you can and search for wholesale
- Click on add a channel or add app.
And your wholesale is ready.
Note that you cannot log into your wholesale store after creating it. The store will be password-protected. You or anyone else can only access it with a wholesale account.
Take the following steps after creating a wholesale store
- Add at least one product to your store.
- Create customer accounts.
- Create wholesale price lists.
Tips For Selling Wholesale on Shopify
1. Do Some Market Research
The first step you should take before you start selling wholesale on Shopify is to conduct in-depth market research. You want to find out what products are in demand, the target audience, and how you can reach your customers, either retailers or direct consumers. Once you have the information you need, you can begin your Shopify wholesale journey.
2. Create A Business Plan
Diving right into selling high-in-demand items may seem like a great idea, but it is always advisable to first create a business plan. Make a list of the product you intend to sell on Shopify, the price, minimum order quantity, target audience, and more.
Document these figures and other data and make them easily accessible. Your business plan will help you stay focused and organized as you grow your Shopify wholesale store. You can always modify the plan when necessary.
3. Pick your product
Now is the time to choose what to sell. The best way to go about this is to keep up with e-commerce trends. That way, you will always know what your customers what and when they want it.
Social media, Google Trends, Magazines, and more are excellent places to find trending products you can sell wholesale on Shopify. To make this part a bit easy for you, here are 7 top e-commerce trends to look out for in 2023.
4. Find Reliable Suppliers
Once you have decided on the products you want to sell, it is time to find a supplier. Finding the right supplier for your wholesale business is essential to your overall performance.
As a Shopify wholesale store owner, it is vital that you source products from suppliers who offer both quality and affordability, allowing you to maximize your profit margin.
You need a supplier that can help you meet the need of your customers. In addition, the supplier should be able to deliver products on time so you don’t let down your customers.
5. Create a Wholesale Catalog
Another great tip that will help your wholesale business on Shopify is to create a wholesale catalog. The catalog will provide online shoppers with vital details about the product such as images, description, pricing, minimum order, stock level, and more.
It is also an excellent way to display available products so your customers can make an informed decision.
6. Create A Shopify Wholesale Account
After carefully selecting your products and creating a catalog, you can now create a Shopify wholesale account from your Shopify store. Add the product catalog including wholesale pricing and other details to the front page of your Shopify store.
Displaying these vital details makes it easy for them to make a decision when they visit your online store.
7. Add a Wholesale Signup Form
Your competitors may want to spy on your business to find out your Wholesale pricing without buying anything. However, a wholesale signup form helps you checkmate this action. Adding this form to your Shopify store helps you identify who is qualified to see your pricing before giving out any vital information.
8. Create a Wholesale Referral Program
Incentives are very powerful. They can get you outstanding results faster than other marketing strategies. You can turn happy customers into affiliates by setting up an affiliate program on your Shopify website and offering rewards when they refer people. Many wholesale business owners offer bonus points, discounts, free shipping, coupons, and more as referral rewards.
Note that you will need a third-party Shopify app to set up an affiliate account. These apps allow you to add multiple affiliates to your website.
9. Set Minimum Order Quantities
What makes you a wholesaler is selling products in bulk. Therefore, you need to set a minimum order quantity for each item on your Shopify Wholesale shop.
A minimum order quantity is simply the least number of items a customer buy to get a discount, usually starting from two and above. You also set a minimum order as a criterion to qualify for free or discounted shipping. Selling in bulk helps increase your turnover, sales rate, and revenue. It also enables shoppers to get products at a discount price, making it a win-win for everyone.
10. Share High-quality Images
Since you are selling products online, customers only rely on photos and videos to decide whether or not to buy an item. That is why it is essential to use quality graphics.
Ensure that the image is captured under proper lighting conditions. And if possible, display all the vital angles. Quality images will always entice online shoppers to buy products. You can learn more about Shopify product photography here.
11. Use Inventory Management Apps
An inventory management app, as the name implies, is a tool that helps you manage stock inventory and automatically update them. Using inventory management apps saves you the time and effort involved in manually processing orders and updating inventory. Also, it alerts you when a product’s stock level is down and needs restocking. Here is a list of the 10 best inventory management apps available for Shopify store owners.
12. Offer Product Recommendations
Many retailers sell more than one product, and keeping up with the trends to decide what to buy can be a herculean task. With product recommendations, making a quick decision becomes a lot easier for them. You can visit their website (if there is one) or recommend products based on their previous buying history. Better still, for more info about their niche before recommendations.
13. Partner with 3PL companies for Fast Delivery
3PL stands for Third Party Logistics. These are companies that help e-commerce businesses handle logistics and inventory at a lower cost. The initial cost of Using a 3PL company may be high.
However, in the long run, it reduces your overhead costs. On top of that, they help reduce shipping costs and improve delivery rates – two of the most important factors in the e-commerce industry. Looking for the best 3PL companies? We got you covered. Companies such as Extensiv also offer a selection of pre-vetted 3pl businesses to support your e-commerce business orders.
14. Offer Discount on Large orders
One of the most effective ways to increase sales and attract more customers is to offer more discounts on larger orders. This will help you stay competitive in the market and make your shoppers’ first choice.
Keep in mind that you don’t have to do this all the time to prevent selling at a loss. But when you can, go for it.
15. Offer Free Shipping
This is another effective way to keep your wholesale business going. One of the many reasons why online shoppers abandon their cart is the high shipping cost. If you can eliminate this challenge, you will have to yourself a group of loyal customers.
If the shipping cost is too high for you to shoulder, you can offer a discount instead or set conditions customers must meet to qualify for free shipping. A common practice is to specify a minimum quality or amount shoppers must spend to enjoy free shipping.
16. Offer Quality customer service
Great customer service is the secret to growing your business. 90% of online shoppers say they patronize a business after reading positive reviews. When you offer your customers quality service they will almost always come back and better still refers others to you.
Retailers expect wholesalers to be easily accessible so they can get a quick response to any concern they may have. Make sure that your customers can always reach you when need be.
You can also take it further by requesting feedback. That way, you get to know where you are lagging and what changes to make. A customer support app will come in handy here.
17. Promote Your Business
All the tips we have mentioned earlier may not benefit you that much if customers don’t know your business exists. You need to promote your business to attract more wholesale buyers and retailers. There are many ways to market your Shopify wholesale store. You can try social media marketing which involves using platforms like Instagram, Facebook, TikTok, and more, or offline marketing.
18. Follow Up With Customers
After a customer must have successfully checked out, you should follow them up. This is the best time to hear from your customer to ensure they were satisfied with your services. First, thank them for choosing your business and request feedback about your product and services. Doing this will make your customers happy and eager to keep patronizing you.
Wholesale Products To Sell On Shopify
Looking for the best products to sell wholesale on Shopify? Here are a few:
1. Clothing and Accessories
The apparel market is a trillion-dollar industry. In 2022, the industry was valued at 1.53 trillion.This is no surprise since clothing is the most human need. Everyone needs to wear clothes.
Here are some high-in-demands products to consider:
- Women outfit
- Gym wear
- Baby clothes
- Men fit
- Jewelry
- Shoes
- Casuals wear
2. Health and Wellness
The health and wellness industry was estimated at over 4.3 trillion US dollars in 2020 and is expected to reach 7 trillion US dollars by 2025. This shows you that the health and wellness industry is a fortune-maker.
Here are some popular products you can sell on your Shopify wholesale shop:
- Oils
- Dumbbells
- Yoga Accessories
- Vitamins and supplements
- Anti-aging products
- Massagers
3. Home Decoration
Home decoration is another profitable, in-demand niche you can try
Products in this category include:
- Bedding
- Throw pillows and blankets
- Wallpapers and prints
- lighting/lamps
- Candles and candle holders
- rugs/carpets
4. Food
Food is essential to human existence. Without food, nothing else matters. Therefore, the food industry is a profitable market to get into. There are many food items you sell online, here are a few:
- Chips
- Crackers
- Beef
- Pork
- Oils and shortening
- Beverages
- Dairy
- Keto products
- Organic
- Low carb
5. Pet supplies
A lot of people love and own pets. And it is only right to care for these animals. You can hone into the available market to supply customers with what they need. Here are some pet products to sell:
- Pet food
- Toys
- food
- Beds and bedding
- Leashes, harnesses, and collars
- treats
Conclusion
Selling wholesale on Shopify is a profitable venture to try out. It can help you grow your business faster than selling retail. Hopefully, these tips will guide you on how to sell wholesale and what you should do to attract and retain more customers.
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