Jewelry is one of the most popular items to be found at wholesale. The jewelry industry is worth billions and many businesses, both brick and mortar and online want in on it. Unsurprisingly, it’s a favorite among wholesale jewelry buyers, who are constantly looking to find new pieces at a bargain price. However, sourcing jewelry from a wholesaler or distributor can be daunting for those who haven’t done it before.
Are you just starting outsourcing jewelry products? If so, one of the most important strategies you should be using to grow your jewelry business is sourcing high-quality products at competitive prices. There are thousands of jewelry wholesalers and purchasing agent, but not every one of them is worth working with.
Trying to avoid mistakes is an important part of finding any product to sell online. With the massive amount of information available on the Internet, avoiding mistakes is even more important. Here are 10 common sourcing mistakes that you should try to avoid when finding wholesale jewelry.
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Not doing your Research
When you’re first starting out, there’s no reason why everything should go smoothly for you. You need to be prepared for some bumps in the road along the way. However, there is some research that you can do before contacting any specific supplier. You should be able to check out the credentials of the supplier before making any purchasing decisions with them. This includes checking out whether or not they have been in business for a long time, visiting some of their suppliers if possible. If you’re looking for a reliable supplier that’s been in the jewelry business for a long time, you can check out Adinas Jewels.
Not Having a Budget Ready
When it comes to sourcing jewelry or fashion accessories, many people end up spending more than they expect to because they do not have a budget ready. If you’re going to buy jewelry as an investment, then you need to plan it out – decide what types of pieces you want to collect and how much you’re willing to spend. You need to know in advance how much you want to spend on your wholesale jewelry pieces, and then stick to your limit.
Buying Too Many Pieces at Once
If someone is offering multiple items for one price, that’s great! But make sure you have somewhere to put those items. You don’t want to end up with thousands of dollars of inventory sitting around at home collecting dust or taking up space.
Not Knowing What Wholesale Prices Are
A lot of people will pay higher retail prices for jewelry if they think they are getting a good deal from the supplier. So, if someone tells you that your wholesale price is $1 per piece, and you’re selling for $2, customers may not be very interested in buying from you because they will think that they can get a better deal from someone else.
Using The Wrong Platform
You need to use a platform that is designed for sourcing products from wholesalers around the world. The problem with using regular auction sites like eBay or Alibaba is that they aren’t designed for this purpose, so you won’t be able to find exactly what you are looking for.
Being Too Picky
You will probably receive dozens of quotes from different suppliers when searching on platforms like Alibaba and DHgate. While it’s tempting to choose the cheapest quote, this isn’t always the best option. You need to look at other factors as well such as quality and return policies. Even if one supplier has slightly higher prices than another, they might offer better service or have more favourable returns policies, which could make all the difference in the long run.
Not Knowing Exactly What You Are Looking For
Another big mistake is not being clear about what you are after when you start your search. If you don’t know what kind of jewelry or fashion accessories you want, how can you expect to find them? Are you after gold, silver or platinum? What about gemstones? Do you want necklaces, bracelets or earrings? If you don’t know what kind of jewelry/fashion accessories you are looking for, it will be very hard for any supplier to match your needs. Being vague about your needs will also make it difficult for potential suppliers to present their products.
Overlooking Quality Control
Quality control is one of the most important aspects of finding wholesale jewelry. When you are sourcing for wholesale jewelry, make sure that you know exactly what kind of quality you are looking for and whether or not the supplier has this quality. If they do not, do not expect them to change their ways overnight.
Purchasing Without Samples First
The biggest mistake that jewelry retailers make is purchasing without samples first! It’s extremely important to have a sample of the product before making a purchase. This way, you always know exactly what you are getting, so there are no surprises once you receive the shipment. You can save yourself a lot of time and money by doing this simple step before ordering.
Not asking the right questions.
You should always be asking questions when you’re working with suppliers. This is especially true when dealing with foreign companies. What are their return policies? Do they include VAT or other taxes? Do they accept returns or exchanges? What if I’m not happy with my order? You should ask all of these questions and more before you buy wholesale jewelry from any supplier.
The jewelry industry is a dynamic, high-risk marketplace. Making a sourcing mistake can cost you a lot of time and money. When seeking out wholesale jewelry suppliers, it’s easy to make mistakes; however, recognizing these common mistakes is the first step towards avoiding them. We’ve tried to help you with this article by listing some of the most common pitfalls in sourcing wholesale jewelry. While there is no secret formula for success, taking some time to understand what not to do will usually go a long way when it comes to landing great wholesale jewelry deals.