Wholesale: the selling of goods in large quantities to be retailed by others (usually sold by 12 units each purchase)
My first business selling sunglasses I used wholesale products. The process was simple I went online and purchased my orders in bulk (every order came with 12 pairs) I literally felt like I was just online shopping. Once I received my package in the mail I set my own prices to add to my website. I used the photos given from my wholesale vendor to add to my site as well.
Pros: You don’t have to make the items yourself, different sizes & colors already come prepackaged
Risk: The greatest risk come from figuring out how to differentiate yourself from the many other retailers selling the same products.
Cons: No room for customizing products, you can’t choose how many colors or sizes in each order & it can get expensive! Most wholesale vendors offer the same products so since you are selling common items you have to work even harder to differentiate your store
Tip: Since you are buying items that are sold to public boutique's try your best to create a strong brand and get creative with packaging!
Frequently asked question: Can you buy a product wholesale & then customize it yourself? YES
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Dropshipping: Please understand that drop shipping is a fulfillment method! The process works by taking orders from your online business and forwarding them to your supplier/dropship partner. They in return, ship the product to your customer on behalf of your company.
Pros: Since you don’t actually purchase your inventory upfront you aren’t taking the risk of having items you can’t sell.
Risk: The greatest risk is trusting the company to not have errors or mistakes during shipping (damaged goods, printing labels, ect)
Cons: One of the other major disadvantages of dropshipping is backordering. Because you’re relying on someone else’s inventory, the occasion may arise where you place a shipment request to the wholesaler, but the product is sold out.
Tip: The key to making money with dropshipping is making a profit on the price difference between what you charge and what your dropshipping partners charge you.
Can I add my own logo to the tags or packaging? YES prices will vary.