Sunglasses are a fantastic product to sell online and in-person. They are something everyone needs. Not only that, but there will also likely be a demand for sunglasses for years to come. Welcome aboard if you are a retail newbie who has chosen sunglasses as your main product.
Here at Olympic Eyewear, our business is selling wholesale sunglasses to retailers. We offer more than a dozen in-house brands that compete extremely well against the proverbial big boys. We would love the opportunity to be your main supplier of designer sunglasses for men, women, and children.
While you think on that, here are some fundamental tips for succeeding in the retail game:
1. Find a Wholesale Sunglasses Retailer You Can Trust
At the top of our list is finding wholesalers you can trust. Unless you are manufacturing your own sunglasses, every product you buy is going to come from a wholesaler. Therefore, you need to dig around until you find wholesalers you believe you can trust. You want wholesalers that are going to take care of you.
As far as price is concerned, you need to consider it in light of your desired margin. We will discuss margin in the next section but, for now, you need to know that the retail market will only support prices to a certain level. If you exceed that level, you will not be able to sell. Likewise, what you pay at the wholesale level will directly impact what you can make it retail.
2. Set a Realistic Margin
In any business, margin is that portion of retail sales that constitutes profit. It is measured as a percentage of total revenue. We cannot tell you what an acceptable margin on wholesale sunglasses should be. That is entirely up to you to decide, but don’t make the decision lightly.
Do some research into both retail sunglasses and general retail. Find out what the average margin is and work from there. Whatever you do, make it realistic. Your margin needs to be high enough to make doing business worthwhile but not so high that you chase away customers.
3. Get to Know Your Customers
Customers will be the lifeblood of your business. If you want to attract new customers and keep the current ones coming back, you need to give them what they want. To do that, you need to get to know them.
Pay attention to what customers say when you interact with them. If you are going to open a brick-and-mortar store, pay attention to how they carry themselves, how they dress, what they say about certain designs, and anything else you can pick up. The better you know your customers, the better able you will be to meet their needs.
Getting to know your customers also enhances your marketing efforts. For example, if you know that a fair number of your customers are outdoor sports enthusiasts, you can design occasional marketing campaigns around them. You can hit them up with messages that appeal to them.
4. Start with the Most Profitable Venue
In the early stages of your business, you are going to need to generate as much revenue as possible. You will need sales to buy additional loads of wholesale sunglasses. You’ll also need money to market, pay employees, etc. So rather than tying up your cash inexpensive sales venues, start with the cheapest, most profitable venues you can find.
The idea is to start generating sales to eventually support expansion. For the first few years though, it is all about driving revenue and profits. We can help with low wholesale prices that leave room for a healthy margin.
The post Selling Sunglasses 101: Tips for Retail Newbies appeared first on Wholesale Sunglasses Blog.
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