What To Consider When Buying Wholesale Designer Handbags
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Originally Posted On: https://www.dncwholesale.com/what-to-consider-when-buying-wholesale-designer-handbags/
What To Consider When Buying Wholesale Designer Handbags & Purses
The handbag is considered one of the most important fashion accessories when putting together an outfit. Feeling confident about your appearance matters! Whether used to add color to a monochromatic outfit or worn as the latest designer “it bag”, a designer purse is an essential accessory.
Therefore, designer handbags, whether from luxury designers like Gucci, Fendi, or Prada, or popular brands such as Michael Kors, Coach or Kate Spade, are constantly in demand and are a great business opportunity for resellers. Carefully selecting your wholesale supplier and avoiding common mistakes will certainly help you build a profitable business reselling designer bags.
Below are a few suggestions for boutique owners and ecommerce resellers, on what to consider when looking to buy bulk wholesale designer handbags, as well as what to look for in wholesale handbags suppliers, to start your own designer wholesale purse business.
Find The Right Wholesaler
A crucial step is finding a wholesaler you can trust to supply your business. Unfortunately, there are many companies that claim to offer original merchandise or low prices, when in reality they do not. Make sure to do your due diligence and visit trade shows, auctions, or search online for distributors, wholesalers and liquidators for wholesale handbags.
Google terms like “wholesale designer handbags” or “designer handbags supplier” to find and compare reputable wholesalers that feature the latest designer handbags. Ask for pictures, product specifications and additional information about inventory before making a purchase. For online wholesalers, make sure to visit their office or showroom when possible, or call them and speak to someone who can assist you.
Once you’ve found a handbags supplier, make sure to contact them and ask all the necessary questions. Don’t assume anything or leave anything to chance. Every wholesaler works differently and may have different requirements. If the information you need is not on their website, call them and speak to someone in regards to the wholesale handbags you are interested in ordering. A respectable wholesaler of designer handbags should be willing to help you understand what they offer and what they require before you commit.
Ask about the purchasing process, and the criteria required in order to make a purchase. Many online wholesalers require a minimum order of 30, 100 or even 300 units for new customers looking to purchase wholesale handbags.
Keep in mind that because wholesalers work with large quantities of merchandise, they may only work with certain types of payments. Some wholesalers may not accept credit cards because of the high fees involved, or may charge processing fees for payments done by debit/credit card. It is a common practice between large businesses to make payments by wire transfers, as it is more cost efficient and practical, than many other payment methods.
Lastly, verify the legitimacy of the wholesaler, before you buy designer handbags online. Check reviews, request proof of authenticity for the name brand handbags they supply and also documents that prove that the wholesaler is legitimate. If they won’t provide documents or proof, continue your search for a wholesaler that makes you feel at ease!
Evaluate The Different Wholesale Designer Handbags Brands And Styles
There is a large market and demand for designer purses, but the demand for certain handbags brands or styles may be greater than others. Designer brands offer various styles. Some of them are seasonal passing trends, and they change often. Others are timeless, and can be used for a variety of occasions. They never become outdated.
Consider that each style may match better with different types of outfits, and some styles are more practical and easier to match with outfits than others. The right size and style of handbag is important for each different occasion. For example, a tote bag or messenger bag is a great choice for work. Items can conveniently be carried back and forth. A shoulder bag is perfect for day-to-day use so a person can carry all of their essential items with them. A clutch may be the best choice for a romantic dinner or a dress up event. They are smaller and hold just a few items.
On the other hand, consider the brands. The advantage in acquiring wholesale handbags from established and well-known brands, is that the marketing has already been done for you. Customers most likely are aware of the brand, and their quality as they have probably already tried their products. This makes the reselling process much easier, as you do not need to “sell” or convince your customer in regards to the handbag’s quality.
Each customer has their own needs and preferences when it comes to designer purses. Make sure to offer in your boutique or your website a variety of brands and styles to attract every type of customer. Plan accordingly on how to sell them in your boutique. Your goal as a successful handbags reseller is to determine the brands and styles that will sell quickly and attain the most profit.
Identify The Current Retail Value And Wholesale Handbag Prices
The main goal of a business is to attain profit. For this reason, before you start your handbags reselling business, the first steps are to calculate the costs and profit.
The Wholesale Cost
Start by taking into consideration the cost of the wholesale handbags, as well as any additional costs involved in acquiring the wholesale purses. Processing fees, shipping costs, as well as any other costs related to acquiring and selling the handbags should be taken into account. Brick and mortar boutique owners may have overhead costs such as rent and electricity, while ecommerce resellers may have costs from professional pictures or website hosting.
The Average Retail Price
Then determine the average advertised retail price of the purses, by researching competitors and other resellers. Take into account the brands, styles and colors, as something as simple as the color may affect the price. Focus on the normal reselling price, as sales from other retailers are only temporary.
Lastly, establish the price you plan on reselling each designer handbag and calculate the final desired profit. Understand that if an item is listed for too much, the customer will probably buy it from a competitor, but if it is listed for too little, you may be missing out on a chance to make more profit. The price you sell these items for and the profit you intend to make will directly affect how fast you will sell the items. Pricing your purses at lower prices than your competitors is a smart way to attract customers to purchase from you, and sell your inventory faster.
If you acquired wholesale handbags in bundles, create a conscious strategy and plan to resell more desirable items from more popular brands and styles at higher prices, to make up for any less popular brands or styles.
In other words, determine the amount you will spend for each bag (considering all costs involved) and its profit margin for resale. The best prices for wholesale handbags should be at least between 60 and 80 percent below retail prices.
Obtain the necessary Retail Licensing to Buy and Sell Goods in Your State
Even though not all designer purse wholesalers will require a business license to make a purchase, each state (and country) has different laws and requirements. Applying for the necessary licenses is an important step if you plan on growing your business, and you in most cases, you must obtain a license to legally buy and sell goods where you reside.
Take the time to learn the laws, requirements, and how to apply. Determine if there are any costs and qualifications needed. Complete and submit the necessary paperwork with the Sales and Use Tax department of your state.
Place Orders for Your Wholesale Designer Purses
Once you’ve done your homework, you can finally place your order with confidence. It is completely normal to feel a sense of fear, when trying something new or different. There is a risk with any type of business venture, such as trying a new handbags supplier, but if you carefully looked into everything, you have lowered your risks.
Simply make sure to address all your concerns with the supplier prior to placing your order for bulk designer handbags. This is an investment that can help you have a successful and profitable business!
- SAMPLES – Ask the handbags wholesaler if they sell samples or small quantities of wholesale purses you can start with. Initially order these smaller purse packs to examine and evaluate the quality of the designer handbags before making a larger investment.
- RELATIONSHIPS – Over time, develop a Relationship with your supplier. Developing relationships with representatives can bring major benefits as getting price breaks on large orders, or priority treatment.
- OPT-IN – If the wholesaler has an opt-in list, sign up and subscribe to their mailing list. This way you can get notifications of new brands or new styles they have available, as well as be able to take advantage of special offers and savings on future orders and other types of designer merchandise, such as wholesale clothing, shoes, costume jewelry and more.