How To Keep Your Wholesale Business Up When The Economy Is Down
When the economy is heading downhill and people are tightening their purse-strings, it might appear that things are heading downhill for your wholesale business as well. This isn’t necessarily true – in times of recession, people don’t stop buying. They just buy things which they feel will improve the quality of their life. They become choosy about what they spend on, and in most cases, they only buy what they need. Therefore, when you go to a site like wholesaledeals.co.uk, you need to source products with this in mind.
Re-think your product line and re-think the positioning of some of your products. If you can create a marketing strategy that convinces consumers that they need the product, you can easily stay afloat even during times of recession. It’s also a good idea to stay away from certain products when the economy is down, because these are things the consumer will be staying away from as well.
Novelties and Luxuries
When a recession hits, the first casualties are the luxury items. People, who like to splurge a little on luxury items, will definitely start cutting back when they need to spend more prudently. This is why it’s best to avoid selling luxury items during recession. Unless you have a very specific target audience, who you know, will be buying your product, luxury products should not be in your product range.
Another item that you should avoid is novelty items and even products that come under ‘giftware’. Novelties are like luxuries – they are things that people will buy when they have the cash. A plasma globe is something that almost everyone thinks is neat and would love to own, just for the fun of it. However, when budgets are tight, plasma globes will definitely drop down on the list of priorities. In such situations, when sourcing products from wholesaledeals, its best to focus on products that people will find useful.
Things You Need
There are a number of products that have a consistent and predictable demand. Baby care products, pet care products, college and school accessories, sports gear and wedding paraphernalia are almost always in demand, even during a recession. Sourcing such products for your retail store is a great way to weather the bad economy.
Before sourcing products, make sure that you have a strategy to position them as something that the consumer will need. Ensure that it is not presented as a luxury item in any way. For example, in better times, you may market soap with luxuriant lather as the main attribute. During a recession, it makes better sense to market this soap as one that cleans better and lasts longer. This definitely gives the consumer the confidence to buy, without thinking that they are buying something unnecessary.
It will also help if you try and throw in a few freebies as well. A free plastic soap dish with soap purchases or even a free e-book with every sale can make a world of difference to the consumer. Not only will they feel like they received a great deal but you can be sure that they will be back! Using wholesaledeals.co.uk to source useful products is one of the best ways to stay afloat and even make a profit during times of recession.
It’s possible to stay afloat even during tough times by using sites like wholesaledeals.co.uk and by choosing the best products to sell during this time.
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