Effective tips to Manage Your Wholesale Inventory

I am working as one of the leading imitation jewellery wholesalers for many decades. However, this journey was full of ups and downs. Every failure was a lesson without which I would not have been where I am today. It is true that in the initial business phase, every challenge looks like a big mountain that has to be crossed to find a way out. One important part of my jewellery business was inventory management. In the normal course, I used to acquire fashion necklaces wholesale and other accessories from the manufacturer. This was then produced by retail store owners. During this whole process, it was necessary for me to keep track of inventory.

Earlier it was challenging to differentiate between the most sought after and least preferred jewellery items. Though with time, I learnt and mastered certain tricks in inventory management. The first thing I did was set up an inventory tracking system in place. The Excel basics I had learnt school turned fruitful for my business. I started by preparing a spreadsheet and listing down each inventory by its date of arrival and date of dispatch. Against each item, I also specified the quantity bought and in stock on a weekly basis.

Also, every time I prepared a customer invoice, I made sure to deduct the shipped quantity from the business spreadsheet. In addition to this, I adopted a practice to update the items shipped by manufacturers in the same inventory system at the time of unloading the shipment. In case a new item arrives, I assigned it a new name under the Product column.

As my business started progressing, I carried out a manual counting of existing inventory to verify that there is no discrepancy between the jewellery in stock and recorded in the inventory system. I did that on a bi-weekly basis.

One mistake that I usually committed was not taking into consideration the returned pieces such as fashion necklaces wholesale and others that my retailer patrons delivered me occasionally. This caused a hinder in monitoring the inventory. However, later I rectified my mistake and included the returned stock in the inventory management system.

Moreover, it is never a bad idea to set reorder alerts. The main purpose behind it is timely fulfilment of requirements of retail business. Here’s a simple trick to do that. Put a ‘minimum order’ column in place. The moment a particular item hits it, know that you are running short of it. So, place a reorder as soon as possible.

Do you have better ways of inventory management? Tell us in the comments below. Hope you found this blog useful. In case of any assistance or query, connect with our wholesale experts. We have immense experience in the jewellery world. So, feel free to get in touch.

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5 Marketing Tips for Your Wholesale Jewellery Brand

As a wholesaler yourself, you must be aware of the fierce competition in the jewellery industry. Every now and then, a new brand is introduced in the artificial jewellery wholesale market with new strategies and techniques. Of course, the primary and ultimate goal of each businessman is to attract more customers to boost sales. However, only those succeed here who think outside the box and manage to grab the attention of the wholesale buyers. To achieve this, you need an effective and powerful marketing plan that can help you create a global identity. Through the innovative promotional process, you can even take Indian jewellery online in the USA too. Yes, we know that you have already tried a plethora of formulas but today let’s discuss some proven tricks. We have listed 5 marketing tips that are worth a try and known for giving sure shot results. Let’s get started:

Establish a brand name
 

If you are a retailer or an exporter, then who would you prefer to buy jewellery in bulk from? Someone who is reliable and authentic, who has earned a respectable name in the industry and can be trusted. Right? Well, that is what wholesale buyers look for and you have to make sure that you establish yourself as one of the most credible and trustworthy brands. For this, start with launching your website, take part in trade fairs and shows, create networks with other dealers and suppliers, mark your presence on social media platforms, etc.

Announce great deals
 

You are trading in bulk selling and prices of your collection will be decided accordingly. Yes, your price will be lower than retail but you still need to give additional discounts or offer exciting deals to lure more clients. If not frequently, then come up with seasonal or festive offers, announce extra discount in trade shows and offer an even lower price for the customers who are buying almost every month from you.

Post real photos
 

The photos and videos that you post on your website are a sneak peek into your collection. It is the first impression that visitors will get and you have to ascertain that it is effective. Therefore, hire a professional photographer who can click stunning pictures of your collection that looks real instead of fake. Post videos and images regularly on the page to keep your audience hooked.

Stay in touch with your clients
 

Although this one is a significant point, most wholesalers ignore its importance when it comes to marketing their brand. Buyers like when they are valued and given attention. They prefer visiting the wholesalers who care about their opinions and respond to their complaints and reviews. So, maintain a healthy relationship with all your clients and answer their queries asap. Be it positive or negative feedback, assure them of better services and express your gratitude. Trust us, this small effort will help you retain your position for longer in artificial jewellery wholesale market.

Influencer marketing
 

Hiring a celebrity to star in a commercial requires a huge budget. If you have financial restrictions, then influencer marketing is the best option for you. There are people who have a huge number of followers on social media platforms, such as Facebook, Instagram and Twitter. You can approach them and ask them to post about your brand on their page. You can reach out to someone you already know or who falls in your budget. This technique can be beneficial to take your collection of Indian jewellery online in the USA and other foreign countries.

So, wait no more and start working on these tips now. We promise you that with the right measures, you will see the desired results within a few months.

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