When it comes to your wholesale jewelry enterprise, there are several factors you need to consider when dealing with money matters. It is not just about pricing your wholesale jewelry. You also need to focus on issues such as haggling with customers and creating promos.
Here are some basic tips to help get you started.
1. When pricing your jewelry items, you need to take into consideration the fact that there are many other merchants selling wholesale jewelry, so you must price your products competitively. You can choose to sell low and rely on volume sales to boost your profits or if you feel that your product will stand out from the rest, you can price your wholesale jewelry higher than the most, relying on high profit margin, at the expense of high volume sales.
Always look at your target market. If you are selling at marketplace sites, such as eBay, there is usually an auctioning process involved and you have to adjust to the feel of your bidders. As a general rule, you have to compute the cost of your goods and depending on the principle you wish to adhere to, you can either double it or triple it (one third cost, one third overhead expenses and one third profit).
2. Haggling is something that you have to deal with and as an entrepreneur, you also need to be prepared for it. Know the value of your wholesale jewelry items and the lowest price you are willing to sell them for. Make sure to conduct the transaction immediately so whatever happens, they leave with a purchase from you.
Give them other options. For example, instead of an immediate discount, throw in a free item if they purchase more. Free is always a good hook to attract customers. Do not stutter when negotiating. Remember, this is your business and you should be in command.
For more jewelry business tips, check out this blog.