Choosing and stocking wholesale jewelry is an art and a science. Whether you own a brick-and-mortar boutique or travel to shows to sell merchandise, offering the right product mix is critical. But this can be a difficult thing to nail down.
Customer purchasing behavior ebbs and flows with the seasons, as well as with what’s on trend. As a small business owner, you need to decide which products to carry and how many of each. If you limit your selection, you run the risk of not presenting enough variety to capture buyers’ eyes. But if you have too much variety and then need to limit the quantity of each SKU, you may not be able to capture enough data to determine if a line was successful or not. Because of all these variables, we’ve gathered some general tips and tricks for figuring out the right mix of wholesale fashion jewelry to order for your small business.
1. Have the Correct Breadth and Depth of Product
Let’s start out with probably the most important key to ordering the right mix of wholesale fashion jewelry for your store: finding a balance of breadth and depth. Understand that each jewelry line will have varying ratios of breadth to depth. But with a little trial and error, you’ll get better at your selection process, leading to more successful sales.
To have a good breadth of merchandise, you need to order a broad enough selection of earrings, bracelets, necklaces, pendants, chokers, anklets and rings to attract buyers. Customers want a sense of choice in how they accessorize. Purchase a unique and wide variety of jewelry to excite and intrigue your customers enough to make them want to explore, buy, and come back again and again.
Depth of inventory describes how many of each SKU you carry. We understand that, as a small business, you do not have limitless space and bank accounts to purchase and carry large amounts of product.
Be smart about the depth of product that you buy. Keep in mind your space limitations; don’t go overboard by ordering too many of something before you know how well it will sell. But also, don’t order just one or two of something – this will likely not be enough to gauge demand.
If you carry a broad enough and deep enough selection of jewelry, you’ll be able to not only capture more sales but also gain a better idea of what sells best, so you can plan for future orders.
2. Provide Product Versions
Products, including wholesale jewelry, evolve. Newer or updated versions are released, and small businesses need to be smart about selling old product. You can’t (and shouldn’t) sell the old version for the same price as the new one. Factor in the age and version of your current products to come up with your product mix strategy for buying new wholesale boutique jewelry. Then, your customers will have the option to purchase the latest jewelry design or opt for an older version at a cheaper price. They’ll feel they’re getting a good deal and you’ll still make a profit off older inventory.
3. Take Into Account Local Pride
Having the right mix of jewelry means providing a good variety of on-trend items. But local pride and that special hometown touch should not be overlooked. Consider purchasing items that feature the area schools’ colors and mascots (if available). This will show not only that you’re a local business, but also that you cared enough to provide items that represent your community.
4. Collect Data on Product Mix and Pricing
The main goal of ordering the right mix of wholesale fashion jewelry is, of course, to maximize profits on your entire product mix. The most scientific way to do this is by reviewing your historical sales data to see which methods and mixes worked well in the past. Take note of which types of items tend to sell well together, which pricing strategies customers seem to respond to and which products drive the most profit margin.
Get Your Perfect Product Mix From Wholesale Accessory Market
Looking to order the perfect mix of fashion jewelry? Wholesale Accessory Market has just the variety you need for your small business or booth. Browse Wholesale Accessory Market for jewelry, apparel, accessories, bags, home decor, football gifts and more! Have a question or need more information about buying wholesale? Reach out to our customer service team today.