While many businesses out there are busy trying to make money, only a few realise that they can do so by saving money. Any small business owner knows that buying wholesale is always a better bang-for-buck option. In other words, buying wholesales saves money, and businesses earn more, which is a huge win-win.
When you buy wholesale, you purchase directly from the producers or the manufacturers. This is how many vape shop owners get the products they sell in their stores. If you bought the same items from a supplier rather than a manufacturer, you're going to pay a higher price. That's because the suppliers need to push up the price a little bit to make a profit.
While there are benefits of buying from suppliers—logistics, quality control, and so on—buying from manufacturers helps you save big time. This can translate into plenty of different benefits.
1. Lower Cost Per Unit
A lower cost per unit is what you certainly want to achieve when you purchase products to sell, to put the cost of a product as low as possible so that you can make more profit per sale and purchase more to sell.
You'll need to do a few things to get this to work. First, you'll need to buy in bulk. That'll help lower the cost per unit. Second, you'll need to know what your customers are looking to buy. That way, you don't end up wasting money trying to save cash from buying the wrong item.2. Sensible Upfront Costs
While it is true that you're paying a lot higher in terms of upfront cost when purchasing in bulk, you'll still be saving plenty of money in the long run. That's because the total cost divided by the amount you bought will be a lot cheaper if you buy a lot at once compared to buying small amounts at a time.
That said, ignore the upfront costs that scare plenty of other businesses. Know that your investment will grant you a lower price per unit, meaning that you're saving money.3. Lower Selling Prices
You might be thinking that this is a crazy notion. Well, we don't blame you. After all, you're trying to make money, so why should we tell you to lower your prices?
Lowering prices can make you a lot more money than you might realise. When you're saving money buying wholesale, you can reduce the selling price of the products. This means that you're staying in front of the competition, something every other vape shop dreams about.
It isn't surprising to know that people tend to purchase products that cost less if the same is being sold in two different shops. Of course, you shouldn't be slashing your prices in half. You might create heat between yourself and the other shops around you. Instead, drop the prices by a small percentage. Customers will notice this and will end up choosing your shop to purchase their vaping equipment.
As a vape shop, your goal is to make money. Of course, you can do this by simply raising your prices or offering promotions to get customers to buy more. However, the difference between a successful vape shop and one that failed is that the successful shop realises that saving money is key. Buy from wholesalers and save that money. Remember, a penny saved is a penny earned.
If you’re looking for a vape wholesale shop in London, get in touch with us today! We’re happy to help.