Wholesale accessories-5 tips for getting right your style mix
Ordering the right mix of wholesale accessories will decide the success of your business. You need to follow certain key aspects in seeing that your inventory represents a right style mix.
There are a few tested strategies that work inevitably well in ensuring your products fly- off the shelves. Paying attention to it will help optimize your wholesale accessory collection mix order. This in turn will ultimately help your offerings to your customer base.
Here are a few tips to get it right:
Have a formidable inventory
When buying wholesale accessories, make sure you have a good inventory. It should have a formidable width and depth so that your customers have enough choices on how they accessorize.
It would also give you opportunities to cross sell and bundle different wholesale jewelry, accessories and clothing fashion styles. For example bags with sunglasses, Belts with clip-ons, necklaces with bracelets etc . This will further optimize your sales on the bulk buy of wholesale accessories orders.
Unless you are selling one-off designer pieces, having a good depth of the products (the number of units of the same product) is imperative. Don’t order just one or two of something – this will likely not be enough to gauge demand. But also don't go overboard by ordering too many of one style before you know how well it will sell. 3-6 is what we see as the optimal test order quantity for small boutiques.
If you carry a broad enough and deep enough selection of jewelry, you’ll be able to capture more sales. You will also gain a better idea of what sells best, so you can plan for future wholesale fashion accessories or wholesale clothing orders you need to place.
Power up with data insights
Do your research to determine which product mixes have historically worked well. Use the analytical features of your marketplace to identify trends and capitalize on them. You have to interpret buyer psychology and cater to the same.
Not only look at your sales numbers. Pay attention to how people behave online and in-store.
Which products do they explore most? What questions are they asking? Check the product views and exit points to understand interest and abandonment reasons.
For instance, if shoppers always ask if you have more sizes or colors of certain items, it may be time to deepen your range. Order more of those wholesale fashion styles.
If they buy the same colors and ignore the rest, then you’ll want to remove the non-movers.
Localize and Contextualize
In case you want to appeal to a local market, you should be able to inspire local pride. Stock up locally-themed accessories such as the colors and mascots of the local school (wherever applicable).
Certain local or global trends can also influence fashion assortment offerings. So pay attention to what’s happening in and outside your market.
For example during covid , sale of athleisure and self care items are glue-on nails skyrocketed. Retailers that adapted and offered fashion assortments based on the needs of shoppers were able to capitalize and thrive.
Some Good Reads are:
https://www.bcg.com/en-us/publications/2020/fashion-industry-reset-covid
The takeaway? Look into current events and trends, then get prepared to switch up your assortment strategy, even if it's temporary.
Provide the latest versions of the products
All products have an evolution cycle. Older product versions get replaced with newer products, and fashion pieces of jewelry are no exception. This will affect how you change or don't change your fashion accessory offering mix.
You have to be smart about setting the pricing strategy for your products. Set different prices for old and new products. Certain styles within your mix might currently be in (or soon approaching) maturity or decline. You may need to discount old items and add a bit of markup on newer trending styles to compensate.
Best Sellers and bottom line
Different products have different levels of popularity. Your best sellers aren't always your highest-margin products. Should you increase markup on those? Probably not, as they are likely to be trending style and price expectations already set.
So how would optimize and use your best sellers? You can use them to bring buyer traffic and shine light on those which have better margins.
With the right inventory promoted on the most-selling marketplaces, you can soon have a successful business. The key is to make great choices when you are buying fashion accessories wholesale. Devise a good pricing strategy that works, and you can be sure of making it big in no time.
