Finding your wholesale niche should rank as one of your top priorities.
If your business is retail oriented, or e-commerce based, the following is just as important.
Developing a business focused on a targeted niche can be the difference between long term success and a flash in the pan experience.
While you can make money in the short term by simply buying and selling merchandise, you will retain more customers in the long term by focusing on one specific niche.
The reason why focusing on a niche will help your business is because your customers will know what you offer.
The next time they are in need of a product, if they instantly know that you specialize in that product, they will come to you.
But if your inventory, and your type of inventory, is always in flux your customers will not have a clear picture of what your business offers.
Even supermarkets that offer thousands of products will ensure that they all fit in their niche.
Your niche can be based on a product category, price point, or customer type, but it must be a very defined niche.
My wholesale business, closeoutexplosion.com, primarily offers wholesale apparel deals.
While I do carry other products my customers know that they can come to me for wholesale deals on clothing.
I only offer a wholesale site because I want my customers to know that I am a wholesaler.
Your business must be developed within a targeted niche to survive in today’s highly competitive marketplace.
Donny Lowy operates the following wholesale sites: