Appeal of Regional Wholesale
Regional wholesale markets provide easy access to merchandise. They are especially helpful for new retailers. These wholesale markets sell a variety of goods and give retailers a taste of trends to come. The appeal of wholesale markets lies in the ability to see products firsthand.
Location of Regional
Most, permanent, wholesale markets are housed in large, retail hubs like Atlanta, Dallas, Los Angeles, and New York. Los Angeles’ market is located in its downtown Fashion District. The entire LA fashion district is condensed into only a few blocks. AmericasMart in Atlanta, on the other hand, is one of the largest permanent wholesale markets. The market is a whopping seven million square feet. However, some wholesale trade shows travel to other large cities to attract new clientele.
Buyers must present adequate retail verification. For example, the Dallas market requires buyers to present a copy of a state Sales and Use Tax Permit with appropriate SIC or NAICS codes. Buyers must also show a voided business check or copy of corporate credit card. An active copy of active deed or lease is also required for traditional retailers. Many markets require an application fee for buyers.
Buyers’ business cards are not required but recommended. Business cards ease the forging of relationships with suppliers and other retailers.
Drawbacks of Regional
The sheer number of people, stores, products, and sellers can be dizzying. Certain times of the year and shows can exacerbate the stress of shopping. Having a solid budget and shopping list can alleviate the shopping process.
For retailers whose stores are far from markets, going to market means leaving behind their stores. This can pose a complication for small retailers. Travelling to a market could mean closing shop for a couple of days and losing valuable store traffic and business. The trip would also mean incurring travel expenses. Depending on the distance and accommodations, these travel expenses could be costly.
When it comes to purchasing the items, most sellers will require an order minimum quantity for purchase. Some companies may also pass along freight charges to the buyer. Shipping is an important aspect to consider when deciding on whether to purchase an item or not.
Before attending the market, buyers should conduct a thorough inventory inspection. Inspecting their inventory and analyzing their customers’ preferences, will give retailers a better idea of what to buy at market. If buyers know what they need to buy, they can focus on an area of the market that offers the products they need. Thus, it is important for buyers to be familiar with the layout of the market. Being laser focused, budget-minded, and familiar with one’s surroundings can make the market experience more productive.
For those that cannot attend regional wholesale markets, there are alternatives. Online markets are a good alternative to regional markets. Some e-commerce apps work like a regional market. They offers many of the same benefits of a regional market, and offers a market experience without having to fight crowds and leave home.
FashionTIY focuses on jewelry and accessories market and implements B2B mode by developing mobile client. At present, 15 categories are added in the app, and about 1,000 products are updated monthly. All the products are sold at factory price without minimum order quantity. Price of products is equivalent to 10%-30% of that on Amazon on average.