How to Sell Your Wholesale Products To Department Store Buyers
Department store buyers are sought after customers, especially by small and up and coming brands all across the globe who are trying to catapult their merchandise into the big leagues. Just image how many sales a new brand can make by selling to a buyer from a department store such as Bloomingdale’s or Neiman Marcus. So now, if you want to know what a department store buyer is and how you can sell your items to them, then this is the perfect article for you!
Because in this article, we will break down everything you need to know so that you can approach department buyers efficiently and sell your goods at a reasonable price.
What is a Department Store Buyer?
Now, the first question that we need to answer is what is a department store buyer and what is their purpose. Department store buyers are agents or buyers who evaluate a store's goods and then make a massive purchase for those goods if they meet the specific criteria that their contractors have put out for them.
Department store buyers work for contractors who hires them to find the most affordable stock of the items they want. They have to find the best items in the lowest price range. And this work requires marketing and negotiating skills along with the ability to do proper research and find the appropriate goods. So, it is safe to say that the workload of a department store buyer is heavy, to say the least.
Common Examples of Department Store Buyer
One of the most common examples of a department store buyer can be found in movie sets. A movie set contains a lot of individuals and requires a lot of products and everyday items to keep the studio’s workflow going. And to provide these items, movie studios hire department store buyers.
Sometimes one buyer has to take care of all the required items, or there are multiple department store buyers, and each one of them focuses on one specific product to work with. There are also firms that sent out department store buyers to their clients.
Another example would be retail stores. Many small-time retailers don’t work directly with companies and manufacturers to get the goods for their stores. Instead, they opt for department store buyers who do the research and bring in their required products at a lower price than they had to pay if you went out and bought them individually.
How Can You Contact a Department Store Buyer?
Now, if you are a seller, then how could you get in contact with a department store buyer so that they will buy from you? Well, getting in touch with department store buyers is relatively easy than most people give it credit for.
You can just simply reach out online to a department store buyer firm or individual department store buyers and ask them to visit your shops. Or, if you want a more direct approach, then you can visit their office or meet them personally at trading events. You can find a lot of department store buyers in trading events as they also visit so that they can find new and better stores to do business with.
How To Sell Your Goods to Department Store Buyers
A department store buyer would have already done his research of the products he wants to buy from you, and therefore you can’t approach them with the price point that you would give to your daily customers.
And as they will be buying a bulk of the same product, you need to offer a reasonable amount of discount to ensure the deal. Because it is highly possible that a department store buyer already has an alternative to your shop if he doesn’t get a deal that satisfies his clientele.
So, we suggest that you go for a direct approach and give them a price point that gives you profit without lowering the expectations of the department store buyer. But, as the art of negotiation comes into play, you also need to keep in mind that there’s a reason why the department store buyer chose your store from the rest. So, use your product's strengths into play so that even if the price isn’t as low as he expected, it still makes sense.
Because there is also another factor that comes into this matter, and that is if you can do the deal properly, the department store buyer will most likely return again for another purchase of your wholesale products. And that is what you want.
Advantages of Doing Business with Department Store Buyers
Now, why would you go to such lengths to pique the interest of department store buyers? Because there are advantages that come by doing businesses with department store buyers and they are:
Although it doesn’t seem like it when you work with department store buyers, you are promoting your store without knowing as department store buyers don’t buy for themselves. The goods will be delivered to a specific location, and if they are good enough, other buyers may just contact you directly since they will see your products sold in the department store. For example, if a buyer for Macy’s decides to purchase dresses from your brand, a visiting buyer from Nordstrom might see your clothing, and then decide to purchase your clothing to stock in a Nordstrom store.
If you can do your business correctly and satisfy department store buyers, then most of the time, you can be assured that they will return to do business with you again. Not only that, but also if the department store buyer is from a firm, then you can become that firm’s leading business stop. Which will provide you with more revenue compared to your competitions.
Working with department store buyers is beneficial in many ways but at the same time, handling them isn’t an easy task as you need to please their wholesale buying budget demands while maintaining your profit.
If you are going to sell to department stores, you might want to consider using the services of a factor company, since it can take time for the department store to pay you. Department stores can ask for anywhere from 30-90 days of credit. A factoring company will purchase your receivables at a discount, and wait to collect the full amount from the department store.