Connect with us

David Squires

Buying Not Quite Enough From Too Many People

mm

Published

on

THE ARRIVAL of the Las Vegas shows marks many retailers’ annual opportunity to shrink and simplify their list of suppliers.

Of course, most retailers don’t look at it that way, and continue to spread themselves and their inventory ever more thinly over a wider range of suppliers.

What’s the downside of buying not-quite-enough-from-too-many-people? Well, if you’ve ever needed a customized item in a hurry, or tried to return unsold merchandise for credit, or asked for a free item to contribute to a local charity drawing, you’ll know. Those perks tend to go to the retailers who buy the highest volume, or at least with the highest frequency. If you’re someone who makes a middling-sized order every year or two (or three), you’re just not going to get the same kind of service.

So how can you simplify your vendor list this year? Before you leave for Vegas (or at this point, probably while you’re on the flight there), go over your full list of vendors and ask yourself the following questions of each:

  • Why is this company on my vendor list?
  • Can I get what they offer from another vendor further up my list? Or do I need to look elsewhere?
  • Is what I have sold from them profitable? How profitable? Should I be doing more?
  • How much inventory do I have on-hand from this company?
  • Is this company active in helping to improve my business with them?
  • What do I like about them? What is lacking?

You will begin to see an image of whether or not this company is important to keep as is; grow with as a partner; or eliminate altogether. You will also more clearly see what you need and expect from a vendor partner.

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Sollberger’s

Going Out of Business Is an Emotional Journey. Wilkerson Is There to Make It Easier.

Jaki Cowan, the owner of Sollberger’s in Ridgeland, MS, decided the time was right to close up shop. The experience, she says, was like going into the great unknown. There were so many questions about the way to handle the store’s going-out-of-business sale. Luckily for Cowan, Wilkerson made the transition easier and managed everything, from marketing to markdowns.

“They think of everything that you don’t have the time to think of,” she says of the Wilkerson team that was assigned to manage the sale. And it was a total success, with financial goals met by Christmas with another sale month left to go.

Wilkerson even had a plan to manage things while Covid-19 restrictions were still in place. This included limiting the number of shoppers, masking and taking temperatures upon entrance. “We did everything we could to make the staff and public feel as safe as possible.”

Does she recommend Wilkerson to other retailers thinking of retiring, liquidating or selling excess merchandise? Absolutely. “If you are considering going out of business, it’s obviously an emotional journey. But truly rest assured that you’re in good hands with Wilkerson.”

Promoted Headlines

Most Popular