David Squires Buying Not Quite Enough From Too Many People Published 8 years ago on May 29, 2013 By INSTORE Staff Instore June 2013 Issue Share Tweet 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 Related Topics: click to Comment(Comment) Up Next Advertising Rule No.1: Always Be Specific Don't Miss The Things You Know For Sure (+ Wallpaper) Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.” You may like Promoted Headlines Digital Warrior: A Conversation with GemFind’s Alex Fetanat GemFind A Sales Meeting Platform for The 21st Century The Plumb Club With Average Retails of $250, This Is One Brand You Won’t Want to Miss! Chic Pistachio Advertisement Latest Trending Videos Press Releases15 hours ago Gembridge Announces Global Industry Ambassador Network Press Releases16 hours ago Christopher Designs Celebrates 40th Anniversary Press Releases2 days ago GJEPC Signs MoU with eBay Fun5 days ago 54 Funny Memes That Will Make You Say ‘Yup, That’s Life in Retail!’ Headlines1 week ago Paris Hilton’s Engagement Ring May Be Worth $1M+ Headlines1 week ago $5.2M in Fake Cartier Jewelry Seized in Kentucky Sponsored Content4 days ago Digital Warrior: A Conversation with GemFind’s Alex Fetanat Jimmy Degroot1 week ago Video: Sharpen Your Bridal Jewelry Presentations Sponsored Content1 week ago With Average Retails of $250, This Is One Brand You Won’t Want to Miss! Advertisement SubscribeBULLETINS INSTORE helps you become a better jeweler with the biggest daily news headlines and useful tips. (Mailed 5x per week.) Latest Comments Most Popular Fun5 days ago 54 Funny Memes That Will Make You Say ‘Yup, That’s Life in Retail!’ Headlines1 week ago Paris Hilton’s Engagement Ring May Be Worth $1M+ Headlines1 week ago $5.2M in Fake Cartier Jewelry Seized in Kentucky Headlines3 days ago Bergio Acquires Online Jewelry Retailer Aphrodite’s Benchmarks1 week ago These Jewelry Retailers Grab Shoppers’ Interest with Inventive Displays Hot Sellers1 week ago These Were the Top-Selling Jewelry Brands and Categories in January, According To Our Brain Squad Columns4 days ago 3 Tips to Becoming the Most Resilient Jewelry Store Owner You Know Sponsored Content1 week ago With Average Retails of $250, This Is One Brand You Won’t Want to Miss!