If you do the shopping in your household, you’re probably always trying to get an edge. Maybe you’ve tried couponing or catching shoppers’ deals at your local grocery store.
But if you really want to save, one technique beats them all — buying in bulk.
With the right buying tips, you’ll be able to get an incredible return on investment (ROI) by buying in bulk. There’s an art and a science to it all, which we’d be happy to explain.
The points below will help you out if you’re interested in buying products in bulk.
Consider Your Reasons for Buying in Bulk
First, you should understand why exactly you’d like to bulk in bulk. Knowing this will help you make the right decisions and assess the situation to make sure it will pay off.
Always do the math before buying bulk so that you’re certain that it makes sense from a price point of view.
For example, if you do groceries for your family, buying bulk can feed you for the next several months when you purchase items that you eat regularly. You can compare the in-store prices and figure out down to the penny how much buying in bulk will save you.
Perhaps you need to stock up on business products for your growing company.
Maybe you’re interested in selling products for a profit online. Reselling products is big business at the moment, as it rakes in close to $18 billion in revenue.
If you’re buying for resale, you’ll need to be particularly mindful of price so that you can maintain your desired profit margins.
Understand the Type of Product You’re Dealing With
Keep in mind that not all items are great for bulk purchase. Limit the number of perishable items you purchase, unless you know for a fact that you’re going to eat them within a certain period of time.
Items that don’t go bad, or that have a long shelf life are excellent for bulk buys. For instance, products like toothpaste, sunscreen, certain medications, and laundry detergent are excellent bulk buys.
When browsing an item lot, make sure that the expiration dates are explicitly laid out.
Look for Sales and Promotions When Possible
There are opportunities for discounts and promotions even when buying in bulk. Certain items can be had at a tremendous discount once they go out of season.
For instance, you might find a huge discount on buying wholesale sunglasses in bulk after summertime.
You might also find a wholesaler that is having a promotion that’ll give you a certain percentage off if you spend a certain amount. Taking advantage of these kinds of promotions will help you double down on the savings that you’re already receiving.
Make Certain That You Have Space for it All
Prepare for any purchases that you make. The last thing you’d want is to stock up on several items, only to find that you won’t have room for them.
Before hitting the submit button on an order, make sure that you know exactly where the inventory will be stored. This means having the right rack or cabinet space, carving out room in a garage or storage shed, and making sure that your refrigerator or freezer can accommodate you.
A good deal becomes a nightmare fast if you purchase more than your home can reasonably store.
Research the Different Wholesalers Available
Finding the best wholesaler to do business with is arguably the most important step. You can check with wholesaler marketplaces and the Better Business Bureau (BBB) for listings of credible dealers.
Organizations such as the National Association of Wholesaler-Distributors (NAW) are also a good bet when you’re trying to find some quality professionals.
Knowing that you can trust that company and that they follow solid business practices will help you feel free to spend money with them.
Have People That You Can Split Items With, if Necessary
Bulking bulk can always go wrong — especially when you’re just getting started. Several bulk buyers make the rookie mistake of jumping on a good deal, only to realize that they don’t use that much of an item.
You might even accidentally order way more of an item than you intended. This is when having a good group of friends and family to split with comes in handy.
Have some go-to people on standby for these situations so that you can disperse items that you don’t need, or sell them at a good price. Knowing that you have people you can unload items on will save you plenty of headaches.
If you have people in your circle that are also into bulk buying, you can really start snagging some deals. You can pool your money together to purchase bigger lots of items that you can divide evenly between you.
Compare Prices and Consider the Return Policies
Price check as many times as you need to feel comfortable about a bulk purchase. You should compare between no fewer than three wholesale services to make sure the deal you’re jumping on is the best one.
Make sure to also understand the return policies, so that you can take advantage of them when necessary.
Start Buying Products in Bulk Today
Buying products in bulk can give you more bang for your buck when you consider the points above. With these points in your back pocket, you’ll be able to save plenty of money while getting your hands on items that you use regularly.
Check out some of our other posts to learn more about business, finance, shopping, and more!
