How To Buy Products in Wholesale Locally for your Online Shop
As an online vendor, though you do not have a physical shop, you need to buy products in wholesale in order for you to sell them in retail in your online shop. Usually, buying in wholesale will come at a way cheaper price since you are buying in bulk. To buy in wholesale means to buy in large quantities or in bulk. To give an example: Say you bought 10 cartons of spaghetti for 10,000 NGN at the wholesale market when reselling at your retail online shop, you could regain up to 14,000 NGN or more because you have added profits to the sale of each spaghetti.
If you are just starting out with your online retail shop, you definitely need a wholesale dealer to buy your products regularly from. Some wholesale dealers offer better prices than others. A better price for you as a retailer will be one that is very cheap. In order to find the best wholesaler to regularly buy from, you might need to dip your feet in several waters. That is, you might need to try out different wholesalers at first and then see which one to make your regular dealer.
Do you want to buy products wholesale in Nigeria for your online shop? Though it is very easy to go out and buy your goods in wholesale, you could use a few of our tips to avoid making unnecessary mistakes. Below, we dished out some of the best tips to follow while stocking up your retail online shelf from a wholesaler.
1. Know the major wholesale markets in your location
Depending on the state that you live in Nigeria, there are different big markets that you can go to when trying to purchase goods wholesale. Lagos state has its own major markets. Oyo state has its own and so does all other states in Nigeria. So, depending on the state you live in, ask people around you about the major big markets where you can buy products wholesale. For example, Lagos has big markets like Idumota, Eko market on Lagos Island, Aswani market close to Somolu, Lagos etc. If you live in Oyo state, ask your family, friends or neighbours of the big local markets.
2. Know if your products need to be shipped from foreign countries
Depending on the type of products that you are selling in your online store, you might find that some are scarce in Nigeria. For example, pet dealers and people that sell pet needs as dog feeds, dog's playpens, and more, will find that finding a wholesale market where they can buy these things in Nigeria is very hard. The best thing to do in that scenario is to look into importing them.
In fact, as of 2021, many Nigerians are now shipping goods directly from China to sell. They have found that it even costs less than buying from Nigerian wholesalers who are also importing theirs by the way. In order to start importing your own products, you might need to attend classes on how to ship in products into Nigeria from common trade countries like China legally. There are guidelines and procedures to follow to prevent your goods from being ceased.
3. Know how to negotiate and bargain - very important
If there's one thing peculiar to Nigerian local traders, it is that while dealing with them you need to bargain prices. If you don't know how to negotiate prices, you might end up paying double for the same thing that someone that can bargain will pay lesser for. So, put on your bargaining boots before going to the market.
Buying products wholesale locally in Nigeria is not very hard. You need to be security conscious at the market to prevent stealing your purchases. Also, you need to get a vehicle handy to help you transport your goods to your desired destination. Once you find a good wholesale dealer who has good prices and fit you, hold them tight. Usually, this wholesaler will be very useful in alerting you of new product releases, price hikes, price slashes and won't try to swindle you.