Thursday, April 13, 2017

Tips for Buying in Bulk

There’s no doubt that buying in bulk saves you money. It may cost you more upfront, but the discount you get for larger purchases really pays off. But to get the savings you’re looking for, you have to buy in bulk correctly. We’ve got some tips to help you make sure you’re really saving when you buy in bulk. Continue reading to make sure you’re shopping smart.

·        Don’t buy items in bulk that you haven’t tried before. Of course there may be exceptions, such as when the product is recommended by someone in your industry who knows it will meet your needs. In general though, it is better to make sure the product is right for you and your business before you commit to ordering that item in bulk. For example, if you have heavy items you need to ship, you may invest in heavy duty single wall boxes, only to find you need something sturdier such as heavy duty triple wall boxes. But if you’ve ordered the single wall boxes in bulk, now you’re stuck with a bunch of boxes you cannot use. Test the product before you commit to buying a lot of it.

·        Be sure you have the storage space for your products before you purchase them. Buying in bulk is great, but it does result in you having a larger inventory to deal with. If you don’t have the space to store all of these supplies, it can lead to big problems and even unsafe working conditions. Ideally you will have an organized space dedicated to your inventory. If you don’t already, make that organized space before you buy in bulk. It will make everything a lot easier when it comes time to store your items. Not having adequate storage space can become overwhelming, so take that task on before you have your products in-hand.

·        Don’t buy everything in bulk at once. There are several problems with buying everything you need in bulk at once. First off, it’s going to cost you a lot of money upfront. Never buy items in bulk if you will not have the financial means to do so. Secondly, organizing such a large quantity of items will be incredibly daunting. Split up the purchasing over a longer span of time. This allows you not only to not spend mass amounts of money at once, but it also gives you time to organize your items slowly, instead of being forced to dedicate a large amount of time to just unpacking and storing your supplies.

·        Buy in bulk according to your needs. What we mean by this is to anticipate based on previous sale history when you are going to need certain items, and shop in bulk ahead of time. If you primarily do business in the summer months, stock up on the supplies you use regularly several months before. If you do most of your shipping during the holidays, by fall you should be shopping in bulk so you don’t run out of supplies during your busy time of year. Choosing how much you buy will depend greatly on previous sales trends and data. Make sure you study that so you don’t buy too much or too little.