If you’re in the retail business, you know how important it is to keep customers happy. After all, it costs a lot more money to attract a new customer than it does to keep an existing customer, so every step you can take towards keeping your customers on your side is a win. One of the biggest reasons customers continue to shop with your business has to do with the fact that you offer a consistent experience. A major factor in that experience has to do with carrying the right products in the right quantities. Clearly, inventory management matters, which is why buying in bulk makes a lot of sense.
Buying bulk isn’t exclusively beneficial to for-profit businesses either. In fact, non-profit organizations can also find a lot of value in buying bulk for myriad reasons. Read on to learn a bit more about why buying in bulk is good for businesses of all shapes, industries, and sizes.
1. Buying in bulk helps you save money.
One of the clearest reasons to purchase inventory in bulk has to do with the ability to save money. Buying in bulk can help your retail finances in a few different ways. For starters, buying in bulk lets you save money by getting a better rate on some of your most popular items, helping you stretch your budget further. Purchasing products wholesale or bulk also means that your profit margins are higher without you needing to change your pricing since you can make more on each sale since you’re saving on an item-per-item basis.
2. Buying in bulk offers you the opportunity to branch out with less risk.
Another benefit of purchasing items in bulk is that it lowers the opportunity cost of taking your company in a new direction. For example, if you run a pet store and branch out into selling reptiles, you’ll likely need to equip your pet store with a lot of new accessories and equipment to care for the reptiles while you wait for them to be adopted. Whether you’re building out a showroom for bearded dragons or geckos, it’s important to have food on hand to feed the animals you house. Purchasing from a retailer like Top Flight Dubia can help you get a great deal on Dubia roaches and crickets. Many reptiles will eat either Dubia roaches or crickets, so having plenty on hand is a good way to keep them happy.
3. Buying in bulk helps you scale your business.
Many times, volume plays a big role in growing your business. Whether you run a crafting store on Etsy or a high-level manufacturing company, having the components you need to create your products on-time is crucial to finding success. To scale your business effectively, it thus makes sense to buy in bulk, so you’re never waiting on a shipment to assemble your product when orders start coming in.
4. Buying in bulk lets you better serve your constituents.
As was mentioned earlier, bulk sales are beneficial in the world of non-profits, too. Particularly if you save on tax as a non-profit, buying in bulk really lets you do the most with your budget and limited resources. For example, if you run a church and know that you have supplies you need each year that don’t change, the best way to maximize your budget is to buy in bulk. Particularly if you know that each year you’ll be leading a group of teenagers through certain sacraments, buying church confirmation supplies or first communion cups ahead of time can save you a lot of money year-over-year.
5. Buying in bulk can help you launch a new business.
Sometimes, you need a large number of various products to launch your business in the first place. This is where buying in bulk from a liquidation company can be beneficial. Big box retailers like Walmart, Amazon, and Target sell liquidation pallets of their wares, and this excess inventory can help you build an inventory to sell quickly. By picking a niche like housewares or electronics and really investigating how to buy liquidation pallets online, you can get your e-commerce store up and running in no time at all just by purchasing a single pallet of merchandise.