As a vape retailer, buying wholesale vaping supplies from the right supplier can make a significant difference to your bottom line profits.
Simply put, the cheaper you can source your wholesale vaping supplies the greater your potential retail margin. The greater your potential retail margin, the more price flexibility you have to offer great consumer prices without breaking the manufacturer’s minimum advertised pricing policy (MAP).
Let’s face facts, as vape retail market competition continues to grow your ability to secure the best deals from the best vape wholesalers could mean the difference between business success and failure.
So today we want to provide vape retailers with a few wholesale vape supply buying tips that can not only save you money on your wholesale vape purchase but also help you save time, money and energy on developing great marketing for your retail business.
So let’s get started.
Vape Retailer Tip 1: Buy directly from the vape manufacturer
It goes without saying, in any business if you can cut out the middleman you will save money and the vaping industry is no different.
While there are a growing number of vape wholesalers popping up in countries all over the world, the simple truth is that they are sourcing their vaping supplies from China.
The vast majority of vape kits are manufactured and produced in China and by dealing directly with the manufacturer there are some great deals to be made that could potentially save you a bucket load of money on your wholesale vaping supplies.
Vape Retailer Tip 2: Do Your Homework
Before partnering with a wholesale e-cigarette/vape supplier it’s very important to do your homework and choose to partner with brands that not only have great products but are also committed to assisting you to achieve your business goals.
Amongst other things look for a vaporizer manufacturer/supplier that has the following:
- A strong history in the vaping sector including quality assured manufacturing and with a wide selection of branded vaping products.
- Offers great sales and service, including dedicated account management, logistics, and international distribution support, especially with regards to customs requirements. The best choice here is to look for a vape brand that has wholesale distribution outlets within your country or region.
- A dedicated marketing and promotions team with a strong online brand presence who also offers a great point of sale and online marketing resource support to their retail partners. This will save you thousands in time, money and human resources.
To help you conduct your research we’ve put together a comprehensive article outlining the key questions you must ask when choosing your wholesale vape supplier and a downloadable wholesale vape buyers checklist to help you compare wholesale vape suppliers.
Vape Retailer Tip 3: Start off Small
Once you’ve completed your research it’s important to test the waters before diving in and placing a big order.
Sure, there are some cost-saving advantages to placing larger purchase orders but it is advised to start off small to test your customers’ approval rating of the brand. Always look for a manufacturer brand that has a low minimum purchase order volume, a sliding wholesale pricing system based on volume and a client loyalty program that opens up even greater long term partnership purchase order savings.
It is recommended to request a product sample or placing a small order first. This allows you to check both the brand’s supply chain efficiency with regards to delivery times and product quality once your vape kit arrives.
A further consideration before ordering is to check the brand’s new product release schedule. The last thing you want to do is place an order only to discover that a few weeks after arrival the kit has been superseded by a new or updated model as this will make it more difficult to move your stock.
The bottom line holding too much stock and/or superseded stock can dramatically affect your vape business cash flow.
Vape Retailer Tip 4: Consider Shipping Cost
A good way to save money on wholesale vaping supplies is to consider the suppliers which offer low shipping cost. Most companies in the US offer free shipping for orders above their set criteria of the dollar amount. However, some companies don’t follow this procedure; instead, they provide discounted rates on order if the order exceeds the set criteria of the dollar amount. Finally, there are those companies that charge complete shipping costs. Therefore, you need to check whether the shipping cost being offered is reasonable or not. If you factor in the shipping costs after you see products, you can decide on the product feasibility for your Vape business.
Whenever you come across suppliers who offer two-days or three-days free shipping, you can be sure that some of their items will be slightly overpriced and that’s a strategy to cover their shipment cost without explicitly mentioning it. On the other hand, companies that do charge for shipping will have lesser priced items. Even though the decision is hard, you should always opt for cheaper and faster shipping in order to save some bucks as well as time.
Vape Retailer Tip 5: Shipping Policy
This is directly in line with the location tip – if your location and your supplier’s location is the same, you will face fewer problems. One of the most important shipping policies is that of shipping cutoff time. You can find suppliers who have shipping cut off time of 7 pm, which is pretty late while some suppliers have shipping cut off time of just 11 am.
If your supplier is from a different location, it is important to consider different time zones. For example, if a company in one city has a cut off time of noon, and another company has a cut off time of 2 pm, it is better to opt from the company with earlier cutoff time and get your products shipped the same day.
Vape Retailer Tip 6: Check Return Merchandise Authorization (RMA) Policies
RMA policies are usually overlooked by many retailers based on the sole reason that they can buy cheaper items from that supplier. However, this is a big mistake because you can always find a better price for items – what you can’t do is, sell defective items to customers. In short, cheaper prices won’t be of any importance, if you can’t return defected pieces in exchange for newer ones. Keeping your eye on RMA policies can help you avoid unnecessary hurdles. Some companies have a short window of item refunds after which the supplier can refuse to take the pieces back. However, there are some suppliers who never accept any returns even when the piece has defects. You must ensure that the RMA policies are friendly for sending back pieces that are of no use to you. This way you won’t have to sit on a pile of defective pieces that you can’t sell.
The opportunities for retailers to cash in on the growing vape market are huge but as with any new or emerging market, it takes time to sort out the serious industry players from the fly by nighters. As a vape retailer, it’s important to partner with brands that are in it for the long haul and make sure you stay relevant for a longer-term.
Regardless of your business model, you can find a supplier for you who can provide you with the best deal possible. Whether you are a traditional brick and mortar shop, e-commerce reseller, wholesale distributor or a brand looking to develop their own product range, you should always research different suppliers and how their prices can benefit your business.
Remember, the end goal is to make your business profitable, so don’t compromise on important things such as RMA policies just to save a few bucks. If you are able to successfully find the supplier who meets your needs at a cheaper price, you will have a better profit margin. You will ultimately attract more customers by offering better competitive prices once you are able to secure cheaper supplies for your vape business.
Note: You would certainly want to check how OrderCirlce can help Vape Shops to manage their wholesale business the right way!