The spread of COVID-19 is an epidemic affecting hundreds of thousands of people worldwide, with significant economic implications to linger for months to come.
The global economy and international markets plunged as the coronavirus spread from China, the world’s second-largest economy, to other countries in Asia, Australia, Europe, the Americas and the Middle East.
Policies intended to prevent further spread of the virus, which include travel restrictions and quarantines, has the unintended consequences of disrupting international supply chains, suspending business operations and shrinking revenues.
Why Start a Wholesale Business Online?
Find a Niche
Before you start selling, you need to find the right product with the potential for serious profitability. You’ll learn how to research different niches and even examine your own life to find problems that can be solved.
Know Your Market
One of the biggest keys to success with an online business is to know the market you are (or want to be) in. The better you know your market, the more success you will have in reaching them with the right message and offering them the right products and services.
You don’t necessarily have to an expert in your market and you can learn as you go along: but it’s good to have some knowledge about the market you want to be in as a foundation.
Register Your Domain Name
So you’ve decided on the market niche you want to get into. The first step after that is to register a domain name for your new online venture.
Your domain name is your unique address on the internet. It is your piece of intellectual property, just like a patent or a trademark.
Get Relevant Certifications
One mistake a lot of start-up wholesalers make is that they neither get the required certifications nor deal with certified suppliers or manufacturers.
It is important to be aware that customers often want to associate and relate to companies, websites, shops, and platforms that have recognized authorization, verification, and certifications.
Source Your Product
You know you have the right product, who your customer is, and how to set up your business. It’s time to get the physical product. We’ll walk you through different ways to source your product and how to avoid common pitfalls.
Choose the Right E-commerce Platform
Decide whether to use a third-party platform, e-commerce marketplace, or build your own e-commerce site. None of the above matters if you don’t have an e-commerce store that sells your product, provides an intuitive shopping experience, and makes customers want to return.
We’ll show you how to go from zero to beautiful online store in a matter of minutes using powerful e-commerce software (spoiler alert – we have a recommendation).
Find Your Retailers or Buyers
While searching for wholesale market for your products, also equally think that the retail market is huge to make your products get huge attention.
Do not neglect the retail marketers who eventually could turn out to be the largest buyers of your products.
Best Places to Source Products
Nihaojewelry is home to all fashion products. Being a leading global wholesale distributor from China, Nihaojewelry has global reach. They serve customers all over the world, offer quick refund policy.
They are a very win-win supplier, covering low-end to high-end product lines at wholesale prices. And wholesale their products with no MOQ requirements.
Nihaojewelry owns Storeee.com which is a designed to help you distribute your products from China. With this platform you are able to operate your online store with a single click.
The giant that every trading and distribution company should know. Alibaba allows Chinese companies to list a humongous range of products.
But since starting off in a small Hangzhou apartment, they have grown to a giant that list products all over the world and every single product imaginable.
More of a B2B platform, it allows retailers and companies to connect and buy goods at cheap prices. However, the caveat is that you’ll probably find yourself buying in bulk.
If you don’t have the capital to do so (including shipping), it is better advised to stick to the first three.
Etsy’s wholesale marketplace, where retailers and designers express their creativity through the buying and selling of things you won’t find in your average store. It is a private marketplace, meaning you’ll have to apply to gain access to their resources.
BigBuy is a dropshipping wholesaler, with a huge catalog of products in 24 European languages. They sell all kinds of items and deliver them with the name and company image of their distributors.
They buy large quantities of products directly from manufacturers so that they can offer their distributors the most competitive prices and margins.
Merkandi is Europe’s answer to the wholesale marketplaces blooming up in Asia and the USA. Stocking lots of familiar brand names at low prices, you’ll find a wide range of necessities that people will need.
However, they operate like an e-commerce store, and if you’re looking for details of suppliers, you’ll have to pay to get them.
Best Products to Sell during the COVID-19
Currently one of the most essential product are face masks. This include surgical mask and N95. Wholesaling face mask during the COVID-19 pandemic is a good option.
Hand sanitizers are products applied to the hands. They contain antimicrobials which are important in killing germs. The demand for hand sanitizers has increased up to 1400 percent since December due to the increased spread of Corona virus.
With COVID-19, many people are avoiding working out in the gyms to avoid close contact. Let’s be real, gyms do not necessarily conjure up thoughts of extreme cleanliness.
With the outbreak of corona virus, many people are opting to work from home. Hence wholesaling fitness products will guarantee you ready customers.
Skin care products, beauty and detox products are other products you would consider for your store.
We single out Korean skin care products as they command the market. South Korea is among the leading exporters of cosmetics with the revenue expected to hit over $13 billion in the future.
Books remain one of the best material for self-education. A big section of the population also read for leisure.
If you can run a wholesale business for books, you certainly will get a steady demand. Whereas selling actual books is common, you also can sell online books, which is also profitable.
With COVID-19, operating a physical business has become a problem in many countries ordering minimal movement to ensure safety. Therefore, starting a wholesale business online will not only help you during this crisis, but even when the world gets back to normal.