B2B Wholesale Sourcing: Tips To Diversify Your Inventory

Diversification of inventory is a pure tactic of inventory management. By spreading inventory across the products and categories, you can optimize the product performance in retail stores.

While sourcing wholesale products from B2B platforms, an effective diversification strategy is all you need! This will shape the supply chain system for your store, and prepare the stock more responsive to diverse customer needs and tastes. Apart from this, you will meet market demand more efficiently and drive more revenue!

Let’s know more about the diversification strategy to source products with a B2b wholesale store Los Angeles!

Market Trend Analysis and Research

Identify the emerging trends of the market and customer behavior. Gather the sales reports and analyze the graphs to understand the falls and peaks. Use statistical methods for sales forecasts and recognize the profitable products.

Create a seamless distribution channel to make the product available whenever the customers need them. Hence, strike a good balance in the equilibrium point between demand and supply.

Focus On Quality

Prioritize the product quality so that people will trust your brand. Customers will get inclined more towards your distribution channel, when you will offer better quality at standard market rates.

Offer Top Notch Delivery Channel

Delivery time or the quality of the delivery system is also a core part of the supply chain system. By on-time delivery or delivering goods with an improved system, you can enhance the customer experience. It will also leave a positive impact on brand reputation and sales.

Offer Complementary Products

Product bundling or selling complementary items improves the sale volume. So you know why? This product diversification strategy will:

· Improve the product line of your retail brand

· Offer more value to customers

Take Up Omni channel Strategies

Do you know omni-channel sales can be a masterstroke? This will boost the point of sales and give a competitive edge.

For instance, you will get access to both online and offline customers. Plus, customers will get more reason to trust your brand for the online presence.

Test New Products

Leverage the popularity of new products. When you bring new products to the market, you can take lots of unique approaches.  It makes your brand stand out in the market.

New product development, however, comes with lots of uncertainties. Be it market acceptance, risk of product failure, or lack of product distribution channel. Thus, start with gathering data, research the competitors, and identify the gap. This gap can give a point for a perfect start!