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When you're first starting out in business, it's important to understand the difference between retail and wholesale. In short, retail is selling products directly to consumers while wholesale is selling products to businesses. Wholesale can be a great way to increase your margins and grow your business. Here's a brief breakdown of retail vs. wholesale, and why wholesale is the way to go!
The biggest difference between retail and wholesale is who you are selling your products to. With retail, you are selling products directly to consumers through a brick-and-mortar store or an online store. With wholesale, you are selling products to businesses who will then resell those products to consumers.
There are some key benefits to selling products wholesale as opposed to retail. First, you'll generally be able to sell more of your products when you sell them wholesale. This is because businesses are buying in bulk, and looking for a lower price so they can have good margins. (Margins are a totally different subject for another time!) Second, you'll likely have more control over where your products are sold when you sell them wholesale. Typically, retailers must apply to purchase wholesale from you via application form, which means you'll have better visualization of exactly who and where your product is going. Finally, selling products wholesale can help you build relationships with other businesses in your industry. These relationships can be beneficial down the road if you ever need feedback on a new product line, or to even find new customers.
Selling products wholesale is a great way to increase your margins and grow your brand awareness. If you're just starting out in the wholesale gift industry, it's important to understand the difference between retail and wholesale so you can make the best decisions for your business. Thanks for reading!