Friday, August 14, 2015

Preparing Questions for New Vendors

Monday, June 29 2015

MAGIC is right around the corner, and while many retailers use their trip to MAGIC to meet with their established vendors, many also attend to seek out something new for their stores. As a guideline, below are 9 things to keep in mind when meeting with a new vendor for the first time.
  1. Validate your buying decisions.
    Ask the sales person to show you proven styles and their forecast for their cutting tickets to ensure complete shipping on your groupings.
  2. Use real world sensibility.
    Ask yourself if adding this merchandise will help differentiate your store from other retailers. It is important to add product that will help brand yourself and continually add freshness to your stock.
  3. Establish the buyer/seller relationship.
    Set clear expectations from both sides. Know your open to buy in every category.  Negotiate all terms and prices upfront before you sign your order. 
  4. Understand on-line competition.
    Look for product on the floor that is not necessarily offered to on-line customers. This will give you a unique twist of product demand for your store.
  5. Demand quality.
    Make sure you are clear with your vendors on return policies if product is not shipped the same as ordered.
  6. Ask about seasonal product availability.
    Find out what promotions are available and off price merchandise. Make sure you have clear shipping dates for these groups.
  7. Don’t feel pressured into buying more because of pack minimums.
    Order minimums tend to come in pre-packs or in footwear size runs. Ask about broken packs, payment due date and lowered shipping costs with set minimums.
  8. Know your brand before you invest.
    Do your homework. Find out how many seasons the company has been shipping. Ask other store owners about brands they carry and the company’s shipping rate. Check them out ahead of time with financial institution. The more you know about a vendor and their history, the safer your investment will be.
  9. Know the hidden costs.
    If you are buying from a company who manufactures off shore, make sure there are no import/export taxes or fees added to your bottom line purchase.                                              

 Hopefully these guidelines have helped you get #MAGICREADY. Now take the next step and check out this show's 5 unique Buyer's Guides – tailored to give you a lay of the land and a sneak peek into some of the brands that await you. Get the Buyer's Guides Now »

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