A few years ago, some vape retailers were able to succeed without solid inventory management; however, that’s not the same nowadays. For one to run a successful vape shop, it’s important to make correct decisions when purchasing wholesale. Buying vape supplies in bulk can be significantly less expensive, but you should know which vape kits (like smok kits) to buy in bulk to avoid investing in the wrong inventory. Here are some mistakes to avoid when purchasing vape supplies in bulk.
Not examining customer data
Before purchasing any supplies, it’s vital to regularly collect and analyze customers’ interests and buying habits to track your sales and inventory. This will help you understand which products and product categories are fast-moving and which ones have reached their peak. Invest in modern inventory management that collects sales data or start a loyalty program to generate sales and collect valuable information that will guide you while stocking your vape shop. Data is key whenever you’re making wholesale buying decisions. Spend some time studying customer data and get as much information as possible to support your purchasing decisions.
Buying new brands that have been hyped
With an endless flow of new vaping products, it can be difficult for anyone product to break through the marketplace. One mistake vape shop owners make when buying in bulk is purchasing a product based on the hype generated by manufacturers. This can cause you to get caught in the wave, without researching whether a product is going to make profits.
It should be noted that hype can be bought. And sometimes the products which you don’t see as being cool at all, are actually the best-sellers like cheap premium vape juice. If a product has all the right features and customers are responding with interest – that is probably the right product for your vape shop.
Buying a wholesale list
Buying all the products listed by your vape wholesale distributor is a “mistake” made by most retailers. Most think that if you can buy a wholesale vaping supplies list, you might be saving yourself several hours of research time, which would be great, but the list is not reliable. The information is often out-of-date, inaccurate, or invalid. Sales reps are paid to market certain vape products and make you believe that the products are profitable when purchased in wholesale. The lesson you should take is that there is usually no shortcut for proper, accurate research. Do not take someone else’s word that a product is the next big thing and it would be best if you conduct your own market research to make an informed choice.