How To Create E-commerce Strategies And Prep Wholesale Clothing Stock For Online Stores For 2023
There’s no doubt that 2022 was a rough year for many, both professionally and personally. It was easy to notice the increase in costs for many items. While there are never certainties or guarantees in the business or the fashion world, seeing spiking costs is enough to make many want to take precautionary measures for 2023. If you have an online clothing store and buy wholesale, the following are some tips and strategies for making intelligent e-commerce choices for the new year.
Consider where to make cutbacks throughout the business
Making cutbacks is something other than something business owners get excited about, especially if it's in response to the current or possible future economic conditions rather than being entirely by choice under better circumstances. However, if you review your business expenses and profits and feel it might be necessary for 2023, it can be a good idea to do it as early in the year as possible.
Start by looking at the bills you pay and go from there. Go through every expense and see where it might be possible to cut costs. Cutting costs here and there can add up, even if it's something seemingly insignificant. If you need assistance and help to figure out where to start, consider reaching out to your accountant to see if they'd be able to help.
Cut down on quantity, not quality
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It’s easy to get wrapped up in ordering wholesale clothing, especially considering the good deals and significant savings that usually come with it. However, there are two things you want to avoid doing: cut down on the quality of the wholesale clothes you order and order more clothing than you'll probably need. Both could cost you, albeit in different ways.
If you order more clothing than you'll likely need for your online store, you may become stuck with extra inventory and need help to return it. Should you have a problem selling the excess items at the price you planned, that leaves you with a few options. You could either sell it for the price you initially paid and break even, sell it for less than you paid and lose out on money, or be unable to sell it and lose out on even more money. However, it is not doom-and-gloom but offers a realistic insight into what might happen if you order too much inventory.
Regarding quality, it's something you always want to maintain, even to save cash. Customers count on you to sell them high-quality items, like the Bella + Canvas unisex quarter zip pullover fleece; they want their money’s worth. If they’re a repeat customer, they’re likely to notice the quality has gone down, and even if they’re a new customer, it’s relatively easy to tell a high-quality item from one that’s not. It’s not worth taking the chance to put your reputation on the line and risk having to issue refunds.
Think smart about every ordering decision
As an online clothing business owner, you already think carefully about ordering decisions. In 2023, commit to making even better-ordering choices, including referencing your orders for wholesale clothing and any orders you make, even for items like shipping materials. The more careful you are about your decisions, the higher the chances are that you can save extra money.
Take advantage of deals
When placing an order for wholesale clothing for your online store in 2023, only complete your purchase after you check in some way if you're eligible for a deal or two. If you’re ordering online, in addition to looking through your email, search the wholesaler’s website and social media to see if there are any deal announcements. You can also do those three things before ordering directly with a customer service representative and ask them if they know of any deals you still need to get.
Many wholesalers also offer free shipping with the purchase of a certain amount, so wait to buy until you have a large enough order to qualify. However, shipping can be expensive, so not paying for it can make a big difference.
Make the most of marketing your inventory
Consider 2023 a great time to boost your marketing efforts to bring in new customers and sell more inventory. It can also help you promote your online clothing store, showcase more of the clothes you offer, and get to know more of your customers. However, if you need more marketing for your business, try different marketing techniques, like joining another social media platform, revamping your website, or posting videos.
Don’t slack on customer service
Speaking of customers, ensure you amp up your customer service skills in 2023 and stay active and active. Make more of an effort in the new year to get to know your current customers, plus those who are thinking of buying from you. Try and interact more on social media and via email, and if you get an order from a customer, consider sending a personal note for a custom touch. Yes, the extra effort to interact is time-consuming, but it may help boost your sales, especially if they feel like you’re someone who genuinely cares about them and your business.
Being an online clothing store business owner can be scary sometimes, especially when the economy isn't exactly where you would hope it is. However, it’s not the time to panic; it’s time to plan. Make a list of things you can do to improve your business, along with notes on how you can go about it. Take the most important steps first, the ones you feel could have the most impact and the ones you can do now. Then, every once in a while, throughout 2023, adjust your plans accordingly as you keep an eye on your business and see how things go, even if it means blocking off time in your schedule to do it.