17 Jun 2024

How to Know If Your Business Is Trade Ready: 3 Key Considerations

How to Know If Your Business Is Trade Ready: 3 Key Considerations

We're here to help you figure out if your business is ready for trade, whether you make, create, design, or simply sell products in your store or online. If you're a business owner in the home, gift, or fashion industry, we've got some game-changing advice for you. Today, we're delving into the world of B2B selling and how to determine if your business is trade ready. 

 

Expanding Horizons: Considering B2B for Your Products 

 

  • Expand Your Reach: B2B selling opens doors to a whole new market of retailers, from independent local shops to global giants. By selling in bulk, you can increase your profit margins and have direct interaction with retailers, allowing you to understand their needs better and tailor your offerings accordingly. 

  • Steady Revenue Streams: While B2C sales can be unpredictable, B2B partnerships often bring in consistent income. By selling in bulk, you can stabilize your cash flow and plan for the future more effectively. 

  • Build Long-Term Relationships: Establishing relationships with retailers can lead to repeat orders and long-term partnerships, providing stability for your business. This also gives you the flexibility to adjust your pricing strategies based on market demand and customer feedback, meeting diverse needs effectively. Additionally, B2B selling opens up various sales channels, giving you more opportunities to reach customers and grow your brand. 

  

JellyCat

 

Jellycat: A Prime Example 

 

Now, you might be wondering why we're bringing up Jellycat, a UK-based plush toy manufacturer, in the context of B2B selling. Well, Jellycat's success story perfectly illustrates the potential benefits of venturing into the B2B market. By forming strong partnerships with retailers, both locally and internationally, Jellycat has significantly expanded its sales reach and solidified its position in the market. Let's take a closer look at how Jellycat's experience can inform your B2B selling strategy. 

  • Partnerships with Retailers: Jellycat has established strong partnerships with a wide range of retailers, from independent toy shops to major department stores, both in the UK and internationally. By offering a diverse range of plush toys, from classic teddy bears to quirky animal characters, Jellycat appeals to a broad audience and meets the needs of different retail environments. 

  • Customisation for Promotional Purposes: Jellycat offers customisation options for businesses looking to create branded plush toys for promotional purposes. Whether it's creating a bespoke design featuring a company logo or incorporating specific colours and themes, Jellycat provides businesses with the flexibility to tailor their plush toys to suit their marketing objectives. 

  • Special Edition Collaborations: Jellycat frequently collaborates with artists, designers, and brands to create special edition plush toys that appeal to collectors and enthusiasts. These limited-edition collaborations not only generate excitement among consumers but also attract businesses seeking unique and exclusive products to enhance their offerings. 

  • Wholesale Distribution: Jellycat offers wholesale distribution opportunities to retailers and businesses interested in stocking their plush toys. With competitive pricing, attractive packaging, and a reputation for quality and innovation, Jellycat products are sought after by retailers seeking to add a touch of whimsy and charm to their product offerings. 

 

Through these B2B strategies, Jellycat has expanded its reach beyond traditional retail channels and established itself as a trusted and beloved brand in the world of plush toys. By staying true to their commitment to quality, creativity, and customer satisfaction, Jellycat continues to delight children and adults alike while forging lasting partnerships with businesses around the globe. 

Before delving into B2B selling, it's crucial to weigh three key considerations that determine your trade readiness. These factors are essential in evaluating your preparedness to step into the B2B market, and they can be categorised into three core considerations: 

 

  • Looking for Trade Events: Research and attend trade events relevant to your industry to network and get a feel for what other businesses are doing within your sector. 

  • Retail Presence: Evaluate if your products are already in shops or which shops you aim to be stocked in. 

  • Target Retailers: Identify the retail shops you aim to target in the next 6-12 months to expand your presence. 

 

Existing capabilities 

 

  • Supply Capacity: Can you fulfil orders ranging from 50 to 1000 units for new business orders?  

  • Minimum Order Requirements: Establish minimum order quantities and values for wholesale orders. 

  • Pricing Structure: Determine competitive trade prices for your products. 

  • Logistics: Define your lead time from order to delivery to meet retailers' expectations. 

  • Online Presence: Do you have a professional website showcasing your products and brand, and are you utlising social media platforms to promote your products and business? 

  • Unique Selling Proposition (USP): Identify and leverage your USP to differentiate your brand from competitors. Highlight what sets your products apart and communicate this effectively in your marketing efforts. 

 

Future potential 

 

  • Customer Engagement: Develop trade-centric strategies to foster loyalty and drive repeat business, including loyalty programs, targeted marketing, and customer feedback mechanisms. 

  • Product Diversification: Expand your product range to cater to diverse market segments and align with current consumer preferences. 

  • Brand Enhancement: Strengthen your brand through initiatives like packaging updates, brand storytelling, and collaborations to boost visibility and appeal. 

  • Innovation: Stay updated on emerging technologies to streamline operations and deliver innovative products or services. 

  • Sustainability incitives: Integrate sustainable practices throughout your supply chain, including sourcing eco-friendly materials and implementing ethical production processes. 

 

Now that you've explored these three key considerations, take a moment to assess your business. Is it trade ready? By carefully evaluating your readiness for B2B selling and addressing any areas for improvement, you can position your business for success in the world of retail. 

 

ReadytoTrade

 

If you believe your business is trade-ready, the next significant opportunity awaits at Autumn Fair, the largest event in the second half of the year designed to help retailers stock up for the Christmas rush. Showcase your products and reach a wider audience by enquiring about a stand today! 

 

Enquire Now

 

Stay tuned to Inside Retail for more expert tips and insights on navigating the world of B2B selling. 

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