Whether you’re running your own electronics shop or simply buying your electronics in bulk, you need to know how to buy wholesale electronics online. Here are some useful tips to help you buy wholesale electronics online without any hassles.
1. What Type Of Electronics Do You Need?
Before you start looking for suppliers you need to decide the exact type of electronic goods you want to specialize in. Do you want all the electronic goods or are you looking for subcategories such as computers, components or TVs? Remember each electronic product has its own profitability, so you need to find a specific type before you can choose the specific suppliers. If you’re planning to be a retailer, you need to sell a small amount of electronics first before choosing the best markups.
2. Network With Other Electronic Retailers
You will find numerous forums online where you can network with other retailers. Whether you’re a newbie or just looking to switch your suppliers, you will find the best electronics suppliers from networking with other people in the business. For instance, you will get an insight on the places with the best prices, where you can get the best products and the best suppliers for your products.
3. Do Your Research
Now that you have gathered some insight on some of the best wholesalers for electronic products, you need to do your research. Write down at least 3 potential suppliers and start doing your research. Dig into their website, read the reviews, look at the social media responses too and learn everything there is about them. Remember, you need someone that’s compatible to your needs. So take as much time as possible to find the best supplier out there.
4. Initiate Contact
Once you have done your research, the next step is initiating contact. You can do so by sending an email, calling them on the phone or visiting them in person. During this contact, you will discuss in detail the electronic goods they carry. Note that, the prices of electronic goods can escalate very fast. Therefore, you need a lot of information regarding the point of origin, the condition including any known issues and also the manifest that you can get.
When discussing the condition of the goods, the supplier might say the product is salvage, which means that it needs to be fixed before you sell it. Also, he might say customer return where it might be a defective product or remorse returns from buyers. Another word is shelf pull which means the goods are store displays or new which means they are overstocked or never actually reached the retailer.
You will find a lot of manifests for the goods but there might lack manifests from one time to the other but it doesn’t tamper with the value. It’s just that the supplier might have forgotten to itemize the product before supplying it. Whenever possible, you should do an inspection. On the other hand, if you’re unsure of the retail value, do a quick search online for the product ID or UPC code.
5. The Terms Of Payment
If you have inspected the merchandise and it exceeds your expectations, now you can start discussing the terms of payment. Most wholesalers prefer wire transfers so you need to have that set up and ready before you start negotiating. However, there are a few wholesalers who will accept outside financing provided by invoice factoring companies.
For instance, if you are purchasing a single pallet just as a sample to the quality of goods offered, you can secure the purchase with PayPal or a credit card. With cash and carry, you can inspect the goods before making a purchase and collect your goods once the supplier receives the payment. When possible, make the request because electronics are often quite expensive. Avoid using Western Union and beware of wholesalers who are asking for questionable methods of payment.
6. Ask For An Invoice
Once you have worked out the payment terms, you need to ask for an invoice. Make sure the invoice contains the specific quantity of products and their exact condition. Make sure there is mention of the recourse if there are discrepancies discovered on the goods. The supplier should also mention the estimated delivery date of the goods you have ordered.
Note that, the supplier might have terminology such as all the sales are final written on the invoice. Therefore, you need to read everything including the fine print to make sure you are comfortable with everything written before signing out and making payments. As a buyer you might have some recourse if you get nonconforming goods but if you don’t inform the seller you might not have a leg to stand on.
7. Pay The Pending Invoices
Make sure you print and keep all the receipts of the transaction once you are done. You need to keep a proper paper trail once you’re done with the transaction in case there are any disputes from the transaction. If you were provided with a manifest, you need to print it out too. Use it as a checkoff list to confirm all the goods are present when they are being unloaded.
Make sure the seller signs the invoice. That’s because with both your signature and that of your supplier, there’s a contract what guarantees the supplier will provide what’s indicated. If you don’t get the signature, you can send an email or contact the supplier to confirm the invoice confirms all the goods that will provided. Your correspondence will be legally binding especially when the seller promises to deliver goods and you agree.
8. Discuss The Shipping Process
You might have paid for shipping for the goods or arranged a proper method of picking the products once they arrive. Whatever you choose, the seller should provide specific dock hours so you need to be mindful of them. Don’t miss your appointment if you choose to pick the products yourself. Once you receive the goods, make sure you perform a thorough inspection and ask for a refund for any damaged items.