July 9, 2014
What would you do in this situation?
You want to give away t-shirts to your customers on your next event. A vendor offers you 24 custom printed shirts for $9 each. But, they tell you that they’re willing to cut that price down to $6 each if you order 72 shirts. Will you take the deal?
The main reason why we consider buying things in bulk is to save money. It is a well known fact that bulk buying gives us access to big discounts and promotions that wouldn’t be otherwise available for per piece transactions. However, when done incorrectly, bulk buying can also lead to product wastage and loss.
As a homeowner or business proprietor, you need to arm yourself with the correct knowledge and skills in order for you to take full advantage of the benefits of bulk buying. We put together a list of key concepts to help you on your next bulk buying escapade:
Bulk Buy Fast Moving Items
We know that nobody loves doing inventory. But, there are a lot of reasons why you should always keep an updated and accurate list of your products one of which is to know which items are fast and slow moving. Generally speaking, fast moving items are those that you use every day whereas slow moving items are used only for special orders or occasions. We recommend bulk buying only fast moving items as this will free you from worrying about storage, expiry dates or wastage.
Think Twice About Bulk Buying Perishable Items
Think and rethink before bulk purchasing anything that comes with an expiry date especially when you cannot be sure you will be able to use the item before it expires. I had a friend who hosted a ‘Meat Party’ because she wanted to get rid of near expiring tenderloins she still had in her freezer after a year. Food items aren’t always made for bulk, unless you are hosting a party or plan to give it away as a favor in an event.
Ensure you have adequate space to store the goods
Before buying anything in bulk, picture out where you will store them in your home or office. Remember, items should never invade your personal space or pose a risk to the safety to the people you live or work with… so don’t resort to storing boxes of bulk items in your hallway or living room. If you don’t have space for it, don’t buy it. If you don’t have the space for your giveaways, ask your vendor if they can deliver the items near the day or on the day of the event.
We hope that these 3 tips will help you make the most out of your bulk buying experience for your home or office.