Hitting the Big Time: Are You Ready for Retail?
Many small businesses and startups are conceived to bring new and unique products to market. Entrepreneurs often start by selling their products via local boutiques and company websites. However, to reach a wider audience and achieve greater success, you will need the bigger, broader sales channels and supply chain acumen of retail and e-commerce marketplaces to help you grow. Here’s what it takes to make that leap:
Establish credibility with major retailers
Before you can sell your product through a national retailer, you must sell it to them. In addition to pitching your product, you’ll have to pitch your company – and prove your ability to meet their requirements. Scale is an obvious point: do you have the production capacity to meet the retailer’s needs? If demand takes off, will you be able to meet it?
You also need to demonstrate your company’s credibility in a marketplace that utterly depends upon customer satisfaction – timely delivery, sufficient supply, reliable quality, and product authenticity. The gatekeepers will carefully vet new products and suppliers, so it’s important to work within an infrastructure that supports the retailer’s systems and reputation.
One key qualifier large retailers look for is the implementation of a standardized, …