The total revenue in the Footwear market was recorded as $365.5 billion in 2020. This market has a great potential to rise with an expected annual 4.0% growth during 2020-2025. The United States rules the footwear market in the world. The total revenue generated in 2017 was approximately $79.86 billion which is an obvious huge share. The global shoe market is highly competitive and many businesses are vying for securing their place in the industry.
Significance of Shoe Business
The shoe wholesaling market is one of the major beneficiaries of economic stability in the United States. In the last 5 years, the wholesale Shoe market enjoyed a boost due to the stimulated demand for footwear. During the COVID-19 pandemic, this industry like others faced some issues but it is rising again. This is the high time to initiate this business. In case you are thinking of establishing your wholesale shoe store then this is the right moment for you.
With a market size of $31 billion, this industry is serving approximately 3,667 businesses in the United States. Now you must be thinking of the ways to establish your wholesale shoe store. No worries. Keep on reading the blog and we will assist you. It might take you a few minutes to finish reading this piece of writing but we promise you it’s worth it.
Things You Must Plan Before Setting Up Your Store
There are a few things you should plan for before investing in your wholesale shoe business. Here are some steps you can take to begin the process of preparation for your store.
Your Research is Your Weapon
Who wants to throw blood, sweat, and tears money into a dry well? It doesn’t matter what type of business you are going to start before you dive into the river check its depth. A wise businessman must always be cautious and keep some capital for rainy days. Never invest the entire amount in one go. Explore the market. Evaluate your competitors. What they are offering and how can you compete? Check their quality, shipping process, and customer services. What are the trends in the market and which product is selling like hot dogs? Once you get all the information you will be able to assess your business plan accordingly.
Bring Your Product to Life
Your product is your asset. Either you are dealing in wholesale leather shoes or trade-in casual footwear, your product must be alluring enough to attract your audience. If you are not a manufacturer and looking for a distributor or manufacturer then always go for a punctual and professional one. The best way to choose one is to get recommendations. Visit their websites. Examine their products as this will be your product once it will be on your shelves. Check their delivery system. All these factors are necessary to bring your product to life to get benefits.
Build a Wall-less Shop
You must have a digital presence in this digital age. Your website is accessible to everyone who makes your online purchases. Nowadays, customers do not like to walk in the market. Hundreds of businesses are already available on their screens. They prefer to search the market with one click. Your website is a wireless and wall-less store. Ensure your presence in this electronic business world. Present your product by adding tempting images and product descriptions. Decorate your website with attractive details to get the attention of your audience.
Effective Online Tools to Set Up Wholesale Shoe Store
You can use a few online tools to set up your wholesale shoes store. Some of these tools are free and some are light on the pocket. Here we are going to discuss how you can use these tools to set up your store.
As we have mentioned earlier, your digital appearance is essential to winning your targeted audience. As a wholesale shoe shop, you can ensure your digital presence by using different platforms like SeeBiz. It is a wholesale digital marketplace. It offers free registration for users. You can add your products to use by already generated traffic without paying any registration fee. SeeBiz connects you with hundreds of wholesalers and suppliers. This connectivity enables you to expand your business by making direct business relationships. You can use these platforms as your tool to set up your shop online.
A wholesale business requires to manage a huge inventory. There are many online tools that help you manage and track your inventory. SeeBiz Inventory is one of the reliable inventory tools. It not only manages your inventory but also provides you with detailed reports. With the help of inventory, sales and purchase reports you can forecast demands. By setting reorder levels it notifies you in case of low inventory. SeeBiz Inventory generates automated sales and purchase orders. This way you can prevent human errors. As a wholesale shoe shop, you can have your inventory laid in different locations. With the multi-warehouses system, SeeBiz integrates all the locations in the same system. To set up a wholesale shop, organizing your inventory is very important. Online tools minimize your efforts and prevent errors by automating the entire process.
The last decade has witnessed an increase in the footwear market. Customers are more inclined to search for their desired items online. Many people explore your digital shop before entering your conventional/traditional shop. This new trend not only increases the size of the market but also enhance the effectiveness of online tools. Though the market is filled with hundreds of tools that you can use to set up your wholesale shoe shop but not all of them are your required ones. Make sure to assess your business needs before selecting any tool.