How to Get Your Product into Big-Box Stores
If you've created a product, one of your primary objectives is to get it on the shelves of big-box shops like Walmart and Best Buy (just to name a few). While this may appear to be a difficult task, it is actually more simple than you think. Big box retailers are always on the lookout for new products, so pitches from potential vendors are always welcome. The following suggestions can help you reach your objective of getting your product on the shelves of such businesses. #ThinkWithNiche
When it comes to becoming a vendor, the competition is tough. Having your products on the shelves of a big-box retailer sends the message to consumers and other merchants that your company's products are winners, in addition to drastically raising earnings and opening doors to more lucrative retail contracts.
What do you understand by Big - Box Stores?
Before you get into business, know what the big box stores are. These are large retail establishments that are physically available as part of chains of many stores. These big-box stores are often categorized into two categories: one is general merchandise, and the other is a specialty store. General merchandise includes Kmart, Walmart, and Target. These stores sell everything you could ask for. Specialty stores include Best Buy, Home Depot, and Barnes & Nobel. These stores have a special range of products they sell. Be sure about the stores you choose to get into the business of Big-Box Stores.
Entering Big-Box Stores
Step one is to ensure that your organization is ready to conduct business with big-box stores. Supplier standards must be met by Walmart and other large retailers. Vendors at Walmart must have liability insurance for the product, have their financial information filed with a reporting service like Dun & Bradstreet, and have valid Universal Product Code (UPC) Identification Numbers for all of their products. They must also adhere to all products and food safety regulations which may necessitate a factory audit.
Create a Professional Web Presence
Buyers will want to assess the suitability of your product for their stores, as well as your company's preparedness to join their stores. The first step in putting your brand's best foot forward is to create a well-designed, easy-to-navigate, and informative website. Invest in a professional website with a captivating brand story, high-resolution product pictures and product sample videos, product reviews, pricing, testimonials, a stockist list, contact details, and information about the company's mission and history.
Decide on a Price Approach that will be Profitable
Prepare to crunch some figures if your company is attempting to transition from direct to the customer to retail. To continue making money, you must ensure that your wholesale cost meets manufacturing costs. Manufacturing costs should be about a fifth of the retail price, which is a tough order when you include packing, selling expenses, marketing/advertising, and distribution costs. Discount merchants want to buy things for next to nothing, but they also provide unrivaled brand exposure and volume of sales.
Know how much you can Produce
So you've built up an audience for your product and made some sales, which is fantastic. But before you go any further, you must first determine your actual manufacturing capacity. The worst-case scenario is when a buyer expresses interest in your goods, but you are unable to supply the quantity required. Don't approach those buyers if you don't think you'll be capable of keeping up with the exponential surge in sales that comes from being in a store like Walmart.
Prepare for the Pitch
You've done it! Finally, you're getting some face time with the customer! Because this is such a significant opportunity for you, the most essential thing is for you to be completely prepared for your pitch. First, choose who is best suited to give the pitch. If no one in your firm is willing to take on the job, you can always employ an outside representative. However, someone from inside the company would be more knowledgeable about the product and more enthusiastic about bringing it into stores. Regardless of who delivers the presentation, they must be well-prepared. They should be well-versed in the product, have the facts and data to back up any promises made, and be prepared to answer any questions a consumer might have.
Getting your product into a big box store is a fantastic way to get it seen by the general public. Although this procedure may seem daunting at times, don't be scared to take the initial step! Work very hard, be calm, and remember that perseverance triumphs over adversity.