All relationships are a two-way street. When you’re in retail, your relationships with vendors are just as important your relationships with customers, so it pays to build strong bonds with them. Those bonds keep your shelves stocked, so you can do business at full throttle.
Here are 5 ways retailers can build strong bonds with vendors.
Finding the right vendors can seem daunting if you’re new to it, or if you’ve had less than stellar experiences with suppliers you’re seeking to replace. But there are some easy ways to find them.
Expositions bring you face-to-face with major suppliers, so make a point of attending these occasionally, even if you’re not in the market. You’ll be in step with current trends and see what’s new in the world of vendors.
Check out publications specific to your type of retail. You’ll see advertisements from suppliers in their pages and again, keep abreast of what’s new.
- Check out the competition.
Some relationships just aren’t meant to be and that’s OK. You can find the right supplier by checking out the competition, if things go south with your current vendor.
Doing your homework can lead you to excellent resources. Knowing about them is great, even if your current vendor relationship is going well. It never hurts to have an alternative up your sleeve. In fact, it makes good business sense.
- Multi-sourcing.
You’ve been dealing with a vendor for many years and that’s great, but diversification is a proven strategy to ensure your inventory is nimble, fresh and offering your customers what they want.
Sourcing product from multiple suppliers creates a healthy network, protecting you from the possibility of empty shelves when you’re least expecting (or wanting) that to happen. Building relationships starts with reaching out, so that’s another key function of attending trade events.
- A mutually advantageous agreement.
Any agreement you enter into with a vendor should be specific to the relationship. That means avoiding the boilerplate effect. Keeping your wording specific may take a little more time, but it ensures that the agreement works for both of you and doesn’t miss anything one or both of you will regret later.
Ask questions in the negotiation process. Be sure you’re covering all the bases and that you know exactly where you stand before signing your vendor agreement. Going into a contractual relationship with your eyes wide open is always the best look for you.
- Constant contact.
If you’re only talking to your suppliers when you need something, that’s hardly the basis for a healthy relationship. Checking in with your vendors to see what they’re up to is always a great idea. This is where the real relationship building happens.
Regular communication also precludes misunderstandings on the part of suppliers about your needs. Being as precise as possible about what you’re expecting in terms of product movement helps vendors plan and serve you better. Regular, casual communication reinforces the relationship.
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