Jul 06, 2017 Olympic Eyewear
Every day, we work with retailers who buy sunglasses in bulk from Olympic Eyewear, then turn around and sell those sunglasses in a retail setting. The success of our wholesale buyers proves there is money to be made in sunglass retailing. Like anything else though, success does not happen by chance. Building a business retailing sunglasses requires a solid business plan, a workable strategy, and a lot of hard work.
We have seen a lot of retailers come and go in the years we have been in business. The combination of our own experience and our industry observations gives us a pretty clear idea of what it takes to succeed as a retailer. It is by no means rocket science, but it’s also not magic.
Understand the Target Audience
Assuming a new retailer has a solid business plan in place, the first step in building a successful retail business is understanding the target audience. Where sunglasses are concerned, the business owner needs to ask who is most likely to purchase them.
In a Florida resort area like Daytona Beach or Fort Lauderdale, local residents are going to buy sunglasses every few years as a matter of need. But there is a bigger market in the tourists who come to Florida every year without realizing how bright the sun is. Those tourists make a great target audience.
Find Ways to Reach the Audience
Once the target audience has been determined, the next step is finding ways to reach that audience. Using our same example of tourists in Florida, the new business owner could do very well setting up shop in a small retail space near the beach. He or she could approach local pharmacies, convenience stores, and even hotels and motels and ask to rent a small amount of floor space where a display could be set up. There are lots of ways to reach a target audience. It just takes a little creativity.
Develop a Marketing Strategy
Marketing is where small businesses succeed or fail. An effective marketing strategy allows the business owner to go to the customer rather than waiting for the customer to come to him/her. In short, it is not enough to simply buy sunglasses in bulk and mount them on displays at a local flea market. The retailer also has to let people know what the business sells, where to find the business, and so on.
A big part of modern marketing is social media. And guess what? It turns out that social media was made for selling sunglasses. Social media is great for everything from pitching wayfarer sunglasses to starting conversations among customers. The more interaction a business owner can generate on social media, the more buzz there will be about that company’s products.
Great Products and Customer Service
Lastly, no business will be successful if it does not provide customers with great products and customer service. Customers are more than willing to pay a little more for designer sunglasses if they know those sunglasses are high quality. They are more than willing to be loyal to a retailer who offers them personalized customer service with every transaction. Indeed, there is no substitute for great products and customer service in building a business.
There is always going to be a market for designer sunglasses. That means there will always be room for entrepreneurs to build their own businesses in this industry. If you are just starting out as a retailer of sunglasses, we invite you to buy sunglasses in bulk from our incredible, expansive inventory. Then go build your business into something big.