As a potential vendor, one of the most important things you can do is get to know the industry you represent. It’s not only vital that you know the industry, but also the produce, product, or products you’re selling. It’s fundamental that you can explain the industry’s potential for growth, the general state of the industry, and how your business model fits into the landscape.
Industry analysis is part of basic pricing options, market guidelines, and good management. Most of the people who successfully become retail vendors already have relevant business experience, sometimes as employees themselves. Understanding the industry and becoming a successful vendor means looking for a detailed list of features that includes:
- Distribution patterns
- Industry participants
- Competition and buying patterns
- Levels of pricing
The more you know about your industry, the more advantage and you will have.