The global impact of COVID-19 has been staggering for many businesses, specifically luxury goods such as luggage bags and handbags. However, the post-pandemic era is witnessing a huge expansion in demand for bags due to their stylish appeal and an upsurge in the tourism industry. Now bag sales are making big rounds, amounting to around US $153.60 billion in 2022, and expected to reach an annual growth rate of 7.52%.[1]
The thriving growth of the industry makes the bags business a profitable investment for retail and e-commerce sellers. But there are a few things you should consider before investing in any business. This article will guide you on how to go about investing in the bags business.
Top 5 Considerations in Your Bags Business Investment
1. Choose the Right Niche
The bags market is highly competitive, so your first step is to find the right niche for bag products. Explore marketplaces like Amazon, Ali Express, and eBay to find hot-selling types of bags. For example, you can choose laptop bags, tote bags, travel bags, or duffle bags, depending on what has more demand and more profits but less competition.
2. Find a Regular Supplier
Sourcing bags can become troublesome at times. Unless you’re going to make your own products, make sure to source from a reliable supplier who has a regular inventory of your desired bags. Many online suppliers, such as Bagsmart, allow you to get inventory in bulk at low prices. Explore your options and see who has what you need.
3. Decide Pricing
Pricing is one of the key factors for the bags business. Do a competitor analysis and see what they’re offering for the same products to set competitive prices for your products. Moreover, make your ideal buyer’s profile to know their preferences and buying behaviors to set a price they’d happily pay.
4. Create a Website
In this digital age, when everything is online, creating an e-commerce website for your bags business is a must-have to attract more customers and generate more sales. E-commerce platforms like Shopify are excellent choices for building websites if you’re selling products of others. You may also consider listing your products on other sites like Amazon or eBay.
No matter what platform you choose, make sure to build an appealing and easy-to-use website where customers can easily find the products they want. Upload high-quality product pictures and write attractive product descriptions to attract customers to buy the product.
5. Promote Your Business
After you have created an online store, spread the word about your store on social media sites like Facebook, Instagram, and Pinterest. Create social accounts and post engaging content and updates to keep your followers engaged. You can also run Facebook or Instagram ads to reach a broader audience and increase your sales.
Source Products from a Reliable Supplier
When it comes to high-quality sourcing products for your bags business, you can’t trust every supplier (especially when you’re sourcing products from an online supplier). Some may offer low prices but at the cost of low-quality products, while others may run out of inventory after a few months, leaving your business at the mercy of declined sales and unhappy customers.
That’s when Bagsmart comes to help. With 17 years of industry experience, they make sure to provide private-level, high-quality, and functional bags to our suppliers from around the world.
When choosing Bagsmart as your supplier, you can enjoy many benefits, including:
ü Pricing rights:
Source products at lower prices and resell them at your desired price. You get all the pricing rights in your region.
ü Reselling rights:
No matter whether you want to sell in-store or online, Bagsmart allows you to resell products on your own terms.
ü E-commerce support:
Have trouble creating your e-commerce website or promoting your business? They will help you through the process so you can reach a wider audience and generate more sales.
ü Volume discount:
Get products at 5-20% more discount than other distributors.
ü After-sales Service:
Your satisfaction is our priority. Bagsmart offers exclusive after-sales support to its customers.
ü Organize All Day:
Apart from the excellent service Bagsmart offers, The “Organize All Day” concept of Bagsmart has driven them to keep pushing new ideas in organizing.
No matter whether you’re looking for the Bagsmart backpack, Bagsmart duffle bag, or Bagsmart travel bag, they have it all for you. Visit their website for more kinds of stylish backpack!
Reference
[1] Number of digital buyers worldwide from 2014 to 2021. Available at: https://www.statista.com/statistics/251666/number-of-digital-buyers-worldwide/ (Accessed: 30th October 2022)
