Want to earn money buying and selling online? Find out the secrets to becoming a successful resaler, no matter the product you sell.
The internet has opened up a whole new world to full-time entrepreneurs and those looking for a side hustle.
Buying and selling online was made possible to nearly anyone who had access to a computer just a few years ago.
But with the explosion of high-speed internet and internet-enabled mobiles, everyone has the tools they need to get an online business up and running.
While the tools may be at hand, what about the knowhow? If it’s so easy why isn’t everyone doing it?
Those who find success in this venture know a few secrets, secrets we’re going to explore here.
Find Your Niche When Buying and Selling Online
Just because one can buy or sell anything online doesn’t mean they should.
There are two niches that resalers need to find online: first, the very specific product that will resell successfully; and second, the very specific places online where buyers will look for that product.
This takes a little investigating. Find popular online classifieds and marketplaces through an online search. Depending on the product, demand will be centered around local needs, usually confined to areas where it’s convenient to hand-deliver an item. Give priority to marketplaces or classifieds that have a local focus.
Is It Worth Shipping?
Certain items are of enough interest and value that a wider, non-local buyer base will have an interest. But regardless of interest, the item has to be either priced low enough or be perceived as high enough in value that it makes the added of shipping worth it.
Further, shipping costs increase with the item’s weight and size. So, shipped items need to small and valuable. Specialty items like items from a watch parts wholesaler are an excellent example of items that would resell well with shipping included.
Keep Costs Low and Prices High
At the very least, keep prices as high as you can. The marketplace won’t tolerate prices that exceed demand for the product.
Keeping costs to you low also requires a little investigating. Identify reliable sources of product with as few people standing between you and the supplier. Each middleman will want to add his charge for handling the product.
Turning a profit is all about making sure that the price for each sale exceeds well enough the cost that went into that product. From there, profits feed into paying for additional product, improvements to your business or into your pocketbook.
Make Communication a Priority
Treat all inquiries seriously. Most people go through a process with about four steps in the process of buying something: need recognition, information gathering, evaluating alternatives, the purchase, post-purchase contemplation.
How you or your advertising efforts communicate to potential buyers is essential at every level of that process. Good communication will build perceived need; accelerate information gathering; narrow possible alternatives; and reinforce the purchase decision, making the buyer likely to buy again.
We’ve focused on the principles of buying and selling online. But the execution of these ideas goes so much further when principals of marketing make their way into the plan.
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