Working from home, part-time or full-time, selling merchandise online has become a very good way of adding a new stream of income to the household. Buying wholesale pallet lots for cheap to resell on websites like Amazon or eBay is a good way to make a profit.
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If your small business is to grow into something more, you will need to have reliable wholesale suppliers and a regular influx of merchandise. But besides the reliability, the quality is also a factor as well as your hard work.
Although it can be easy to start an online business by buying overstock pallets and order new wholesale merchandise whenever you need it, the profit margins might not always be the best.
You have to keep researching and following the market trend, and while some wholesale suppliers are ok with their products being sold online, and will even offer you better contract terms if you commit to long-term cooperation, others might not be so happy about it.
The level of competition is also very high especially when it comes to top selling products like books or electronics.
The key to selling on websites like Amazon or eBay, that draw in around 290 million of unique visitors from the United States alone every month, is to never stop looking for wholesale suppliers and merchandise you can buy very cheap and sell at retail prices.
But the research never ends, as buying from wholesale suppliers on favorable terms does not always cut it. You have to keep an eye on the market trends and dynamics as growing competition is pushing down on the prices of the single product.
Even though you are stocking up at lower wholesale prices, the profit margin is getting slimmer and slimmer as more and more sellers offer their products at prices very close to wholesale. As a result, you should never stop looking for reliable and even cheaper sources, maybe have a look into liquidation merchandise and liquidation websites.
When you are starting any business it is key to do proper market research before jumping into the venture. Finding a product you’d like to be selling is easy because you know what you like, but you are not the focus. You must know the demands of the market, what segments are well supplied, are there any products in high demand but short of supply.
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You certainly wouldn’t want to buy pallets of used Onn consumer electronics that will end up stored somewhere in the corner of your storage room, labeled as a failed investment. This is not something too unusual. People often follow their instinct, or heart if you’d like, and end up buying merchandise to please, or indulge themselves and not to cater to the market demand. It is the latter that should determine what you should be buying and selling. Maybe you do like Onn electronics, but as noted above, it is not about what you like, but what is in demand.
The selection process starts with the products you like, make a list of those and then try and pinpoint if there are any of those products that are in high demand but the supply is lacking. If you find such a product on your list the better because you will be working with something familiar. If you don’t find anything from your list, go on the lookout for niche markets that are undersupplied and see which one fits you the best.
Why are niche markets so important for an up and coming business owner? The first reason is the lack of supply. This means you can source wholesale merchandise and be almost certain that the products will sell, because the demand is outweighing the supply. Additionally, there is no downward pressure on the prices because there is no competition to drive such a market power play. From a business owning perspective, such markets allow you to settle into a rhythm, learn how the business functions, establish a supply chain, build a customer base and basically equip yourself with practical skills and experience. This will make the transition to a new market, should you decide to switch or expand, a lot easier because the processes are the same, it is just the sale that might be changing.
The economies of scale concept are directly applicable to purchasing wholesale merchandise. The more products you buy the lower the price per unit is so it basically pays of to buy in bulk for resale. This is why it is advisable to find out as much as possible about your wholesale suppliers, choose those who are based closer to you, saving on shipping costs. Some wholesale suppliers tend to offer better terms to their long-term customers. For you, this would mean even cheaper merchandise and an even bigger profit.
However, if you are looking to really make a splash in the business, there are other ways to source your merchandise. Have you not browsed the internet for liquidation websites? That is the first mistake. We understand that people are reluctant to buy liquidated merchandise, but what if I told you that the merchandise you are buying from your previous wholesaler is basically the same merchandise you’d buy through a liquidation company.
The truth is that some wholesale suppliers are basically buying merchandise by the truckload from dedicated liquidation departments set up by retailers, manufacturers or brands themselves. You will find often tags from Walmart or Target on the products that you have purchased through them.
What liquidation companies have done is offer a storefront space to the retailers, that can now use the liquidation platform to reach a wider audience and get rid of customer returns or overstock pallets. The merchandise gets liquidated quickly and the buyers don’t have to pay the middleman’s markup. This opens a world of opportunities and gives you the answer to the question of how certain people can afford to cut the prices on their single units so low.
So when it comes to pricing, make sure you know your budget, have a game plan and stick to it, and when it comes to the sales, don’t be pushy or greedy. Make sure you set your prices below those of competitors. So make sure you know your price and remember that gains are made through a combination of sales, not one huge sale. The aim of your business is to keep selling, earning that much more by each sale, and building up your profits gradually. This isn’t a get-rich-quick scheme.
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Jordan currently works as a sales representative for Direct Liquidation, assisting businesses with product sourcing of liquidated merchandise from the largest retailers in the world. Whether you are looking for a pallet or a truckload Jordan is here to help you grow your business.
Schedule a sales callback with Jordan right now or check out his latest liquidation deals.
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