How To Make Money in Your Spare Time Online with Customer Returns
Putting in some additional work in your spare time is not a novel idea, but people are not always sure what to do. Luckily, there are plenty of options to make money online, which, if done right, can be easy and profitable.
A very popular way of making some extra cash nowadays is to sell merchandise online on websites like Amazon or eBay. Whether you are selling used stuff you don’t need anymore or you are buying wholesale products and selling them one by one, the opportunity is there.
In addition, you can work from the comfort of your home, without the need for an office or additional storage space.
So, how exactly can you find stuff to sell and make a small business out of it? Here are a few tips how to start on the right foot.
Finding the Market
Whether you build your own website or create an online store on Amazon or eBay, the aim is to find an undersupplied market to fill. This can be achieved through some research into the market trends and demand.
Although creating an Amazon or eBay account would probably be quicker and cheaper, standing out in the crowd is something that can help you on your way to success. With over 220 million US online shoppers alone there is a huge potential customer base and the goal is to find a target group that you can serve. It has to be said that eBay and Amazon together record over 290 million unique visits every month from the United States alone but you have to draw the attention of a portion of these visitors.
Finding market segments that are short of supply is the best way to secure a profit. These markets are helpful to aspiring entrepreneurs and new business owners due to the fact that the competition is not as cut-throat as it is in some other markets. The demand is greater than the supply, which means that you will have the necessary order influx to sell your merchandise. What you need to provide are quality products and service.
Quality products and quality service help you acquire a positive reputation and build a customer base or loyal following. Returning customers are the best customers. Not only will they return to shop for more products from you, but will also follow you to any other market you plan on entering, and will be your best reference and commercial. By speaking positively of you, they will be bringing in new customers for you.
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In terms of running a business, these markets allow you to learn how to run a company at a slower pace, and more relaxed atmosphere, at a smaller scale. Once you set good foundations for your skills and business, you can then start expanding into new markets.
Every time you make the transition it basically means repeating certain steps only at a larger scale. Your effort will reflect on your service, but the other side of that coin is the merchandise. And to pair it with your quality service, you have to provide quality merchandise. So let’s look at where to source the products.
Buying Liquidation Merchandise for Your Business
Once you have found an undersupplied niche market, it is time to find the merchandise to sell. This can be done in a number of ways. You could source merchandise through retailers. This is probably be the most expensive option, which will not allow you to make a profit since prices of single products online are closer to wholesale.
Buying wholesale products is the right way to start, but if you are interested in running your business without leaving your home, you could try the online liquidation platforms that have taken the resale business by storm.
Online liquidation platforms will have all sorts of merchandise on offer. Your aim is to find the most reputable liquidator to work with. The reason for this is that top liquidators have exclusive contracts in place with retailers and manufacturers who liquidate overstock, customer returns and refurbished merchandise directly through liquidation auctions.
Don’t let the words such as overstock, customer returns or refurbished items scare you. The contracts we’ve mentioned set strict rules regarding the quality of the products that can be listed on these liquidation auction websites. This is also reflected through at least a 90-day warranty for each refurbished product.
But there are also brand new products sold at these auctions. But the best of all is that the prices are well below wholesale, meaning you can stay competitive in the market while making a profit.
Although liquidated merchandise is usually associated with used items and scrap, things have certainly changed recently. While a large portion of liquidated merchandise is used and scrap, retailers such as Walmart and Target have seen the potential in liquidation platforms. While previously wholesalers bought Walmart and Target liquidations by a truckload in order to resell it to end buyers with a markup, nowadays, through storefronts on liquidation platforms such as Direct Liquidation, retailers can reach end users directly, and have a wider world-wide reach. This means the merchandise is shipped out of their warehouses as fast, if not even faster, as it was previously with wholesalers buying by the truckload.
And if the names such as Walmart and Target aren’t enough of a guarantee to you, you can always check the manifest that comes with every pallet that gets reviewed and graded. These manifests are packing lists that contain the information on the products, the descriptions, the quality and the quantity of merchandise, so you always know what you are buying and in what condition the merchandise is.
Retailers believe so much in their refurbished and overstock merchandise as well as closeouts that they will slap on a new money-back guarantee and even sell the products to you with an extended warranty.
Direct Liquidation is a goTRG company.
Eric works as a sales representative for Direct Liquidation helping businesses to source liquidation inventory from the world’s top retailers and manufacturers. Eric works with single pallet, LTL and truckload buyers hand in hand to ensure their businesses stay stocked up with the highest quality merchandise year round.
View Eric’s bio on YouTube.
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