You have been trying to get your online sales business off the ground for quite some time but you haven’t been able to make a series of sales or the items you offer are not priced competitively compared to other similar products out there?
Making profits selling online is not that easy, but it can be made easier if you follow some simple tips. Besides the legal requirements, there are some things you must do to give yourself the biggest chance for success in the business.
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There is a sort of a checklist you need to go through in order to secure success and start making some money. And this checklist starts with an undersupplied niche market.
The first thing to do is think about the products you are comfortable dealing with. This is usually the best way to enter business, whether you are doing this full time or in your spare time. You will want to enjoy work, or turn your hobby into a business.
Once you have your product or a group of products, it is time to do some market research and find a niche market that is short supplied.
Finding the right niche can be time-consuming. However, once you find a market that is short of supply, it is time to take advantage of it.
Why is it important to find a niche market? The simple reason is that this will give you a bigger chance of success. You will also have less competition and the demand is already there, so you just need to serve it.
Niche markets are markets where trade is not as high because they deal in a specialized item, product or service. But the demand is healthy and, with a reasonably low amount of competition, it is easier to dictate prices as well as secure a higher profit margin. This high profit margin will more than cover for the lower traffic as niche markets are usually smaller in size.
But there is another advantage besides the ability to dictate prices and secure a higher profit margin. If you are just starting as an entrepreneur and are looking to get a business off the ground, niche markets are a perfect starting point. You enter a less stressful market that allows you to learn and evolve while conducting business.
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Furthermore, while providing quality products and services, you are building your name, your company’s reputation and your customer base. Having a positive relationship with your customers is important as these customers will follow you to any market you enter. This makes it easier for you to transition into a new field that might be more competitive, where you would not have been able to survive without reputation, experience and a strong customer base.
But, to fill an undersupplied niche market you need quality merchandise to go with quality service. This means moving on to the next step of the checklist: finding the right products to sell.
You have several options when it comes to sourcing the merchandise to fill the undersupplied niche. One option is to find a reputable wholesale supplier you can buy the merchandise from. You will be able to buy in bulk meaning you are getting a significant amount of merchandise at once.
However, items sold on eBay or Amazon are priced very close to wholesale, meaning you are not left with much room for profit. You might try getting better terms with wholesalers you have a long-standing relationship with. Alternatively, you may have already created a network of wholesale suppliers you work with, to keep your procurement prices as low as possible. However, the margin is still slim.
This can be solved through another option for sourcing your goods: liquidation auctions.
Liquidation auctions offer wholesale merchandise at prices below wholesale. This is achieved through exclusive contracts with retailers and manufacturers that sell their liquidation merchandise, overstock, customer returns or refurbished merchandise directly through liquidation auctions.
This eliminates the need for a mediator in the supply chain, such as a wholesale supplier, and leaves you with a larger profit margin.
Usually, liquidations have been tied to low quality merchandise and the auction setting is overwhelming for some. This is why top tier liquidation platorms like Direct Liquidation forge ties with retailers like Walmart and Target to enable them to sell on their higher quality of merchandise. Also, you can skip the auction process and usually buy immediately, with a majority of lots sold in a ‘buy now’ format. With the volumes sold by Walmart and Target, you should not worry about availability.
However, as a note of caution, you must be aware that there may be other bidders interested in the same wholesale pallet as you. So, make sure you set your budget limit and stick to it.
To put things in perspective, over 30 percent of items sold online find their way back to the seller. In many cases, the packaging is unopened as the buyer may have received a wrong product, or the wrong size. However, once returned, it can’t be sold as new, and has to be labeled as refurbished.
For you, this means you are getting a new product, very cheaply. And the reason you are urged to work with a reputable liquidation auction house is that listing a product on their website is not easy unless high quality is guaranteed.
So, make your lists, find the niche market, buy the merchandise and go make some money.
Direct Liquidation is a goTRG company.
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Diego works as a sales representative for Direct Liquidation helping businesses to source liquidation inventory from the world’s top retailers and manufacturers. Diego works with single pallet, LTL and truckload buyers directly to ensure they stay in stock with high quality inventory year round.
Schedule a sales callback with Diego right now and find out how he can help your business profit with liquidation merchandise.
Bid on bulk quantities of returned, overstock and refurbished inventory directly from Walmart
stores and Walmart.com.