When you have purchased your goods from a wholesaler you need to think about where to resell them! Many wholesale buyers will try to resell goods on market stalls, at car boot sales and at events but the majority of resellers head online to shift their products. And that’s because so many consumers use the internet to purchase goods.
Whether its consumers looking to purchase holiday goods for the summer, search for the latest games console or look for Christmas gifts – the majority will head online first. Online shopping is usually cheaper than the high street and it’s easy as consumers can surf the web and buy items from the comfort of their own home. There’s no doubt reselling items at market stalls and car boot sales can create sales but one of the first places you should consider listing your stock is online.
But with so many sites to choose from and rules to adhere to reselling online can be complicated. Here are our tips to help you resell online and make a healthy profit!
Know Your Product
Before you list any products online you need to decide what products you are looking to resell. You’ll need to know this in order to choose the best site to list your product on and you’ll need to choose categories and keywords to advertise the item too. Once you know the product you are looking to resell you need to contact wholesale suppliers and find the product at as cheap a trade price as possible. You may have to consider buying in bulk to secure the best price but search around first before committing to a purchase order.
Once you have a product in mind to resell you should do some research. Firstly you should find out how much your item would cost to ship as you’ll need to factor this cost into your advert. Try contacting local couriers or make a visit to your local post office to find out how much postage will cost as this will help you to work out your pricing and possible profit margin. Next you should do your research on the item. Use Google to search for your item to find out who is selling it. Search retail websites and auctions sites to find out a rough figure of how much the item is being sold at – if you price yours too low and don’t realise its market value you’ll be sorely disappointed with your profit! Once you have found a few online take the average price to give you an idea of what you could potentially resell it for. You’re now in a position to price yours competitively and hopefully beat your competition.
Create an Ad
You now need to choose a site to resell your goods and create an ad! The main sites that get a lot of traffic include eBay and Amazon – although if you are trying to resell an item locally you could consider using Gumtree.
eBay and Amazon both have specific ways to list an ad and both are similar. Firstly you need to pick a title for your ad and it should reflect the product you are reselling – try to make it as catchy as possible to entice a buyer to want to find out more. This is also arguably the most important part of your ad because keywords sell on eBay and Amazon. Most people use the search box to find an item and search using popular words, phrases or descriptions and if you haven’t labelled your ad with the relevant key words you won’t be showing up in search results! So look around at what other people are listing their ads as, never copy one word for word and try to make yours as relevant to a product search phrase as possible. You then need to create a product description which should be as detailed as possible. You should include key facts within the product description including brand, make, model, colour, dimensions and condition. If something is a clearance item you should make it clear on the advert to avoid any returns issues or complaints. You now need to choose some pictures for your advert and the more the merrier. Many consumers browsing the web will specifically search for products with pictures only as buyers want to see what they are purchasing! By not including pictures you are cutting out a big portion of potential customers so list photos on the ad. Once you have created the basic advert you need to choose a category to list it in and this is crucial to your search results. If you list your product in the wrong category then it’s unlikely you’ll get much interaction from customers. After you have chosen the category you should consider your pricing. After doing your research you should have a good price in mind for the item so list it alongside the product description and include any details on shipping.
You’re now ready to set your ad live! Keep an eye on your ad for any interaction and try to respond to customer queries as quickly as possible to maximise your chances of securing a sale. If your ad is listed for weeks and you don’t get much interest in it then consider relisting it, editing the title and product descriptions and consider negotiating on the price.