Quick Product Sourcing Tips
As an eBay and Amazon Consultant I am always being asked about Product Sourcing tips and ideas and how to find those items you can buy low and sell high. And before we get into the main part of this article that last part is the important bit, buying low and selling high.
You do not need fancy bits of kit to help with product sourcing nor do you need a degree while these may help at the end of the day you just need to remember buy low and sell high and if you follow that simple rule you are a good way there to make money week after week on eBay and Amazon.
Quick Product Sourcing Tips
Buy low and sell high – When you are out and about keep an eye open for shops and stores that are selling items off at a steep discount or buy 1 get one free. Here in the Uk I have seen some supermarkets even do buy 1 get 2 free. When you see the buy one get one free sale, remember you need to halve the retail price. For example let’s say it sells for £10.00, but because it is buy one get one free the cost is now only £5.00 each. Take a look and see what they are selling for on sites such as eBay and Amazon and see if there is profit to be made.
Recently I let a big opportunity pass through my fingers in our local shopping centre we had one of those discount stores that was closing down. I popped in whenever I was in town and spend some time doing some product sourcing, and from time to time I found bits and pieces I bought. Now this shop was in it’s last few days of being open and was the last in the chain of shops and they had all the stock in this one shop………………Lots of people and lots of rubbish stock this was stuff people had not bought from the past few weeks. But……………..there were 2 pallets of a well know make of maths sets. I had a look on my phone and they retailed at £4.99 each on a regular basis plus shipping.
The shop had them on sale for 25p each. Now I was thinking were these the real deal, it was something the shop would not normally sell. So I thought well I have got a £10.00 note in my pocket so bought 40 items and thought if they are not the same as ones I have seen on Amazon and eBay all I have lost is £10.00.
Anyway got home and listed them and yes they were the real deal and yes each one sold for £4.99 plus postage and packing. On Buy it Now and sold in hours. Next day went back with some more cash to buy a load and the shop had gone, the day I was there was the last day.
So when you are out product sourcing there are times when you need to take that risk. If you see something when you are out and about I would suggest you spend what you can afford to loose when you are just starting out. Yes when you are product sourcing there will be times you get it wrong and when that happens keep the items as gifts or sell them at cost price.
Product sourcing is fun and over the coming weeks we will look at many different ways you can source products for your eBay and Amazon shops. Happy Product Sourcing
Andrew Milburn Is An eBay And Amazon Consultant Based In Lichfield Staffordshire.