5 Tips For Ebay Wholesale Buying
Although margins are not extremely high on most wholesale products
, the advantage is that wholesale products are a renewable source of inventory. If you can source an item in quantity and sell several a day or a week, this is more time efficient than looking for one item that you will only sell one time. As a seller, you always want to verify the current market for any product before buying it for resale. The online market is a moving target.Nothing is guaranteed or written in stone. Do not rely on what you heard, what you think, or what you read somewhere. Always do the research yourself and draw your own conclusions. Here are a few considerations before attempting to source eBay wholesale products.
Ask yourself the following question before buying any product for resale
What is your comfort level when buying inventory Wholesalers will have minimum purchase amounts. They may require a unit minimum, dollar amount minimum, or case minimum. Selling in large quantities is how wholesalers make money, so there is no way around these requirements. Determine the dollar amount that you are comfortable spending before you begin your product search.
Do you have sufficient space to store the inventory Again, in most cases, you will have to buy in quantity - a case, pallet, or other minimum. Do you have room to store it Do you have a climate controlled space Keep in mind that many eBay wholesale products are consumable, such as cosmetics, vitamins, or food products, and may sustain damage at high temperatures. If you life in a hot climate, don't plan to store your inventory in the garage or a steel storage building without air conditioning. Your inventory may become damage and unsellable.
How many other sellers are offering this item right now If the product is already being sold by 200 other sellers on eBay, you will have a hard time gaining a piece of the market. Look for niche products where there is a demand but little competition. The ideal scenario is 20 or fewer sellers. It is much easier to make money selling a product when you are among only a few sellers offering it.
When doing research on pricing, look at the best case scenario, not the average selling price. Many sellers on eBay don't make sales because they don't know what they are doing. Their items may be overpriced, words may be misspelled in the titles, or they may lack customer service skills. Look at the seller who is getting the highest price for the product. Imitate what that seller is doing. (Never copy another seller's text or photo. This is an eBay violation and you will be suspended if caught.) Is that seller offering the product in lots Do they offer free shipping Are they doing anything special that you can also do to attract customers
Understand how to interpret sell through rate. If you are using a research tool, look for a sell through rate of at least 50%. If the product has a lower sell through rate, look a little deeper. Look at the unsold items. Are other sellers over pricing it Do other sellers have the right keywords in the title What are their seller policies What do their listings and photos look like A low sell through rate may be the result of poor seller presentation, not a lack of buyer demand for the item.
Before buying eBay wholesale products, do your homework and consider the investment, storage, competition, selling price, and the sell through rate. Finding wholesale products can be a challenge and will take dedicated research and persistence. For more information on selling on eBay, visit eBay Selling Coach.
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