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Best Product to Sell
Is there such a thing?
“Is there an ideal product to sell regardless of experience and/or location?” This is a question we’re often asked, and we’ve heard discussed amongst our audience.
While valid, this is a complicated question that cannot be answered accurately because there is no single best product to sell. In fact, there are a number of aspects that involve how well products are sold including:
SEASON: Are the products you’re sourcing in season, either locally or within the continental United States? When sourcing in-season merchandise, you’re tapping into a demand market where re-selling can be quick. However, the profits may not be there since you’ll also face a higher cost from sourcing. When sourcing off-season merchandise, you face potentially sitting on the merchandise until it can sell at the start of the season.
Warmer climate seasonal merchandise can be sold year-round if open to shipping across the country, while colder climate or holiday merchandise may sometimes only sell during the season. While not economically sound for non-established business, if you have storage and ample cash on hand, purchasing off-season merchandise can be lucrative as you’ll buy for lower costs and sell for higher costs, increasing your profit margins.
LOCATION: For some products, seasonality may not be a concern as the merchandise is sold year-round, the concern centers around the shipping costs. The bulky, large products like furniture, appliances, machinery, etc. can be quite costly to ship and cut into the budget of the consumer. For re-selling these items, location is everything.
So, before you source these lines of merchandise, look at your local market and see if there is a demand for the merchandise for local pick-ups or low shipping costs.
RESELL CHANNEL: Not every channel will have the same results, so make sure to test. Keep record of what you’ve sold through each channel, when it sold and how long it took to sell. All this information is key in listing the right product on the right channel at the right time. It’s a winning formula that takes time to prove, but when it’s perfected, your business will be unstoppable.
LISTING DESCRIPTION: Ever hear the saying “the proof is in the pudding”, well this fits the listing descriptions beautifully. Just like there’s no single product to sell to make millions, there is no single way to list a product to make the highest profit. Experts advise on being as descriptive as possible, and while we’d recommend the same keep in mind it may take a little longer to sell a product that is listed with imperfections or is an older model. While most consumers want new merchandise, many don’t care about the product being new when there are considerable discounts with used or refurbished products.
Begin descriptive will help build trust between you and the consumer, and can result in repeat business, which can grow your profits over time. So be patient and continue to be transparent in your listings, providing the right photos to show exactly what they’d receive.
No buyers source identically, as each has their own process, and each knows which products they can sell. These are not the only factors that are involved with how well a product sells, but rather than look for the utopian product to sell and make millions, develop a sourcing plan that fits your business model.
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