eCompare Review – World First 7-Platform Price Comparison Store Builder
The next level is online. Why is this on a level up from retail arbitrage? In my opinion it's because it's more scalable and efficient. You have access to so much more inventory and can shop many more stores in the same time that it would take you to drive around town. With online arbitrage you also have the option to never even touch your inventory. How is that possible? Well, John Bullard Sr and his family have a fulfillment service in which you can have items shipped to their warehouse and they will prep it and ship it to Amazon for you. For more information about their service go to – MyInventoryTeam.com Chris Green also recently released a book about online arbitrage called Online Arbitrage: Sourcing Secrets for Buying Products Online to Resell for BIG PROFITS. Up from online arbitrage is wholesale. Since this book is not about wholesale I won't delve deep into it, but here are three reasons that you should consider adding wholesale to your inventory: 1. Less Competition – Higher Barrier to entry 2. Easy to replenish 3. Never have to touch your inventory Let's tackle #1 - Less Competition Anyone can open an Amazon or eBay account, walk into a retail store like Walmart or Target and scan items to determine their profitability. The barrier to entry for retail arbitrage is very low. But as you progress in your business, you should look to add in inventory sources that have a higher barrier to entry. Remember the pyramid? The closer to the ground, the lower the barrier to entry the inventory sourcing method is. Since the majority of sellers are in the lower levels, why wouldn't you want to separate yourself from the pack? Wholesale gives you that opportunity. #2 - Easy to Replenish Isn't it frustrating when you find a clearance sale with some very profitable items at a retail store, sell them all, and then can no longer find that item? It's happened to all of us. This problem (unless an item is discontinued) is solved with wholesale. Once you find a profitable item the only thing you have to do is re-order it. To manage this process effectively I recommend setting replenishment alerts in Amazon. So for example, if you have an item that is selling at 2 per day and you have 60 of them at the warehouse you will sell out in about 30 days. When your inventory gets to 20 or whatever number you choose, you can set an alert to have Amazon notify you to place a re-order. Here's the page on Amazon that illustrates this process hp_rel_topic?ie=UTF8&nodeId=200296340 Wholesale makes my business much more efficient and easy. I now have several items that sell on a consistent basis that all I have to do is place re-orders. The more items I have like this, the more my runs on auto pilot. #3 - Never have to touch your inventory Do you want to have a business that you can manage from anywhere in the world? Would you like to be able to sit on the beach and run your business by just sending a few emails? Wholesale gives you that opportunity. How? Again, by using the services of MyInventoryTeam.com. You can have your items shipped to their warehouse in Tennessee and they will process, label, and ship it off to Amazon for you for a very nominal fee. For some more information on wholesale please check out my book Real Wholesale Sources. And above wholesale is exclusives. An exclusive is approaching a dealer or manufacturer and asking them to allow you to be the only seller to offer their product on a certain marketplace. Since most of you reading this book are Amazon sellers, you could go to a trade show and ask the vendor to allow you to be their exclusive seller on Amazon. Private label, the topic of this book, is at the top because in my opinion it's the absolute best inventory to be selling. Now just because I put Private Label at the top doesn't mean you should completely abandon all the other sources of inventory. If you enjoy going to garage sales to find items then by all means continue doing that. If you like going from to store scanning items you don't have to stop. Having a good selling private label product will allow you to do retail arbitrage more for the fun of it rather than because your business depends on it. So now to answer the question “Why Private Label?” What would your business be like if you could count on one item to bring in an extra $10,000 to $20,000 in sales in a month or more? What if you had three or four items like that? There are probably many more reasons why having your own private label product is superior than other sources of inventory, but here are the main ones: 1) No Competition – If you sell toys during Christmas time you know what I mean. It's not unheard of to have items with hundreds of sellers on one listing. How often can you win the Buy Box with that amount of competition?
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