How to Find the Best Products to Sell Online
Once you’ve decided to make the switch from consumer to retailer and open an online store, you must first decide where you’re going to purchase your inventory. If you do a few quick online searches for wholesale goods, you’ll find a lot of dead ends and end up running around in circles trying to separate spam from truth. These are a few of the legitimate channels to find the best products to sell online. Let’s find some products that you can make a profit from as an online seller.
Best Products to Sell Online from Oversea Sellers
Two of the most popular import websites for retailers to purchase merchandise are Alibaba and DHGate. Alibaba is a directory listing of overseas wholesale manufacturers and distributors. When you search for a product on their website, you are given the contact information for the supplier to arrange a deal. DHGate works similarly, in that you search by products. However, once you find a product at a price you like, you purchase it from the seller much the same as an Amazon.com transaction.
Before making a purchase from an overseas vendor, it’s important to keep a few things in mind. First, shipping can be expensive. Look for sellers that offer free shipping or reasonable rates that still leave room for profit. Also, be careful what you purchase. Make sure you aren’t violating any trademark or copyright laws. If you see name brand merchandise for sale at unbelievable prices, stay clear. Look for items that don’t need to be branded to be in demand. For example, people normally don’t care about the brand of their Halloween costume, flowerpot, or dog collar.
Buy Returned Products
There is a large market for deals or special buys. One way to offer your products below the competition is to purchase pallets or truckloads of returned merchandise and separate the bad from the good. If you are handy, you might be able to repair the bad for even more profit.
When online and big box retailers get returned items, many of them have contracts with liquidators who agree to purchase 100% of a large companies returns for pennies on the dollar. They then sell by the truckload or pallet to retailers for a fraction of wholesale cost. To be safe, make sure you review the manifest of your pallet before placing an order. Unmanifested pallets with photos might have a flat screen television covering up a pile of returned socks and underwear.
Follow The Supply Chain
If you’re looking for something more tame than buying overseas or someone’s returned goods, then follow the supply chain to the source. Depending on the type of product you are interested in selling, you might be able to purchase directly from the manufacturer at a discount. Ask the manufacturer if they have a dealer program. It’s possible you’ll have to go through a distributor as a dealer, but some manufacturers deal directly with dealers. Always start at the top to search for the best products to sell online.
Be aware that when you begin to ask manufacturers or distributors about their dealer programs, they will most often want proof of your business status. This is typically done by sending them a copy of your business license, so be sure to keep one handy in digital format. Many distributors and manufacturers also have drop shipping programs available. This can help you keep costs to a minimum while building your online store.
Buy Broke or Buy Bulk
Though it sounds counter-intuitive, it is possible to buy on the retail market to sell on the retail market. The key to doing so is to buy broken products you are knowledgeable enough to repair, or to buy in bulk. For example, on eBay or Craigslist you might keep an eye out for a particular video game system that is in need of repair. You can buy a repair manual and become an expert on the repair of that particular system. Every time you find one you believe you can easily repair, purchase it at a price where you can still make a good profit. Over time, you’ll hone your skills and build an inventory of a single product you can sell for a profit.
Another option is to buy in bulk. On sites that sell retail such as eBay, you’ll find tons of items listed as “bulk” or “lots”. No matter what the item you are interested in selling, you’re likely to find a place online selling them in large quantities. Purchase in lots at a discount, and then sell individually on your online store at a considerable markup.
Using any of these practices will help you get started with your first online store. Once you’ve sourced your inventory, you’ll be ready to setup your first online store here at Jooy.com. If you participate in a drop shipping program, you’ll have zero initial investment in your online store. You can list up to 5 products for free at Jooy. With no risk, there’s no better time to start selling than now.
Photo credit – John Lewis