Being your own boss is one of the many benefits of becoming a reseller. But, in a constantly changing industry, it can be difficult to determine how to be an online reseller that stands out. Especially in the wake of COVID-19, reselling is rising in popularity, bringing with it an increase in competition.
So, how do you master reselling in a growing market? We’ve got you covered. Here are five tips for how to be an online reseller that knocks the competition out of the park.
Do Your Research
With reselling taking place around the world, understanding the market is more important than ever. As customer needs evolve, staying up to date on inventory demand and what’s “in” is essential to rising above.
A big part of this process includes finding a few trusted inventory sources. Especially for those who source online, using a partner like BULQ not only provides you with high-quality inventory, but also inventory notifications, industry updates, and reselling resources to help you stay a few steps ahead. As an added bonus, downloading the BULQ app can help you stay on top of newly added inventory, so you never miss a sourcing opportunity.
Once you have found a reliable inventory provider, you need to consider two key factors, price and where to sell. Your initial investment into your reselling business can be risky if you do not measure price vs potential value. Balancing price, also ties into where you can or should list. Some items may do well on eBay, others may sell better on Mercari, or Poshmark. Researching ahead of time can help you promote your product on multiple channels, and help you determine the best home for your items, ultimately attracting more eyes to your listing.
Familiarizing yourself with the market, the industry and your competitors is also valuable for how to be an online reseller. Educating yourself on the market can help prepare you for any unexpected turns or changes that may arise.
It’s also important to remember that, although you’re in competition with fellow resellers, your competitors are not your enemies. Learning from other sellers can help improve your approach and allow you to recognize improvement areas. You can’t expect the competition to give away all their secrets, but many are willing to share their experiences and help others grow.
Value Your Customers
As with all retail, customers can make or break your reselling business. Developing strong relationships with buyers will enable you to appeal to their needs and buying habits, creating a great customer experience.
As the popularity of reviews and buyer feedback continues to grow, having a good first impression is essential to growth. Fortunately, the more you nurture and care about your current customers, the more likely they are to write a positive review or recommend your business to a friend. One good experience can lead to multiple new buyers, so never underestimate the power of maintaining a good customer relationship. Valuing your customer, having the right approach, and exceeding their expectations will keep business booming.
Create Competitive Listings
Everyone loves a good deal, including your buyers. Adjusting your prices to meet, or go slightly below, the going market rate can help you stand out from others offering similar products. Though it may feel counterproductive to making a profit, pricing items competitively can attract bargain-seeking buyers and keep them coming back for more. When using this method, it’s important to remember not to price too low, this may cause your buyers to question the authenticity of your items.
In addition to price, factors such as high-quality product photos and detailed descriptions also play a role in getting a sale. The more information a customer can glean from your listings, the more likely they are to make that first purchase.
Maintain a Business Brand
Consistency is key! Most resellers list on multiple platforms, so it’s important to maintain the same business name, logo, and other design no matter where you’re selling. All of these aspects make up your business’s brand, or how customers recognize and experience your business.
A consistent brand helps establish your credibility, which can make a difference in developing trust with a new buyer. Having a recognizable look and feel can also increase purchases from past buyers. For example, if one of your loyal eBay customers sees your logo on Poshmark, it’s likely they’ll choose your item over someone else’s due to brand recognition. Another way you can allow your business to stand out is by taking advantage of social media. This technique allows you to use your brand to its fullest potential. Social media will help you stay connected with customers, and provide an opportunity to continually engage with buyers. This will open the door for your business to stay top of mind when customers are deciding where to shop.
Competition can seem intimidating, but with the right tools and preparation, you can be confident in your ability to find success.