As we approach the end of 2021, we wanted to take time to appreciate and showcase our resellers through BULQ’s End of the Year Community Connect! Not only that, we’ll discuss secondhand market trends, global supply chain issues, and marketing strategies for your business in 2022.
Watch the full Community Connect video HERE or read on to learn more.
The Value of Reselling
Resale is on the rise and more accessible than ever before, with 50 out of 100 marketplaces launching in the past 10 years. Much of the spike in reselling can be attributed to the COVID-19 pandemic, and the competition has grown as many new resellers establish their own businesses. In fact, the secondhand fashion market is expected to triple in the next 10 years. Resale is appealing for many reasons and some of the benefits include a second stream of income, independence to be your own boss, and brand-building opportunities.
Getting started is relatively easy so long as you do your research. BULQ offers a variety of reselling resources to help your business from the ground up, and we always recommend that you learn what you’re selling, where you’re selling, and how to market your target buyer. We also encourage new resellers to start small by sourcing from around the house or from garage sales and then try cases before investing in pallets.
Global Supply Chain Shortages
Supply chain challenges have been making headlines since early this fall as ports and shipments are backed up or delayed. While larger retailers are struggling, this opens a window of opportunity for micro=entrepreneurs.
Resellers like yourself are a valuable resource this holiday season since you 1) have the inventory that larger retailers can’t access since they’re stuck in ports or backlogged, 2) you offer online options for shoppers looking to avoid malls and large crowds, and 3) you offer unique, curated items with a personalized shopping experience that everyone looks for this time of year. According to Fast Company, the following items are low in stock already, giving resellers an advantage over the competition:
- Home and garden
- Pet products
Marketing Your Business
You’ve sourced your inventory and opened your online store – what next? Here are our top tips for spreading the word about your new business:
Build your own brand via social media. Invest in a brand logo so your shop becomes more recognizable, engage in two-way communication with your desired customers, and take advantage of the shopping tools at your fingertips (i.e. Instagram and Facebook Shopping, Pinterest, Mercari, etc).
Email marketing is still a tried and true method. Whenever you make a sale, you should capture your buyers’ email addresses. Then you can send out personalized promotions, general sale emails, and business updates to stay connected with your growing customer base.
Engage with your buyers. Whether this is through unboxings on YouTube, sending a personalized note along with their package, or answering a question through a direct message, you can build brand loyalty by paying attention to what your consumers are saying and asking for.
A great customer experience is key. From meeting shipping deadlines to managing returns, a seamless and easy customer experience will keep customers coming back to shop with you again.
We hope everyone in the reselling community has a healthy, happy, and hopefully busy holiday season. Follow us for more tips and tricks to come in the new year, and join BULQ’s Facebook Community Group to tune into our next Community Connect.