Purple Wave Auction
Purple Wave Auction: Resellers buy products as cheap as they can find them and post them online to turn a profit. If you want to make some additional money on the side, finding items to resell on Amazon or eBay can help. Once you get the products you want to sell, list them online so others can buy them. With a little bit of time and dedication, you’ll be able to earn more money from selling a variety of products!
Get expert advice on becoming a successful business owner with BusinessHAB Business category! Our step-by-step articles can help you navigate the ins and outs of the business world, from forming a public limited company (PLC) to measuring company growth of an existing company. Learn how to avoid unionization of a company, identify industry trends, implement efficiency strategies, and more! You can request publication of your article for publication by sending it to us via our Email below. Get the 20 Best Strategized Fuel Tanker Business Plan
1. Create a seller account on Amazon for listing more common products. Scroll to the bottom of Amazon’s homepage to find the “Sell on Amazon” option from the menus. Select either an individual seller or business account based on how much you want to sell to get started. Provide your bank information and a debit or credit card so you can get money deposited directly into your account when you make a sale.
- Individual sellers are limited to selling items already listed on Amazon and need to pay $0.99 USD on each item they sell.
- Business seller accounts cost $39.99 USD monthly, but you can create listings for products that aren’t on Amazon yet and you aren’t charged for each item you sell.
See also: How to Impact Clients in Starting a Residential Cleaning Service
Purple Wave Auction
2. Use an eBay seller account for more control over each item you’re selling. Click the “Sell” button in the top right corner of eBay’s home page to get started on your account. Fill out your personal information, like your name, email, and address, so eBay can verify who you are. Once you have your account set up, you can start listing and posting things
- eBay doesn’t charge you for listing items, but they do take a 10% fee from all final sales.
3. Start a PayPal account so you can get paid securely. PayPal is a great way to accept money from online purchases since it has secure servers and personal information won’t leak. You can either select a Personal or a Business account when you sign up for PayPal. Fill in your personal details, including a bank account number, and verify the information so you can start using it.
- You don’t need to set up a PayPal account if you’re only selling products through Amazon since they pay you directly.
- PayPal may charge additional fees on sales, which is usually between 2-5% of the money you would earn.
Purple Wave Auction
4. Use Fulfillment by Amazon if you don’t want to keep your inventory at home. Fulfillment by Amazon (FBA) is a service where you can ship your items to an Amazon warehouse to store, sort, and sell them remotely. Log into your Amazon seller account and add the FBA service to your account. When you have a product you want to sell, package and ship them to the Amazon distribution centers listed on the site so you don’t need to worry about storing or shipping them later.
- Selling products with FBA makes them eligible for free Amazon Prime 2-day shipping, which may make your items sell faster.
5. Warning: If items you have don’t sell, then you either need to pay for storage space in the Amazon warehouse or have the products shipped back to you at your own expense.
Purple Wave Auction
6. Choose a niche of products if you want to focus on selling certain items. It can be intimidating trying to sell every type of product, so choose something you’re knowledgeable and passionate about to seem more credible as a seller. For example, you may choose to sell specific lines of clothing, shoes, or electronics. Pick 1 or 2 things when you first start so you don’t get overwhelmed by multiple products.
- You do not need to choose a niche if you don’t want to.
7. Research the value of an item before you buy it. As you look for products, search online for the items that interest you so you can see what they’re currently valued at. On Amazon, look at the prices that sellers currently have the item listed for so you know how much people are paying. On eBay, search for the item and see what they have recently sold for.
- Don’t base the value off of the asking price for an item since users may have over or undervalued it.
- Many online and mobile apps allow you to compare multiple prices or listings at once so you can see how competitive sellers are.
- Check for brand name items since they usually have the highest profit margins.
Purple Wave Auction
8. Search through garage sales and thrift stores for items you can sell. Look through your local paper or online to find garage sale postings so you can plan out where you want to look. Visit as many garage sales as you can in a day and search for items in your niche that could be valuable. Then check thrift stores in your area since people may drop things off without realizing they’re valuable and the items could be marked down substantially.
- Don’t spend money on items that you won’t be able to make a profit on since you’ll lose money when you sell them.
- Many garage sales list the types of items they’re selling so you’re able to find items in your niche.
- Don’t be afraid to haggle for lower prices so you can get the best deal.
Purple Wave Auction
9. Check for cheap deals on online marketplaces that you can resell for a profit. Search through eBay, Craigslist, or Facebook Marketplace to see what others are selling in your area. Look up each of the items that interest you to see how valuable they are and if you can make a profit from them. Reach out to sellers through email or text messages to see if the products are still available so you can buy them.
- Search for common typos for items to find listings that other buyers and resellers may miss. For example, if you’re looking for Jordan shoes, you may also search “Jordin” or “Jorden.”
Tip: Some stores may have specific clearance aisles while others may mix clearance items throughout the building. Check multiple locations in the store to see if there are any clearance items you missed.
Purple Wave Auction
11. Price your items based on what similar products have sold for. Look online to see what the current list prices are for the items you’re selling to know what competitors are asking. Then check eBay to see if similar products have sold before so you know how much you could potentially make. List your item at a competitive price that’s within a few dollars of what others are selling it for.
- List items at a slightly lower price than competitors if you’re still able to make a profit on them.
- Include the cost of shipping in your calculations since heavier or bulkier products may be more expensive to send.
Purple Wave Auction
12. Create detailed listings for your products on your reseller accounts. Put all of the important details, like sizes, styles, and brand names, in the title of the listing so others can find it easily. Include any information about damage, specific measurements, or secondary details in the main body of the listing so people can scroll down to see it. Add at least 2-3 high-quality images to your listing to help boost your chances at selling the products.
- You may not be able to fill out individual listings if you’re using an Individual seller account on Amazon.
- Once you submit your listing, you can always go back to edit information or the asking price you listed.
13. Market your listings on social media sites or blogs to help promote your items. If you’re selling a popular item, there may be other resellers that you’re competing with directly. Post the links for your products on social media sites or in blog posts to help drive more traffic to your items. Let others know that you have great deals and multiple items for sale so people can check out your profile and find something they want to buy.
- You may also pay for advertising if you want to.
Purple Wave Auction
14. Ship the products as soon as orders come through for it. Be sure to pack any boxes or shipping containers securely so your items don’t get damaged in transit. Either take the item to the post office so they can weigh it and create a shipping label, or print off your postage at home to save the trip. Send out the orders as soon as you receive them so your customers get their items quickly.
- If you use FBA services, then you don’t need to worry about shipping your products.
Tip: Use tracking services on your packages to ensure they get to the buyers safely.
Purple Wave Auction
15. Ask for feedback after you sell an item to boost your seller ratings. After you make a sale, reach out through the site you used to sell your products or over email to ask for buyer feedback. Let them know that ratings are important as a reseller and that any comments are helpful for your business. If you provided good service to your customers, your user ratings will increase and others will be more likely to buy from you.
- For example, you may say something like, “Thank you for buying our products! If you were happy with your service or have any comments, please leave a rating and review to let others know.”
Purple Wave Auction
Conclusion
-
Don’t try to resell any fake or counterfeit products since they can affect your ratings and credibility as a seller.
-
Only sell things at a price where you can make a profit or else you’ll lose money.