Resale is the act of purchasing items retail as the end buyer to resell at a higher price to another end buyer.
WAYS TO RESELL
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WAYS TO RESELL
Consignment is an arrangement in which goods are left in the possession of an authorized third party to sell. Typically, the consignor receives a percentage of the revenue from the sale (sometimes a very large percentage) in the form of a commission.
The concept of consignment also work with selling apps. There are several apps that will allow you to send in your name brand, used items in exchange for payment.
This option also allows you to sell your clothing without having to create an online store. If you're interested in selling some of your used clothing for cash, seethe list of online consignment apps.
Build an eCommerce Site or Sell on an App
ECommerce is the act of using an online platform to sell your items digitally.
Not to be confused with just posting an item and selling it in person (like with Facebook or Craigslist), a true eCommerce platform involves having a "store" location for customers to visit and complete purchases.
Opening an eCommerce store is much easier than it was in past years.
Once a daunting endeavor, web hosts like Shopify and Wix makes it easier for someone who is less than tech savvy to build a site, post items and make sales online.
Using selling apps are even easier than building a site, and there's no initial investment.
Sites like Poshmark(for example) allow you to post your used items, set your price and complete transactions with no money up front, making it the easiest way to start a business.
Sell "Replishables" - Arbitrage
Retail arbitrage is the act of buying items in a retail store to resell them online on a platform like Amazon or Ebay for profit.
Essentially, what you're doing with this reselling method is to buy in bulk while items are on sale or clearance, in order to resell them at higher prices.
Timing and patience is involved with his method. It also requires a great deal of research and staying up to date with the current market in order to get the best return.
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HOW TO BUY INVENTORY
Do Your Research
Reach Descriptions When Shopping Auction Sites
Before making any purchases for your business, make sure you do research on the company's products and customer experiences to get an unbiased perspective of their current products.
If you're buying from an auction or reseller site, be sure to read the description. For most auction sites, return options are not available, so once it's purchased, it's yours - even if it's damaged.
For many reseller sites, if you find flaws that weren't mentioned in the description, you may have an option of a return, a replacement item or store credit.
Brick & Mortar
2nd Hand Locations
You may be surprised to learn that you can find quality, name brand inventory at 2nd hand locations.
Along with some affluent customers taking their items to these locations, some 2nd hand businesses like Goodwill, for example have a contract with Target, allowing you the opportunity to buy items originally sold at Target, at deeply discounted prices (as much as 85-95% off).
Major Retailers Online
Shopping major retailers' clearance section is a good way to get name brand items at clearance prices.
Joining or subscribing to these sites will keep you up to date with sales and gives you access to coupons and discounts.
Buy Off Season
Buying off season is a way to get items that have been marked down drastically in an effort to reduce losses.
Once the season is gone, the clothing item goes with it - each year brings on a new seasonal line, so once the season is gone, the item is out of date and the return for the store is less or even non-existent.
Shopping the clearance department makes a way to obtain high priced quality items at really cheap prices.