Online shopping has been on the rise for decades, but COVID-19 has dramatically changed the game.
In this article, well discuss:
What Is Retail Arbitrage?
7 Ways to Make Money if You Hate People
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If you’re strapped for cash, you can turn to your own goods, like video games and DVDs, to get started. Sell them on Craigslist or Facebook Marketplace, and use the cash to buy some inventory. Tina Russell/The Penny Hoarder
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
Online marketplaces, especially Amazon, are actually designed to support sellers who practice retail arbitrage.
How Does Retail Arbitrage Work?
Did you know?
Now imagine this on a grander scale.
And just in case youre wondering, retail arbitrage is 100% legal.
Do your homework before listing anything for sale that youre unsure about.
Once youve sold enough, you should have enough seed money to start your venture for real.
Pay attention to a products Best Sellers Rank (BSR).
Some of the most popular categories include electronics, home and kitchen, baby items and clothing.
If you plan to sell on Amazon, youll also need toset up an Amazon seller account.
(Remember, these will be tax-deductible!)
Sign up to become an individual seller.
(The individual account includes a $0.99 fee per item sold, which can add up quickly.
Nothing in life is free, eh?)
You should also download a seller scanning app to use in-store.
There are plenty on the market; some are free while others have one-time or monthly costs.
For those just getting started, we recommend the free Amazon Seller App.
you could find it onGoogle Playand theApp Store.
In addition, you could check out current reviews for the product on Amazon.
If the product has been garnering many recent negative reviews, you may have a harder time selling it.
Are there any going-out-of-business sales?
Has Walmart put its Christmas stuff on clearance as of Dec. 26?
Determine where youd like to shop and keep your target locked on the clearance sections.
Keep in mind when selecting items for resale that you wont retain 100% of the profits.
The site has a handyhow-to for getting started selling on Amazon.
Its kind of in the name, after all.
Flea markets and outlet malls can also be sources of products.
Always be on the lookout for store closing signs and moving sales.
Other Sources
But its not just retailers that offer you the plunder youre after.
Doing so can help protect their products and make even more cash.
Heres an intro to becoming a private labelonce you have a good handle on your retail arbitrage business.
He lives in Ohio with his partner and their three-legged dog.
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