Is there a solution to sourcing stock for eBay or could you source the best solutions into selling on eBay, Amazon or elsewhere online almost systematically through a step-by measure process? Considering how significant sourcing is to your company, however how challenging it is, possibly a step-by-step process will be a good thing.
Recently, an interview was conducted with Nick Spence who has decreased sourcing into just such a process. Nick Spence is the marketing coordinator for Amazon Genius, an internet website for eBay and Amazon sellers who concentrates on the latest news, and advertising tools for matters like repricing, inventory management, transport, funding, and outsourcing. He is also an e-commerce retailer himself, and he shares his sourcing plans.
The ability to cross benchmark. Spence gave a summary on how he source solutions. Spence does it differently. He sells the Amazon bestseller list with producers from Alibaba.com and AliExpress. Once he finds a product that has a high-profit margin and doesn't have many competitions, he purchases it and lists it on Amazon. Some like to scout solutions by visiting local flea and retail markets, while some others like to scour the most recent blowout and discount stores. Additionally, Spence mentioned that there is really no wrong way to source solutions if you can find something to create a profit from.
Knowing the solutions. Spence described the sourcing measures he takes in detail. When sourcing new solutions, he has the tendency to look at the bestselling categories on Amazon. From there, he is better able to gain an understanding of what solutions are popular, how much they are advertising for and what the competition prefers. The first thing he does is to create a record of items he is interested in selling from Amazon's bestselling list.
The next measure he takes is to cross benchmark these Amazon solutions with solutions on Alibaba.com. Once he finds the right price and the right producer then buys a number of those items via AliExpress. Packaging images are extremely important when contacting producers overseas because they help identify if the producer has the real product or just a knockoff.
Editor’s note: Through AliExpress, that is an Alibaba.com offshoot, sellers can purchase products in smaller quantities than throughout the main Alibaba.com site at wholesale prices.
The reason why Spence buys from AliExpress is to first test out the product. Why gamble with your money when you are not even sure the product will sell? After receiving his test solutions out of AliExpress, he thenceforth records them on Amazon. According to Spence, he does not worry about the profit margins while using AliExpress since he already has a producer who can give him a whole lot more. After the first item starts selling, he instantly contacts his manufacturer or provider and makes a mid-sized order.