Surplus stock platforms - a great supplier for online sellers
Before starting to buy surplus stock, wholesale stock and refurbished appliances online, carry out in depth market research to see which products are currently selling best online. The Internet has all the tools you need and some of them are free, so you could start your research with Google AdWords and Google trends.
Be careful, for most big niches are already saturated and the competition is overwhelming, and this applies especially to big auction sites like Ebay. Try to get into a narrow niche and to do that be as specific as you can: instead of selling appliances, try kitchen appliances or better still, get even more focused with espresso coffee machines or steam irons. Retailers will step away from your competitor’s circle since they are into more generic categories, and your competitors will become other online sellers buying surplus stock and wholesale stock at lower rates.
You may find this surprising, but the best products you can sell are the products you’ve already used and you are familiar with. Your starting point will be your personal experience and you will easily be able to advertise the products and inform your customers on why they should buy what you’re selling. Use the power of familiarity to set you on the track of successful sellers. Look for products high in demand but with a low competition ratio to create your own niche.
The second step is finding the best wholesale supplier for your business with a wide range of surplus stock, wholesale stock or refurbished appliances.
Use available online directories of verified wholesale suppliers like Wholesalecentral.com or Thewholesaler.co.uk to find suppliers from all over the world. Finding a good supplier online just by their ads or website can be tricky sometimes, but if you look closely enough you will find that some wholesalers or surplus stock suppliers like Britcomdirect.com are offering you the opportunity to visit their warehouses.
When you have settled on a trusted wholesale stock supplier, start asking yourself whether you can afford a storage space for the surplus stock you want to buy, or maybe you will have to rent one. Have a backup plan in case you run out of stock.
Will you buy refurbished appliances that won’t need such a great investment? Or do you already have a great business relationship with your supplier and you’ve got this covered? Also make sure your selected wholesaler doesn’t operate with a minimum order, or you might find yourself in the position of not having the money or storage place for the orders they require.
If you are new to this business, have a test run first: buy and sell a small amount of a certain product and see how it goes. If one sells well, the search is over. You’ve found your niche. Remember, selling won’t happen unless you find the buyers interested in your products, so start your search and be where they are. Engage in product discussions on forums and groups and don’t be afraid to use social media to advertise your business.