Whether you're new to reselling or have already gained some experience, there are plenty of things you can do to improve your reselling business and increase your sales. We know running a reselling business can be difficult and time-consuming, especially because you have to wear many different hats and take on multiple responsibilities.
In the blog post, we want to share 9 helpful tips and tricks with you. They should apply regardless of the size of your business and no matter the market you're looking to target.
Research and analyze the marketOne of the most important things when running a business is to understand your current customers and your potential customers. It’s always ideal to know what’s selling the most, at what price and what items from other sellers’ inventories aren’t selling. You also need to be able to understand how much other resellers are charging for a product and how much your potential customers would be willing to pay for it.
If you don't have the time to do an in-depth analysis, don't worry! You can just do overall research that gives you a good understanding of the market and helps you gain insights into what other resellers are doing.
For instance, read comments from other seller's listings, and try to find out where they're currently selling and at what price. Also, check out their social media channels, blog posts (if they have any) or any type of information you consider would be helpful and could apply to your reselling business. This will give you a better perspective of what's happening in the market.
Define your goalsAlthough this sounds a little obvious, it's important to have clear goals and deadlines for your reselling business. You can set SMART goals for example (which are Specific, Measurable, Attainable, Relevant and Time-Based). You can also define if you’d like to focus on a specific niche, or if you’d like to have a wide variety of products to sell.
Establishing goals will help you define your next steps, strategy, and give you an idea of whether your business is doing well or could do better, and it also helps you organize your resources and time in the most effective way.
Expand your presence across different marketplacesBefore you start crossposting or selling on other marketplaces I advise you to investigate the demographics of each marketplace where you're thinking of listing new items to. Decide where the products you sell fit best.
The more marketplaces, the merrier! This will help you give your listings more visibility by reaching a larger audience and increasing your chances of selling your items. If you aren't already present on marketplaces such as Poshmark, eBay, Depop, Mercari, Grailed, Etsy Tradesy or Kidizen you can give those a try, depending on the types of inventory you have.
Remember: it's very important to understand who your customers and potential customers are, and where to find them!
Look for platforms and tools that can help you optimize your tasks
This is a critical part for a business owner. As your business grows, it is important to stay updated on tools that can help you optimize your daily tasks or that can help you relieve those pain points you face on a daily basis. Vendoo, for example, is a tool made to help resellers optimize and scale their business by helping them organize their inventory and by allowing them to crosspost on multiple marketplaces such as eBay, Poshmark, Mercari, Etsy, Depop, Tradesy, Kidizen and Grailed in just a few clicks.
When looking for these types of tools, make sure to analyze the cost and the benefits the tool is going to bring to your daily routine. Ask yourself things like: Will this tool allow me to save money and improve my finances? Will it help me save time? Will it help me have a better understanding of my business? Will it relieve me of pain points I'm currently experiencing?
Create more sourcing opportunities
There are plenty of places you can go to find valuable items to resell online. For example:
Sample sales taking place online or near you. (There are even sample sale mailing lists you can subscribe to). Try to stay on the lookout for yard or garage sales; these are places where you can find very unique treasures for amazing prices. You can download yard sale apps on your phone that keeps you updated about sales in your area.
You can also look for auctions and just like the sample sales, they can take place online or somewhere close to where you are.
You can also consider sourcing on places such as Facebook Marketplace, thrift stores and flea markets. Thrift stores are the easiest place to source because they keep your inventory costs very low and allow for a large profit margin. They also have new items every single day, which is good for consistent sourcing.
Make your listings keyword and tag richMaking sure your listings contain the right keywords will help items appear in the search results whenever a user types one of the keywords or tags you used. Keywords and tags play a very important role as it helps marketplaces understand what your item is about. Before selecting the tags or keywords you're going to use, make sure to think of what a potential customer would search for.
Provide good photos of your items
This is one of the most important things when having a reselling business. You can spend hours sourcing for items and be the most selective reseller out there, but if you don't know how to photograph your items, chances are they're not going to stand out from all the items that can be found online.
When photographing your inventory make sure to use good lighting. This is very important because it will show the true color of the item and it will also help you show important details of the item.
Also, make sure to have a good background that doesn't disrupt or take any attention from the item you're going to sell. Clean, white backgrounds are usually the best choice.
Think about every detail you want to highlight and remember that having good photos makes all the difference! Most marketplaces usually allow 8 or even up to 16 images, so try to show as many details about your items as possible to make the buyer feel confident in their purchase.
Expand your social media presence
Once you have defined your goals and the types of items you want to focus on selling, try to identify your ideal customers, and locate them on social media.
According to Oberlo, 3.5 billion people worldwide use social media, this accounts for nearly 45% of the world's population! Facebook is the leading social media platform with over 2.32 billion monthly active users. In the U.S, 68% of adults reported that they are Facebook users. On Instagram for example, daily active story users increased from 180 million in January of 2017 to 500 million in January of 2019! Also, according to Emarketer, 90.4% of millennials, 77.5% of Gen X, and 48.2% of Baby Boomers use social media.
All of this information is extremely important when looking to start a business or scale an existing one. You have to ask yourself where your audience is. Put yourself in your customers' shoes and prioritize based on that and the knowledge you have gathered on them.
Provide good customer serviceGood customer service is a must! Users that have had a good experience with your business or brand are likely to come back and purchase from you again. 71% of consumers who have had a positive experience with a brand on social media are likely to recommend the brand to their friends and family.
Providing good customer service and engaging in conversations with existing and potential customers shows them that you care. So take some time out of your day to respond to messages, comments and customer service requests. It will definitely pay off.
Have you applied any of these tips to your reselling business before? If so, share your experience in the comments below. If you haven’t put any of these tips to use I highly advise you to start, they don’t take up a lot of your time and can give you a lot of insights and information you might not currently be aware of.