Online retail is one of the fastest growing industries in the world. In fact, it is one of the biggest markets to enter and create a nice income. With this in mind, it is only logical that you will want to be able to make better decisions and take advantage of the best online retail marketplaces out there. Amazon is one of the most popular marketplaces with millions of products listed on their site.
The problem many retail merchants have is that they struggle to get the best merchandise at the best prices. Online retailers that want to maximize their profits often go with cheaper products in order to lower their margins, but this doesn’t always work out well. The reason why this works out so well for some people is because they aren’t in the direct physical store selling the product, but instead they are an Amazon seller account owner who is selling the product through Amazon. This allows them the opportunity to source the most profitable products at the best prices.
One of the easiest and most effective ways to find the most profitable products to sell is by using Amazon’s excellent sourcing tools. The sourcing tools offered on Amazon’s website to help retail marketers and eBay sellers find the products they need. These sourcing tools not only show you the lowest priced products, but also show you the minimum order required to be sold. Best of all, these tools will show you how to eliminate some of the middlemen and get your items directly from the manufacturer. These are some of the best and most cost-efficient ways to earn money as an online retail seller. So, let’s talk about sourcing tools.
One of the best ways to find the most profitable sourcing opportunities is to use the free trial version of Amazon’s Sourcing Tools. Amazon has been testing these tools for several years, and they are consistently getting better. Now, instead of having to hire a team of researchers, you can simply enter a search term into the Amazon marketplace. Depending on the product you are selling, there will be links to Amazon retail resources.
For example, if you are selling eBooks, you may want to try out the Amazon Kindle Store, Google Chrome extension, and Google Newsstand. You can enter the book title, then hit “Go”. At this point, you will be given a list of all of the retailers that sell books similar to your chosen title. Clicking through the retailers will reveal their websites, along with a detailed description. You can view their shipping rates, profit margins, and terms of agreement.
Amazon also offers a Marketplace Research tool. It is essentially the same as the Amazon Marketplace Sourcing tool mentioned above, but it allows you to search specific products instead of shopping in their entire marketplace. If you are looking for rare collectibles, for example, you can enter the ISBN number you want to track, then hit “Go”. Once you have that information, you can see all of the other available hard copy books at the library, all of the sales information you need to know about pricing, as well as how to find profitable products.
You can also access Marketplace Research tools from the Amazon website itself. If you are looking for a rare collector’s editions, you can type in the ISBN number you want, and Amazon will present you with a list of all of the marketplaces where the item is sold. You can then select which marketplace you want to place your order through. On top of that, Amazon has created an impressive sales rank system that will help you find product types and niches that have a high sales rank and are ripe for arbitrage.
Another method for finding profitable products to a target is by signing up for a free trial at a handful of sites. Sites like eBay and Yahoo offer free trials and are great for sourcing rare items. However, their terms of service are generally not friendly to smaller businesses, who cannot afford to lose hundreds of dollars before finding out if the product they want will actually be profitable. So before you sign up for any free trial, make sure you can prove to Amazon and the other marketplace that your business can support a minimum ROI after the free trial is over. And once you’ve proven that you have the capabilities of turning a profit with arbitrage, you can keep buying and selling at the same time, increasing your profits exponentially.