I don’t know about you but sourcing is my absolute favorite part of reselling! I love to go out and sort through racks in hopes of finding some one-of-a-kind gems. However, before I go out on a sourcing trip, I always do some prep work beforehand. For today’s post, I thought that I would share with you 5 things that I believe every reseller should do before sourcing, in order to, maximize their success.
5 Things Every Reseller Must Do Before Sourcing
Research Consumer Trends
This is something that I evaluate consistently on a weekly basis. When it comes to evaluating consumer trends, I like to look at both general trends and brand specific trends.
When looking at general trends, I rely heavily on the LiketoKnow.it app. LiketoKnow.it is an influencer based app where consumers can buy top picks from the app’s influencers. As an influencer on the app, I am able to see both monthly and weekly consumer trends within the app. (If you would like to learn more about LiketoKnow.it, check out THIS post). Since I know that many of my fellow reselling friends would be interested in learning more about these trends, I post them every Tuesday on my Instagram (So be sure to follow me on Instagram at @recycledrosesguide to learn more!)
When looking at brand specific trends, I rely heavily on the reselling apps that I use. If you would like to learn my exact process with each brand, visit THIS post.
Before I go sourcing, I will take some notes using this information and bring it with me. Usually, I will write down all of the monthly and weekly trends from LiketoKnow.it so that I can keep those trends in mind when looking for items. Then, I will make a list of 5 to 10 of the most common brands that I find when thrifting. Under each brand, I will write down the specific trends that I found using reselling apps. This then allows me to have a more targeted approach to sourcing.
To learn more about consumer trends, visit THIS post from my FREE Reselling Course.
Know Your Customer
Each reselling platform has their own unique customer base. Knowing the customer base for each reselling platform that you use can help to guide your sourcing decisions.
To learn how to identify your customer base, visit THIS post from my FREE Reselling Course.
Audit Your Inventory
Before I go sourcing, I will audit my inventory. I will look at my list of consumer trends and compare it to what inventory I currently have on hand. By doing this, I can figure out what inventory I actually need based on my supply levels. This will allow me to avoid overbuying on inventory.
For example: Let’s say that sweaters and jeans are currently trending in the consumer market. I will use my reselling apps to evaluate if I have enough trending sweaters and jeans styles on hand in order to sell through the trend for the week or month. If not, then I will be sure to make sure that I visit the sweater and jeans sections during my sourcing trip.
Set a Budget
Personally, I believe that it is imperative to set a monthly inventory budget. While sourcing, it is very easy to overspend on inventory, especially when you find many great items. In order to avoid placing your business in the negatives, it is wise to set some sort of monthly budget ahead of time.
To learn how to set a monthly inventory budget, visit THIS post.
Learn The Return Policy
Before sourcing, be sure to familiarize yourself with the store’s return policy. Each store has their own policies; some allow returns while others do not. Knowing a store’s return policy can impact your buying decisions, especially when it comes to pricier items or brands that you are unfamiliar with.
If you don’t already, be sure to check out my Instagram for more Reselling Tips at @ RecycledRosesGuide (Click HERE) and my Facebook page HERE.
You can instantly shop all of my looks by following me on the LIKEtoKNOW.it shopping app HERE.
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