With the rising cost of gas prices, online sourcing is becoming increasingly appealing to resellers. I mean, who wouldn’t love to just sit at home and have their inventory come directly to their front door??! This sounds great yet many resellers have no idea where to get started. That is where I come in! Today, I would like to share with you my process for online sourcing and hopefully, this will help to ease your fears with online sourcing.
Before I Source…
Before I begin sourcing online, there are a few extra steps that I like to take in order to make the sourcing process less daunting.
Set A Budget
Every month, I set an inventory budget before sourcing. This ensures that I am not overspending on inventory and pulling from my profits. When it comes to online sourcing, I will set aside a certain amount of my budget specifically for online sourcing. Knowing what that budget is ahead of time helps me to feel less stressed when shopping. (For more info on how I set a monthly inventory budget visit THIS post.)
Have a Shopping List
When it comes to sourcing for inventory in general, I like to a have a list of items that I am searching for. Obviously when it comes to sourcing in a thrift store, you have very little say in the items that you find. However, when online sourcing, it is a little bit easier for you to target and find the exact items that you are looking for. When I source for items online, I am always looking for specific categories of items. These items are usually pieces that I cannot find when thrifting and am okay investing a little more into.
Beware of Oversaturation
Before sourcing for any items online, it is important to be aware of market oversaturation. Online sourcing brings about an increase in oversaturation as more people have access to the same items as you. When making an online sourcing purchase, please be sure to check each item for oversaturation within the reselling market. Although something might be a great deal, it may not be a good buy if the marketplace is flooded with that particular item.
Now that we have covered a few pre-sourcing topics, let get shopping!
How to Online Source with Ease
Using Reselling Platforms
Some people don’t agree with sourcing on reselling platforms but personally, I see nothing wrong with it. My philosophy is this- if both the seller and buyer are happy with the selling price, then it’s all good.
In order to get the best deals while sourcing reselling platforms, I would suggest checking the “Just In” feed throughout the day for the items that you are looking for. Additionally, you can further narrow down your results by price points. I have found the best time to do this is earlier in the day or later on at night as that is when there is lowest competition for items. I have found many great deals this way.
Another option is to look for closet sales. Some people will create listings featuring their sales and others will even post about it on their social media accounts. This can be a great way to find awesome pieces at discounted prices especially if the seller is running a bundle deal such as, Buy 5 Items for $25.
Using Clearance Websites
This is another great sourcing option, especially if you are looking for new with tag items. To utilize this option, you can go to sites such as Nordstromrack.com and filter through their clearance items for a deal. Keep in mind that if you do utilize this option, there is a high chance of market oversaturation for these items. Your best bet is to look for items that are almost sold out or in low quantities as that will decrease the likelihood of oversaturation. To be safe, I would suggest running comps any items that you are interested in buying.
Shopping Retail Clearance
This method is very similar to using clearance websites. The only difference with this option is that the deal is through the retailer’s site directly. Shopping in this manner can be great in that you can find items for great prices, however, it can cause problems when it comes to pricing the item in the reselling market. Most people are comparative shoppers meaning that they will shop around various platforms for the best deal. If a buyer were to be looking for your exact item on a reselling platform and find it on clearance on the retail site, they might try to haggle with you for a lower price or buy it directly from the retailer. I’ve learned that in order to make this option worth it, you need to be willing to let the item sit for a little while (until it sells out online).
Liquidation
I would consider liquidation to be a more advanced method of online sourcing. There can be a lot of risk involved in liquidation so I would suggest waiting until you are comfortable reselling before attempting it. Personally, I have sourced through liquidation multiple times and it definitely is risky. If you are interested in going this route, I would highly suggest doing your own research and staying away from boxes that are targeting resellers. Although many of these boxes are great, some of them are not so it is imperative to do your research beforehand.
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