Online reselling – buying items at a low cost to then sell for a profit. This has become a very popular method for people to make money on the side or as a career. It’s a fairly simple concept, poses little financial risk, and has proven to be quite profitable when done well. Plus, you can start and run an online reselling business from your own home.
According to ZipRecruiter, the average annual salary for an online reseller is about $73,000. That breaks down to roughly $6,000/month, $1,400/week, and $35/hour.
The more work you put into online reselling and your level of dedication. This will largely determine how much success you have. Read on to learn about the possibilities of online reselling and how to maximize your profit with e-commerce.
How Much Can You Make From Online Reselling?
The amount of money you can make from online reselling varies. Of course, what you sell is a determining factor: certain products sell better than others, some products can be resold at higher prices than others. The more work you put into your online reselling business and the more experience you gain, the more you are likely to earn.
Once you get to know the basics of online reselling, you can focus more on increasing your profits. It is a learning process, and it requires a personal commitment. You won’t become a millionaire overnight with online reselling, but by putting in time and effort, you can create a successful, profitable online reselling business.
What Is Online Reselling, and Why Does It Work?
Have you ever bought something online from Amazon, eBay, or Facebook Marketplace? If so, you have taken part in what is known as online reselling. In some cases, online reselling is a kind of virtual yard sale. Others have made it into a full-time occupation, purchasing low-cost items, usually in bulk, to resell through e-commerce.
One thing that makes online reselling unique is that you’re not creating your own products. You’re simply buying items already made by someone else, and selling them for a profit. This eliminates the cost of manufacturing, making online reselling a more affordable venture for those looking to increase their income.
There are many places people can find items for low prices to resell online. Clearance sections of retail stores are a great place to begin that search, though if you’re just getting started, selling items you already own can help you get the funds needed to purchase other items to resell.
By researching what products are selling well online and comparing different prices, you can determine how much to resell products for online in order to make a profit. As long as you aren’t trying to pass products off as your own, you can resell almost anything online. With some time and dedication, you can also make a good profit reselling online.
How To Become An Online Reseller
Thanks to sites like Amazon and eBay, it’s easier than ever to get your foot in the door with online reselling. While these sites do charge some fees to list and/or sell items, they are a great resource for those without online reselling experience. All you have to do is start a seller account – the site will help you through the steps to start reselling.
If you’re really serious about making a profit from online reselling, you will have to do some research. Look into the top-selling products and categories on Amazon to see what products are most in-demand. With online reselling, your options for what to resell are vast, so narrowing it down to one area or niche can be helpful.
One main benefit of online reselling is that it requires little to no experience. With some research and a solid plan, you’re already well on your way to earning income through online reselling. Thanks to the endless opportunities the internet provides, many people have had financial success from online reselling.
Once you know what you want to resell, search multiple sites to see what others are charging for the same product. Your price should be competitive, but not so low that you don’t make any money. Marketing your products will also increase your chances of making more sales. Post links to your products on social media, or place ads online.
Why Should You Become An Online Reseller?
In a time when many people have been forced to find ways to work from home, online reselling is an ideal way to make a livable income without leaving your house. Some other reasons to become an online reseller include:
- Flexibility – Online reselling lets you choose your own hours, workload, products, prices, services, etc.
- Opportunity for Growth – With online reselling, you can and usually will start small, but the more experience you gain, the more opportunities you will find to grow and expand your online reselling business.
- Low Risk – You can start online reselling at a relatively low cost, which makes it more appealing to those who cannot afford to take a big financial risk or have a strict budget.
- Anyone Can Do It – Becoming an online reseller doesn’t require training, a degree, or even much experience. Everything you need to start reselling is available online.
Online reselling, overall, is a relatively easy business to get into. Like any business, how successful you can expect to be with online reselling depends on how much effort you are willing to put in.
Finding Products to Resell Online
Often, people will focus on one area when choosing products to resell online. Common themes include clothing, shoes, cosmetics, pet toys and supplies, video games, and consoles – the list goes on. Your options for online reselling are nearly endless, making it an area with room for competition.
Besides clearance sections at retail or department stores, low-cost products to resell online are often found in thrift stores, at yard or garage sales, and flea markets. Online, websites like AliExpress, Alibaba, and Overstock offer some of the lowest prices on products, making them popular choices for online resellers to find items.
There are also websites that list the best sales and deals for different online shopping sites. Dealnews and Slickdeals are two examples of these, and they are an excellent tool for online resellers. They take a lot of the work out of finding the best prices on products to resell for a profit, even finding current coupons or promotions.
Reselling Apps: How They Can Help You Make More Money
The increasing popularity of online reselling has led to the creation of more platforms and services for online resellers and buyers to choose from. Many reselling sites and apps offer extra security and tools that take a lot of the work out of online reselling, allowing you to focus more on profit. Some of these include:
Poshmark
A site designed specifically for buying and selling clothes. Sellers can list items for sale without a fee, share the listings on social media, and are provided postage-paid shipping labels for each sale.
Offerup
The largest mobile marketplace in the US, Offerup lets people browse things for sale or list items for sale locally – cars, electronics, furniture, clothes, toys, pretty much anything.
Mercari
Another online reselling site that offers products of all kinds, this site aims to simplify the listing and selling process, charging no fees to list products and providing printable shipping labels to sellers.
Using a reselling site or app can be very helpful, especially for people who don’t have a lot of experience with online reselling. There are many options, so this is another area where some initial research is needed.
Conclusion
There are many opportunities that online reselling can provide, particularly for those looking to make extra money. It has even led to full-time careers for some ambitious individuals, though it’s a good way to make money in your free time, too. Given the right research, some determination, and time, anyone can become an online reseller.
Sources:
https://startupbros.com/glossary/reseller/
https://www.thepennyhoarder.com/make-money/retail-arbitrage/
https://www.oberlo.com/blog/reseller-business
https://www.ziprecruiter.com/Salaries/Reseller-Salary
https://www.wikihow.com/Become-a-Reseller
