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In this Thrifting For Profit Podcast with Debra Conrad, we discuss … Online Sourcing Strategies with Jessica Larrew and Matt Carlett.
I’ve been selling on Amazon FBA for about 3 years. I’ve made many mistakes and yet I’m still here – selling away.
I’ve learned to source and sell many different types of products on Amazon and so far – it’s been an amazing and profitable ride.
I dipped my toes into sourcing online my first year of selling products on Amazon. I didn’t go BIG because I didn’t “get it”. I found a few pockets of untapped profitable products… but what I Did Not Do was this:
I didn’t learn and retain WHY they were great products to sell on Amazon.
I didn’t learn when to “get IN and sell and when to Stop Selling because the competition had joined in the fun and the product is no longer profitable”.
Learn To Source/Sell Products That Are Harder To Find
Products That Don’t Have A Ton Of Competition
You CAN find profitable products ONLINE!
Sourcing Online IS Boring!
Why is shopping online Boring?
Because – it’s just clicking around on websites – doing the ol’ hunt/peck routine – looking for the best deals.
Most of us relish the idea of finding GREAT Deals at every Big Box (or little) retail stores we can get to in a day.
Do we always FIND “Great” deals every day? Nope. We might find deals – we might be able to stock up on our replenish-able inventory – we might stumble on some new to the market products that aren’t even listed on Amazon yet….
It’s a bit hit or miss in reality. You have to “Kiss a lot of frogs to find your prince”.
Sourcing (shopping) is fun! Getting out in your car… fresh air… actual live people are surrounding you… and you never know what hidden scores are waiting for you.
BUT… (you know I always have a BUT when I’m sharing my own experience)
You have to get out the door – which means wearing publicly acceptable clothing, messing with hair and/or makeup and the car better have a full tank of gas.
Then – you must be mindful of traffic (On the road and in the stores). 30 seconds waiting at a stop light will aggravate my patience. More than 3 minutes waiting in line to check out will elevate my blood pressure. 2 seconds of crabby shoppers in my way… I am past my boiling point.
Lugging all that “stuff” out of the carts to check out… lugging it out to my car and piling it in… lugging it out of my car into the house… Lugging is not one of my favorite pastimes.
Then You Must Research
Research is my middle name… (not really, but I’m very cautious when I’m spending my very hard earned cashola).
I will stand in an aisle for 10 minutes researching products I am not familiar with.
WHY? Because, I’ve come home with more “bad buys” than I want to admit to myself or anyone else.
Now… Let’s Look At Why I Love To Source Online
24/7 Shopping Hours – No – I’m NOT one of those that will shop the Wal-Mart aisles at 2 a.m. I WILL shop Walmart.com at 2 a.m.
I can source in bed, in the car (as a passenger), watching TV, listening to podcasts, sitting on my patio (which is where my office is located most of the year), or in waiting rooms for appointments that are running 30 minutes late.
I often get up – right out of bed – grab my coffee – and start browsing around online. I try to make my daily “buys” before I check Facebook and email. Yes… you read that correctly, I make daily online purchases.
I can research EVERY product – as much or as little as I choose. I can make buying decisions based on my own “rules” – at the very moment of finding the product. I can (usually – if the product doesn’t have a qty. buying limit) buy as much of every product as I feel comfortable with.
I won’t find myself overly excited by anything I find online. I make wiser buying choices and stay within my budget.
• I am not out and in traffic of any kind.
• I have not “dressed” in grown-up (presentable) clothing.
• I didn’t spend one penny on gas.
So Far So Good – right?
Here is the BEST Part of Online Sourcing…
I get boxes every day delivered right to my business address.
Boxes of inventory that don’t need labels removed.
What Is The Worst Part of Online Sourcing…
Others can find the same products you are finding. (Much the same as sourcing anywhere).
Stock can be delivered in un-sellable condition. (It happens – not often if you learn to avoid companies that are notorious for sending damaged products or not packing well.)
You usually won’t find the “killer deals” that others find in stores. 90% off a popular toy is not easy to find online… and they are usually limited to buying one or two.
Again… It’s Boring. It’s Tedious. It’s (often) Frustrating.
I Buy From Many Online Sources
Yes – I buy from a large variety of stores – many of these are stores I could shop locally.
In fact – I often find products in store (Sunday paper) advertisements that I can buy in bulk – by checking online.
Thousands of sources are waiting for shoppers online. Many of them will give you coupon codes, discounted or free shipping and you can get rewards from rebate programs.
Once you get into the “groove” of shopping online – the world of options and opportunities will open up for you.
Discover the Strategies Top FBA Sellers Use to
Find, Purchase and Process Product
- All Without Leaving Home
Everything You Think You Know About Sourcing Online is About to Change
Debra and Charlene Speaking At Phoenix ETailers Conference – April 25 thru 27 – 2014
WHEN: April 25, 26, & 27, 2014
WHERE: Radisson fort McDowell Resort & Casino Hotel, Scottsdale, AZ
10438 North Fort McDowell Road
Scottsdale/Fountain Hills, AZ 85264
Use the code ” TFP2014 ” for a huge discount! Hurry, because this discount won’t last.
Here is a video about the conference and also about why I believe you should be sourcing toys NOW – Phoenix eTailers Conference
Join Me In Vegas – “More Fun – Bigger Profits” Training Conference – May 2 – 3, 2014
DC50MFBP for an extra $50 discount.
Registration is now OPEN.
Special Room Rates are available.
Come a day early and/or stay a day late for a “Day with Danni” – You get to pick my brain while sourcing!
Okay… Have A Great Weekend and Profitable Sourcing!
That’s my story… and I’m sticking to it…
Next week’s show….
Live on Location – Phoenix eTailers Conference
Listen live to the show Fridays, 2pm ET at http://thriftingforprofit.com/listen