Reselling is the act of buying products or services with the anticipation of selling them to someone else before you use them. It’s been called many things over the years, from entrepreneurial purchasing all the way through to ‘wheeler dealing.’ The truth is that it takes some savviness to pull off, and so it’s a well-respected way of boosting a small business. This guide walks you through the benefits of reselling for your business, highlighting areas in which it’ll do your small business some good to get on the reselling hype.
Publicity
Even if your business isn’t primarily concerned with selling or reselling products, it can still be a useful strand of your business venture to resell products to your customers, even if it’s at a low price that you make a loss on. That’s because customers appreciate you ‘doing them a favour’ and may well return that favour by spending money with you. This kind of publicity is easy enough to enact, and you may even be able to send out a certain number of freebies to truly ingratiate yourself with your customer base, increasing loyalty and customer retention rates.
Optimise
If your business is entirely based upon reselling products, then it’s time you worked hard to optimise your efforts to create the biggest wedge of profit possible. Check out the cloud-based software offerings hosted by Bytes.co.uk, some of which will have you understanding your sales data in completely new and exciting ways, informing your business and reselling strategy going forwards. Whether it’s compiling detailed spreadsheets or monitoring your web sales through advanced data analysis software, you’ll be sure to get more out of your reselling business if you use the optimising software available on the market.
Presence
Sometimes, for online stores, it’s simply important to have a presence on a variety of selling platforms. From eBay through to Amazon, Google stores and other such unique and more niche shopping platforms, the more you’re buying to sell, the more you’re able to use a number of platforms to promote not only your brand but also your other products that you’ll be selling via your website or across other online retailer platforms. Establishing a presence is important in selling online, and as such, simply having the bulk out there on sale can be of significant benefit to businesses.
International
Reselling needn’t be an activity that’s based on your own country. In fact, the majority of ambitious reselling happens on an international exporting basis. This is, therefore, the sort of industry that those with multiple languages are likely to particularly excel in, although anyone with savvy knowledge of world cultures, tastes and incomes will be likely to see their business boost in reaction to their use of the international exporting market. Do your research into foreign markets before investing heavily in a reselling item but, if you’re sure there’s a market for what you’re selling, exporting internationally can be a great way of increasing your profits.
Use these four tips in order to truly maximise the advantages you will have by utilising reselling as a business model.