researching and sourcing products

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Hello alll,

My name is Austin new guy to the eCommerce world and looking for some guidance. I've sold on amazon for the past 6 months my first experience was dumb luck where I bought a crate of name brand electronics for pennies off of an auction site.

I listed the equipment without even testing it to see if it worked and boom almost all of it sold in a weekend and I only had a couple returns. I thought I had it figured out, until I ran out of items and realized I had lucked into a deal. This experience also diddnt help in the fact that I had no clue what it actually meant to sell something, and left thinking that you post things on the internet and people buy them BOOM. Then I tried again...

One pallet of outdated tablet cases later and an FBA shipment. I had 100 products listed within an hour people had cut their prices to the point where I was almost selling them at cost and maybe breaking even. Needless to say this was in stark contrast to my last experience in its entirety.

After I took a step back and looked at what I was doing I realized that in my inexperience I found that buying pallets of goods off a liquidation site wasnt really "Sourcing" a good product and that I was literally buying what the real sellers couldnt make money off of.

So, what I came here today for is a push in the right direction of market analysis on a product and then finding a way to buy said item and or anything else my newbie self is overlooking. Im not looking for someones secrets but maybe just a friendly suggestion whether it be a book or a podcast or where I can look to learn these things and take the jump. That being said i'll take any information you are willing to give me.

One more thing, I have looked myself (been up for around 24 hours listening to everything I can find) and havent really found anything other than podcast that dance around the subjects and dont really point you in the right direction.



*Edit: I would like to hear any opinions on Alibaba or similar outlets. Personally I have never used that site. However, I have heard opinions that are in extreme contrast. *

Thanks in advance.
Austin
#products #researching #sourcing
  • Profile picture of the author DWaters
    There are a lot of sources for FBA inventory and I do not pretend to know all of them by any means. I do know what has worked for me. I started my business very small - going to yard sales in my area every Saturday. The inventory is obviously very limited but the margins can be vary large sometimes and it is fun. I once paid 25 cents for an item that I sold for $125. I have done some sourcing from liquidation.com and that has worked OK, once it was outstanding. The so-called wholesalers that I find online do not work as they often sell items for more then Amazon sells them for. How can they call themselves wholesalers?

    I often find items on ebay and resell them on Amazon, often for a good margin. That takes some time as I search on ebay for specific items.

    I make a lot of use of camelcamlecamel.com to check price and sales history. I have also been able to obtain some very good deals through personal connects (a local producer of a food item and a local contractor's overstock).

    I hope these points help you some.
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    • Profile picture of the author Austin Slattery
      DWaters thanks for the reply,

      I have heard of the yard sale technique but have never tried myself. Thought about it especially to gain some momentum and experience selling.

      I will definitely look into camelcamlecamel here in a bit. The liquidation site I used was Govliquidations and techliquidators and you can definitely find things to sell on there. However I was definitely looking for a more permanent solution to finding inventory and the methods of picking items.

      Perhaps I'll log on to my old liquidator accounts and see what I can dig up in the meantime. No sense in leaving a seller account stagnant.
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  • Profile picture of the author dave_hermansen
    What you are doing is a form of arbitrage. The best method of buying cheap and current name brand name items and selling via Amazon is looking out for door buster bargains that are meant to lure people into stores. You often see them at places like Best Buy (always around the holidays) where they will offer a thumb drive that normally sells for $40 for $8. People run around to every Best Buy in their area and buy every one they can get their hands on. Then, they wait a month and list them for $35, which looks like a deal compared to the normal $40 price.

    Other than that, you would be best private labeling products and importing them. Walter Hay (a.k.a. ImportExport) can help you with that. If you want to look into something like dropshipping where you don't have to fork out any money for products, our course helps you with that.
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    • Profile picture of the author Austin Slattery
      Dave,

      Im looking into the book now. Going to do some research and decide if its worth the money. Thanks for the advice!

      Austin.
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  • Profile picture of the author Importexport
    Importing inventory and selling on Amazon is a tried and tested method to build a continuing profitable business. The first step is market research. Don't worry about sourcing until you know that the product you want to source is going to be saleable and profitable.

    Once you know that, I can be of help to you as I have to hundreds before you.

    If you don't want to outlay the money on inventory, I suggest you look at what @dave_hermansen offers. Even his free course will give you an excellent introduction into dropshipping.

    Before making any move, I suggest you have a look at my AMA thread Ask Me Anything About Product Sourcing And Importing For Profit. ― Veteran Importer Here. where I provide a lot of information on product sourcing and importing, including comments on Alibaba.

    You will also find there my comments in relation to the myth that you have to place huge orders to buy direct from real manufacturers in China.

    Walter Hay
    Provenchinasourcing
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    Use emotions and perceptions to build a great brand. Ask me about my book LabelsThatExploit. For safe sourcing and easy importing from 41 countries globally, see https://provenglobalsourcing.com
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  • I have done all of this and then some I had 200 pallets of revs epsom salt 2 pounds each 110,000 pieces paid .02 cents each sold. had a middle man moving them that was FBA seller. I paid 3400 board delivered to my warehouse made 50k 4 years later. storing 50 pallets over 2 years was not cheap but we did other stuff all in all it wasnt bad but i wont do it again. the garage sale method is a favorite but i deal in Aircraft and large 40 ton items also. again you cant do it from your living room. secrets to building a business the only one i can tell you is have 740 credit score or more. Finances available at a whim, know what your doing because if you go all in you may loose your shirt.
    drop shipping is what i want it will suplement my income... I began doing research 40 days ago, what a cluster f .... doing it from home on the hopes of being well to do is a pipe dream. I refuse to do with Alibaba I had a good deal lined up last october on 1000 of the scooters that blow up now. total cost per scooter imported with duties was 98.00 each. you spend 10k you make 25k simple math, something told me not to i am happy i didnt..
    as far as real drop ship companies i fell in love with WyNIT awesome company pick & pack multi ordering dropping fees they do it... BUT you need a D&B Dunn & Bradstreet done on your company proving income. you need personal quarentee also... they have a thing on here for 299 skeptical... what am i getting a lesson in i have to put up 50 k attorney trust 100k personal guarentee Federal Ein Nationwide Taxes filed quaterly... theres alot of ends and edges to this game.. in the end Internal revenue is the one who scares me..

    Liquidity wynit
    liquidation work but your going to get in a bidding war with a guy who wants to sell every items for a 25 percent gain or more..

    i know i am all over the place because there is no yellow brick road. in life when i sell i start low, if it sits i bump my price 500 percent if i am going to hold it i may as well make it worth the time it spent here. the thought your wondering does it sell YES in less time then the epsom salt took
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