So, you’ve heard about people making big bucks with Amazon arbitrage, but maybe to you, it just sounds too good to be true. Well, it’s actually a reality for lots of folks, and it can become a profitable side hustle for you, too.
Plenty of individuals are making good money through this process, but it’s all about knowing how to do it successfully. Read on for some insider tips and tricks to profiting off of Amazon arbitrage.
Focus on Quality Over Quantity
You don’t need to be like Walmart and offer every product under the sun. Instead, focus on offering top-notch products for your customers, and stay consistent so that they can trust you as a seller. If you’re not sure where to go to find good-quality items, check out a local retailer near you.
Small local businesses can be treasure troves of decent items that have a unique quality to them. Consumers are willing to pay full price for something that has a distinct personality and some character to it! The more eclectic it is, the higher the chances are that it will yield a pretty penny.
Use Technology to Your Advantage
Another insider tip is to make the most of technology by arming yourself with apps that can help you on your Amazon arbitrage journey. Having the Amazon Seller App is a no brainer, but you might also be interested in downloading the Amazon FBA Calculator app, the eBay app and Price Tracker for Amazon.
Other interesting solutions that can give you a strategic advantage over your competition are Target’s Cartwheel app and Tactical Arbitrage’s sourcing tool. These are the kinds of apps that can help you figure out where the best deals are and how to calculate your profits each month.
Do Your Research
It would be unwise to just jump right into selling on Amazon, especially without any prior experience. That being said, you can do plenty of research right on the retailer’s website.
Choose a product category that interests you and scope out the popular sellers and items in that niche. Odds are, you will find a product that is selling like hotcakes that you can take advantage of.
Moreover, you might see a certain type of product that isn’t getting the best customer review, and perhaps you can think of a way to improve the offerings. Can you sell a higher-quality version of the product? Maybe you can find a version of it that is more unique or collectible?
Get Plugged in with Amazon’s Other Programs
Besides arbitrage, you could make some extra cash by becoming an Amazon Affiliate.
This means that you review certain Amazon products and review them, urging your audience to check out those items for themselves. You send them an affiliate, or referral link, and if they make a purchase from that link, then you make a profit on the sale.
If you still have your doubts about whether this will work, consider that people have been doing similar things on apps such as Depop and Poshmark for years now.
You can also find numerous blogs dedicated to successful Amazon sellers who are raking in tens of thousands of dollars per month. You’ll see that this is totally possible!