Secrets of the Millionaire Mind: 3 Books in 1: Dropshipping, Amazon FBA Guide, Make Money with Blogging. Get multiple Six Figure Passive Income streams and take your Financial Freedom from home by Miller Christopher
Author:Miller, Christopher [Miller, Christopher]
Language: eng
Format: epub, pdf
Published: 2020-04-11T16:00:00+00:00
Chapter 5 Private Labeling with Amazon
Private labeling differs from retail arbitrage; it is the process of buying from a supplier and reselling these items under your own private brand. Retail arbitrage is good for starting out, but you may find yourself desiring more. Arbitrage can be limiting because of the amount of time you must spend, often physically, in transporting yourself from store to store and checking out pricing. With private labeling, you spend less time on the hunt for new inventory. Private labeling is for serious sellers only; this is the big league.
Private labeling requires that you launch your own product line. It is not recommended to jump into private labeling cold: you will need to build up the product line first. You would have a hard time making any sales from scratch, because you would not have any traffic to work with to generate sales. You need good reviews and a solid sales base to move your listings up in the rankings in order to make any sales.
Unlike retail arbitrage, which requires daily searching for a source of income, private labeling can ease the process significantly because you no longer have to spend all of that time searching for products in person. Furthermore, your supply can always increase in quantity if it sells well in a way that is impossible with retail arbitrage.
Find a Product to Sell
Just like with retail arbitrage, you will need to devote time to locating the perfect product. This is all about finding your niche. You need to find a product that is in-demand, but with a market that is not over-saturated with competitors. This is a lesson that can be applied to your search for arbitrage goods as well, but becomes even more important in the quantities of inventory that you will be handling with a private label. The perfect place to do this is the best-seller rankings. Amazon does this for the buyer’s benefit, but it is easy to see how this can be used to the advantage of the seller.
Best-seller rankings do the hard work for you; it is an informal version of market research. It tells you what the customers are already buying, instead of forcing you to run the risk of testing a product only to see that it doesn’t sell. Since you already know what is selling well, you are saving yourself money and energy by using it as a resource.
Depending on what you’d like to sell, check the top 11 best–sellers for that category. If you have no preference, just look through all of the categories. There are characteristics that lend themselves naturally to great selling options: things that rank well, do not weigh a lot, and are not typically associated with a brand.
Low-weight items are ideal because your shipping costs are lower. But brand name items? Remember, you are selling your own brand. It is not possible for you to sell Adidas shoes, for example, because those products are protected under patents and cannot be sold under your private label.
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