Finding the right stock – that SELLS
One of the main challenges for any retailer is to source the right stock, THAT SELLS, whether off or on the web.
This basic requirement has been with us since man first step foot on this planet.
SUPPLY and DEMAND rules!
So HOW do we find out what SELLS and what does NOT? Making wrong decisions on your purchases can be a financial disaster.
The first piece of advice that can be offered is to source products that “FEED” a particular niche. As some marketers would say;
“Go DEEP rather than BROAD”.
In other words, become known for supplying great quality products meeting the needs of a specialised HUNGRY market, rather than trying to sell anything to anyone.
The immediate benefits for you are:
- Less competition;
- Greater margin;
- Increase in loyalty base, creating more return customers.
It was for this reason I wanted to review the work of some of the leading POWERSELLERS and find out what they had to say about this topical subject.
I turned to Skip McGrath, a well known ebay/Internet Marketer on both sides of the Atlantic.
First, a little about Skip McGrath
Skip and his wife Karen ventured into ebay way back in 1997 having moved west from New York. In a year they had grown their ebay business averaging $10,000 per month. An amazing achievement. As Skip was about to invest in another eBook on ebay, Karen pointed out that between them they knew more about ebay than most of the existing “How to Guides” available at the time and suggested that Skip create his own.
Skip took his wife’s advice and wrote “the ebay Powersellers manual”. That was back in 1998/9.
Fast forward: today, Skip is a leading authority on ebay, with over 35,000 subscribers signing-up to one of the most comprehensive information sites on ebay. His web-site is now regarded as one of the most informative sites on ebay, available today.
The particular piece of work I was interested in was Skip’s book on:
“Ten little known highly profitable niche businesses hiding in ebay UK”
The book is concise but informative and offers sound advice on each of the 10 niches. Even as an experience ‘ebayer’, I learnt a great deal from this book, especially in areas on how to approach a new niche market. So many ideas, suggestions and written in a frank and simple English format.
The book also introduces the reader to numerous tools that can help crystalise your decision, before spending money on your next stock.
I will be applying many of the suggestions raised before I buy my next stock.
In summary: An excellent source of information for a small investment that is very relevant to the UK market.