The process of buying low and selling high dates back into ancient history. It’s as old as human civilisation itself. Merchandising and trade are one of life’s constants and the only things that change are the products and the tools. However, retail arbitrage is something relatively new and its existence is due to the technology and innovation that can be found in the online world.
In the world of retail arbitrage UK sellers have a smaller market that their US counterparts, but they should not think that they are the poorer cousins for it. Amazon’s reach is long and stock sent to UK fulfillment centres can be sold in Germany, Spain, Portugal, and elsewhere in Europe.
The UK is a smaller but different market. Developing expertise in this arena will equip Amazon sellers with the experience that will help hugely if and when they decide to branch out into the USA.
Simply put, retail arbitrage is the process of buying products from retailers and selling them yourself as a retailer at a higher price (e.g. on Amazon).
This is made possible by the fact that some retailers have excess stock they want to clear to make way for other products. It could also be due to the fact that the product sells so well on Amazon that the price has not been reduced due to the demand.
There may be other reasons, but the point is you can buy things from online shops, ship them to Amazon, and sell them at a profit, even after you’ve deducted the Amazon fees and shipping costs.
This provides an opportunity for Amazon sellers and merchants, but the tricky bit is finding the products. Not only that, you need to find them and buy them when they are in stock and before the price difference closes.
Profit Sourcery is a tool that does all the hard work for you. It is a browser based product research tool available on a three tiered subscription.
The tool collects all the data (freely provided by Amazon) relating to products, prices, seller rank, size, weight and much more It then analyses all this and presents the results on your own dashboard.
Each subscriber sees a unique set of products on his or her dashboard each day so you’re not competing with other Profit Sourcery subscribers.
Subscriptions are paid monthly. You can cancel or upgrade in your dashboard. There are no long term contracts and you can cancel at any time.
Using the online training provided by the Profit Sourcery team, and by reference to their extensive supporting documentation, you can quickly learn how to interpret the data and make good buying decisions.
If you get stuck, have any questions, or just want to give some feedback, you can send messages to the team through your dashboard. I can tell you from personal experience that they are usually quick to respond.
Once you get the hang of it you’ll see how your profits can be reinvested to buy ever increasing amounts of stock. The online business grows according to the pace and scale you choose.
However, my guess is that the people at Profit Sourcery will eventually limit the number of subscribers. There is mention of this in the video interview below with Ed Brooks (Profit Sourcery founder), so if you haven’t tried it yet I suggest you do so soon.
Sign up now for a free 7 day trial.
There are all kinds of tools designed to support the task of managing multiple social media accounts. I have tested several but my favourite by far is Hootsuite. The Hootsuite social media marketing management dashboard is feature rich, well supported, and includes some free introductory training.
The Hootsuite dashboard scales according to your needs. If you are running your own social media campaigns you may have one or more of the following accounts; Twitter, a Facebook page, a LinkedIn page, a Google+ page, Instagram, Pinterest, a YouTube account, and perhaps a WordPress blog.
Without a dashboard you will have to log in to each of your accounts one by one in order to respond and react to the activity in each stream. You could simplify this process a little by setting up individual tabs in your browser and making these your default homepages on loading the browser. However, this would be a poor substitute for what Hootsuite has to offer.
Every social media account has several aspects to it that may need your attention. There are the comments, likes, messages, and other reactions to your output. There may be content you want to share with your audience, and there could be requests for support or more information. All of this while you’re trying to build your brand and expand awareness of your business in an effort to attract new clients.
Managing all of this, even for a solo operator with a small business, can become a time consuming task. Consequently there is a risk that it could be done badly or not at all and that would mean the potential this offers would be lost.
The dashboard can be configured to show the streams of information from each of your social media accounts and arrange them in tabs for easy reference. These streams will automatically refresh giving you an overview of all the activity and the ability to respond to any interaction.
You can schedule posts and updates to your accounts, one by one or in bulk. This gives you the ability to plan, prepare, and create social media campaigns. You updates can be scheduled to match the activity of your target market’s peak activity online.
Hootsuite Analytics will give you feedback and statistics on the effectiveness of your social media activity. You can then adjust and optimise your campaigns based on this data.
However, learning how to use all these features and putting them into practice takes time. Training is available if you are inclined to complete it. Even then you may find it takes up too much of your precious time if your attention is needed elsewhere. Your business priorities may mean that you don’t have the time to mange this task on a regular basis.
This is why some businesses choose to outsource the task. It can be much more cost effective to hand the job over to someone who has already completed all the training and knows how to use the dashboard efficiently.
They will get to know your business objectives, formulate a social media strategy with you, and put it into action. They will monitor the results and adjust accordingly as the strategy unfolds.
If this sounds like something you’d like to explore then contact me for more information and a no obligation chat. Social media has huge potential for businesses of all sizes and you can exploit this potential with the right help.