Hello,
I am speculating to start the business for a while now. It believes its the time now.
Could you please help me with the steps to guide how to get started.
the most confusing part for me is the third party sourcing.
I only know Ali baba where i can buy products - let me know if we have more options.
Guide me how to choose the product?
I have the amazon guide to start. Is there anything else i can rely on?
If you are doing online arbitrage find the stores that offer free shipping. If the minimum is $25 USD for free shipping like amazon prime just pick items that are $25 + so you can get free shipping.
Walmart, Costco, amazon prime, all of them are good places to shop. Around here many of the stores are already doing 50% off due to the blue economy and post covid fall out.
Buy cheap and sell low.
It takes a crystal ball to tell you what to buy. Over all the majority of the stuff sold on line is not profitable enough to even consider buying it.
This you need to remember:
Monkey see, monkey do, if the monkey you are following is stuck in the mud you will be too…
That means don’t go by the listing prices, good example is from ebay. I buy a specific model of PC, search query surfaces 600++ of that model. All of them are over priced, now go to terapeak and see the actual price it was sold for. In my case, out of the last 5 sold on ebay, 3 were sold to me…Those sellers had best offer enabled and realized they made a big expensive mistake and wanted to get out. Also, those 5 are from the last 30 days. 600 over priced sellers, on the surface it might lead you to an impression of WOW!! that is what I need to sell. Not, it is stuff you buy to lose money on.
Just use common sense and most importantly keep in mind the majority of stuff you read on the internet or service being peddled by some company out to help sellers is total BS.
When it comes to third-party sourcing, you’re right that Alibaba is a popular option. You can also explore other platforms like Thomasnet, Global Sources, or SaleHoo. Compare prices, quality, and supplier reviews before making a decision.
Yes you’ll have to research products first
Then source form alibaba
Select verified supplier having trade assurance
You’ll have to do deep analysis while selection of product
Use helium10 jungle scout for product research
Let me know if you needed any assistance with Amazon FBA private label launching sourcing form alibaba or product research
Am already working on brand Launching sourcing form Alibaba
Research and vet multiple third-party sourcing options to find reliable suppliers for your business. Explore alternative platforms like Global Sources, DHgate, and Thomasnet for product sourcing besides Alibaba. Select a product by considering market demand, competition, and your own interests and expertise. In addition to Amazon’s resources, leverage e-commerce courses, forums, and mentors for comprehensive guidance. if you need any help ask freely, I have experience in this area, and I’d like to help.