In the recent past, the online reselling business has become the new way of doing a business. The main reason for this is that it requires less costs to set up as compared to an offline business. All you need to figure about the online reselling business model is where and what you want to sell and whom you want to sell it to. As long as you’re clear about these questions, the rest will fall into place.
Online reselling allows an entrepreneur to reach a wider audience as compared to an offline business. The digital age, with its many social platforms, helps one expand their reach and engagement across the country and sometimes even globally. Going digital has its perks especially if you know the tools to start and grow your business. Let us see the basics of how online reselling works.
Online reselling can be done in two different ways:
- You get the products from manufacturers and wholesalers and resell them to your customers
- You sign up with an online reselling portal and choose the products on their catalog for reselling purposes
The second option is better in terms of building a customer base of your own, getting the margins directly credited to you and not having the headache of dealing with any middlemen. It is a relatively low investment and cost effective option if you’re setting it up from scratch. In fact portals like Shop101, allow its users to sign up for free and create an online store right away. Furthermore, you can pick the products you like, share them with friends and family and then earn your profits. Shop101 encourages budding entrepreneurs to start their own online reselling business with zero investments and a risk free business model.
Speaking of running an online reselling business, the most common question is- “What to sell?”. Yes, if you’re considering starting an online reselling business, then you need clarity about your product and whom you want to sell it to. Here are a few ideas for you:
5 online reselling business ideas for every entrepreneur
Resell digital products
A great business idea for those of you who are looking to earn that extra income is by reselling digital products. A lot of big names offer affiliate programs or allow one to partner with them, in order to pick up sales. The way it works is that you need to head to their website, look for a way to collaborate with them and get into the sales aspect of it.
Try to understand what kind of a market they cater to. Get a general sense of your targets, the commissions you will earn and how you plan to sell the product. Also, it is healthy to understand the mode of payment, your contract and other details in the affiliate program you opt for.
You can sell digital products like smartphones, tablets, laptops, smartwatches and so on. These have a market among the tech savvy crowd these days. Every one is looking for the latest model and ways to upgrade themselves. You can promote and sell good brands to your customers and make money by doing so.
Resell travel packages
You could very well get into the travel industry and resell packages to buyers. Irrespective of the pandemic, safe travel is still taking place and a lot of places have opened their gates to tourism. Traveling is something everyone enjoys and once they get the feel of it, it is more of an addiction but in a good way.
You can tap into this market for sure. People are always looking for a change of scene. Traveling may have hit an all-time low now but as soon as all of this is over, it will pick up sales like never before.
Collaborate with a good travel website or for that matter you be in charge of reselling the stay packages for customers. Stay options also need to be figured out once people book their travel dates. So, there is a lot of options to run an online reselling business idea, that revolves around traveling.
Reselling products from online stores
While the ideal option would be to set up your own store and resell product to your customers, you can also consider buying products in bulk and selling them locally. A lot of online stores give you solid discounts when you buy products in bulk. In fact, you could buy them at a lower price but sell them for a higher cost.
You can resell products from home or if you have a separate website of your own, you could upload the details there. For reselling from home, you could look at products like pickles, juices, homemade items and other perishables that can be sold well within their expiry date. Place an order with the person making it, well in advance and then begin selling it locally. It is a good way to do business and definitely a profitable one.
Resell the OLX way
Second hand products have a different market altogether. Some customers prefer buying preowned or second hand products because of reasons like usability, money and durability. The value of products in most cases, depreciates over time. This is why most people prefer buying some items that have been used but are in good condition nonetheless.
Check out OLX and see how you can become a part of their community. You can also host a closet sale of preowned garments on any of your social media accounts. Closet sales are big with youngsters as they’re all about owning more than paying more. College students in particular, with their limited pocket money, prefer buying preowned clothes as they are more affordable than the brands available.
Resell through DIY
Another unique online reselling business idea is to up-cycle products and resell them. You can sometimes buy second hand products and refurbish them to sell them as almost new. Give it a new look, change the design if need be and sell it for a decent price.
Some of the items that can be transformed are clothes, furniture, linen sets, jewellery etc. These are item that can be bought at bulk and then customised to suit the customer’s needs. DIY projects are a great way to contribute to your business as they will all be customised and are unique to the customer.
How to sell products?
If an online reselling business is what you’re looking to earn profits from, then as the name suggests, explore the various platforms online. Social media is a great place to market your products. Facebook marketplace, Instagram, WhatsApp, are among the popular social media platforms where one can sell their products.
Firstly, you need to look into the picture quality of the products. Do not upload something that is pixelated or one that doesn’t have enough product description. You need to keep it as transparent as possible so that customers trust you enough and buy your products. Transparency about the quality, features and durability of the product, will earn you brownie points in the form of customer reviews. You can learn to sell your products online in these smart ways.
Also, since social commerce is the “it” thing in the Ecommerce space these days, here’s how you can aim to grow your business through social commerce. If you like the video below, don’t forget to like, share and subscribe to the channel.
Online reselling is a great way to start your entrepreneurial journey. Since it involves low risks and zero investments in most cases, it becomes a more trustworthy option to earn extra income. We would recommend that you try the options above, to kickstart your online business journey. If you have any more questions related to online reselling for us, do drop them in the comments section below.
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