Retail Arbitrage has been around for a while. Many people have made millions in the business while many have remained on the sidelines and have never been able to get it right and make the most out of the opportunities offered. While there have been different ways for everyone to make the most out of their retail arbitrage business, we will talk about our five most important habits that help you earn the most profits out of your retail arbitrage setup.
When you are looking and scanning products, never think for the moment. While you may earn a good profit on one or two units of any product, there is the wholesale avenue as well. Always keep check of wholesale prices as well and try to apply for wholesale stock of items that you have seen selling fast. That way, you can identify a set of go-to items that you can pick up eyes closed in bulk quantity and then make big bucks out of them when reselling. So keeping this fact in mind, when scanning products at a local market, always try to get in touch with the wholesaler behind them in order to directly apply for a wholesale stock.
Ask for More Discounts
There have been cases, especially with items on clearances and sales, that you end up getting even more discounts than the ones advertised. This can also be true when you want to pick up an item in bulk from Walmart and you are able to secure a good amount of stock at big discounts if you just ask for it. Sure, 90 percent of the times you are going to be rejected by the salesman and the people at the counter, but even if it ends up working 10 percent of the times, you have a much bigger profit at hand than before.
Make Contacts and Get In Touch
In any business, one of the key factors is to make contacts. Whenever you are scanning for products, try to ask the store employees or managers for a discount and/or early access. Moreover, you could ask wholesalers to inform you when a price of a certain item drops and then you can pick it up in quantity or a limited quantity product could also mean big bucks on eBay when they have been swooped out of retail stores. In such cases, having the important contacts makes all of the difference and could help you in your arbitrage journey as well.
Source Products at Odd Hours
Ever found all of the best sellers wiped clean off the shelves? Been the last one to a discount party? Well then the solution to this problem is to source at late or early hours. Usually in stores, when you enter late at night, you will find them being stocked for the next day. At times like these, you will be able to easily identify products that are hot sellers and which could end up with the money in the bag. Of course, this goes hand in hand with making contacts with store managers and staff as well but initially you would want to end up being at a store in late hours to find out what exactly sells and what doesn’t.
Well there you have it. There are several other techniques to success in retail arbitrage and everyone has their own. Best of luck in your retail arbitrage endeavors.