The unprecedented circumstances of this year have disrupted various facets of our lives, not least our financial situation. Like many others, we too have embarked on a quest to broaden our income streams. While deciding how best to accomplish this can rely on numerous variables, we have discovered Amazon to be one the simplest vehicles to begin boosting our earnings.
SELLING NEW ITEMS
Our journey begins with a fresh interest in selling new items on Amazon. Our source of inspiration comes from numerous success stories of others already profiting from this practice. Incidentally, this strategy complements my knack for spotting lucrative deals.
My bargain-hunting talent dates back to my earliest memories, making this endeavor an almost effortless transition. The method involves finding discounted or clearance items in physical stores that are competitively priced on Amazon.
FINDING THE BEST DEALS
Initially, Target and Best Buy were my go-to spots. But, it dawned upon me that they were inadequate in yielding the truly golden deals. As a result, I pivoted to Staples and Office Depot’s clearance sections. Their wide variety of items means you’ll always discover something fresh and potentially profitable. Other fruitful locations include Marshalls and TJ Maxx.
For success in this venture, it’s crucial to establish the potential selling price on Amazon before committing to a purchase. Several avenues exist to find this information, but I’ve found a particular app to be the most expedient way.
THE GO-TO APP FOR SPOTTING A BARGAIN
The app in question, the Price Compare for Amazon and eBay, is designed expressly for this purpose and it’s been a game-changer. To get the most out of it, ideally your product needs a barcode. However, even absent a barcode, the app can help. Key features include a keyword search or more granular criteria, such as manufacturer, product description, category, color, style, and size. And remember, your quest is for items that are scarcer on Amazon, as that usually signifies a worthy deal.
SETBACKS TO KEEP IN MIND
Do keep in mind the shipping costs. I’ve noted that Amazon fixes the shipping cost for me, regardless of the actual cost. While sometimes it works out in my favor, there are instances where it’s significantly inaccurate. The larger and heavier the product, the pricier the shipping, so this is a worthy factor to consider in the purchasing decision. After all, our ultimate aim is diversifying our income, not diminishing it in shipping fees.
RESELLING PRELOVED ITEMS
Reselling preowned items is yet another goldmine on Amazon. Particularly when you or your children outgrow items that are still in excellent condition, this could be your lucky day. However, due to restrictions, not everything can be sold unless you’re a wholesaler. This is something we’ve learned through trial and error. We primarily found success in reselling items such as video games, video game controllers, cameras, cell phone cases, electronics charging cables among others.
CREATIVE PRODUCTS
We’ve even dived into the world of unique, homemade products. During the COVID-19 lockdown, my spouse honed his craft of customizing disc golf discs. Responding to paid requests for his work, we decided to sell these alongside our other disc golf discs on Amazon, and it worked. This just goes to reaffirm that if you’ve added a special spin to a product, Amazon can serve as an excellent springboard to showcase your creativity, generate interest, and diversify your income all at once.
SUMMARY
To sum it up, in the quest to diversify our income during this pandemic, Amazon has served as a valuable ally demanding only a tad of extra effort. Whether you choose to sell new items at a bargain, resell preowned items or create bespoke products, success lies in ensuring your products stand out. If you solve this part of the equation, you could be on your way to earning substantial supplementary income using the Amazon platform.
So, have you thought about leveraging Amazon to diversify your income yet?
