Busting Some Myths about Online Reselling in 2021!
The world of online arbitrage is evolving, and the strategies that work last year might not work in 2021. The very definition of what is reselling is constantly changing as customer demands and expectations change, too. If you truly want to build a stable reselling business online, it’s important to separate myths from facts:
Myth #1: Build it and buyers will come.
This was probably true in the early days of the internet when there wasn’t much choice, but it’s certainly not true today. The only way to bring in customers is to invite them!. Aside from your store, you also need a Facebook and Instagram page (at the very least). Don’t forget to do some basic search engine optimization. It’s a good idea to maintain a blog with relevant content to help your store rank on search engines.
Myth #2: It’s expensive to start.
What is reselling if not an affordable way to start a pandemic proof business? The great thing about online arbitrage is that it requires very little capital; in fact, you can start with literally no money and simply sell things you no longer use, like shoes, collectible toys, etc. It’s also the kind of business that you can do anywhere, without the need to pay for a warehouse.
Myth #3: You can sell anything.
There’s nothing wrong with growing your online reselling business eventually down the line and offering more products. But if you’re just starting out, the key to success is to focus on a niche. Start with the items that you actually like and are quite knowledgeable about. You need to establish some level of expertise in the items you’re selling even if you didn’t make them yourself.
Remember; buyers are increasingly looking for credibility and quality. Selling something that you understand and care about is so much easier. Buyers will see that you’re authentic, and they are more likely to buy from you!