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In Todays Newsletter:

  • Are You Selling Like Walmart or Louis Vuitton? 📦

  • The BOSS Reseller Remix Ticket Giveaway- You Don’t Want To Miss Out On This 🙌

  • List Perfectly Auto Sales Detection Is Here! 🎉

  • On the Web: Virgin Galactic Takes Off 🚀, USA Advances in Women’s World Cup ⚽️, Loki Season 2 Trailer 🎞️

Are You Selling Like Walmart or Louis Vuitton?

So, what type of reseller are you? Walmart or Louis Vuitton?

How does Walmart make money? They sell vast quantities of items, at low prices, to millions of buyers every day.

How does Louis Vuitton make money? They sell very small quantities of items, at extremely high prices, to a tiny demographic every day.

So, what type of reseller are you? Walmart or Louis Vuitton?

If you are a Walmart-type reseller, meaning you make money selling low-cost items at scale, this article is for you.

Can you imagine what Walmart would look like if they tried selling low-price items, but operated like Louis Vuitton?

Walmart would go out of business. Why? Because there is only one way to make money selling items at a low price point…you have to sell a ton of them.

How does Walmart get a lot of items to sell?

Simple…they buy enormous amounts of items in bulk from suppliers and have built distribution channels to get those items delivered to their stores and warehouses.

The Walmart business model works because of three things:

  1. High volume of sales

  2. Sourcing low-cost items in bulk

  3. Having a supply chain network to manage and sell those items

Let’s break this down for our reselling business.

High Volume of Sales

How do I get a high volume of sales? This is a very complex question and I believe books could be written about it, but for now, the simple answer is the 3 P’s: Product, Price, and Promotion.

  • Product- Do I have the right products in my store that my target market is wanting to buy?

  • Price- Are my items listed at a price point my target market is willing to pay?

  • Promotion- Does my target market know I have these items for sale?

In order to have a high volume of sales, you have to have a lot of items listed for sale. The more listings you have, the more sales you get, especially if you have the right products, at the right price, and your target market knows about it.

Sourcing Low Cost Items In Bulk

Time is money. Sourcing takes both, which means there is a cost to sourcing. Many resellers struggle to scale their business because of how they source their items. Let me explain:

If your reselling business is operating like Walmart, you have to have a large quantity of items to sell. Volume is the key to success because it generates the necessary cash flow to keep the business alive.

In order to have volume of sales, you have to have a lot of items to sell.

You can source lots of items to sell from garage sales, thrift stores, and other places, however, there is a huge cost incurred when sourcing this way.

It costs you your time.

It takes a lot of time to build a large inventory when sourcing small quantities of items from a bunch of locations, especially when travel is involved.

Buying bulk inventory from a few strategic sources saves you time, which means it saves you money.

Here are a few online resources where you can buy bulk inventory from:

  1. Liquidation.com: This marketplace specializes in bulk lots of surplus merchandise and returned items from various retailers, including second-hand products.

  1. BULQ: BULQ offers wholesale lots of liquidation inventory, including second-hand items, sourced from major retailers. They provide detailed manifests and offer various categories.

  1. Via Trading: Via Trading offers a wide range of wholesale products, including second-hand items, from various sources such as customer returns, overstock, and closeouts.

Buying in bulk also allows you to take advantage of discount prices offered by suppliers which means reduced cost of goods. This directly increases your profit margins per item, meaning more money in your pocket.

Now, I want to be very clear, I’m not against going to garage sales and thrift stores. However, if you are a reseller trying to grow your business by selling large amounts of items at lower price points, you need more sales in order to make money.

This means you need more inventory to sell. Buying bulk is how you get a lot of inventory quickly and for less money per item compared to traditional sourcing methods.

Having a Supply Chain Network

Supply chain management is a very big topic to cover, especially when looking at it on the scale Walmart operates at.

There are three principles of supply chain management every reseller needs to consider in their business to scale.

  1. Inventory Management

  2. Workflow Optimization

  3. Shipping and Logistics

High-volume selling means having a lot of inventory to sell. Having an inventory management system is vital. There are many ways to manage inventory, more than I can address in this one newsletter, but I will address them soon in future articles.

In high-volume selling, workflow optimization saves you money by reducing the amount of time it takes to process new inventory, get it listed and stored, and then packaged and shipped to customers when it's sold.

The less time it takes to process items and orders, the more money you make because there is a monetary cost to your time. You make more money if you process inventory and orders in less time.

Shipping and logistics are vital for high-volume selling. Because profit margins are usually lower when selling high-volume products, shipping has to be dialed in. Mistakes in shipping will come directly out of the bottom line, which means you could be selling at a loss.

So, what are the biggest struggles you have when it comes to managing the supply chain within your own business? Hit reply to this email and let me know.

Also, if you have struggled with inventory, stay tuned for next week's newsletter where we dive into some inventory strategies to help you get your inventory system dialed in.

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