Tuesday, September 20, 2016

Turnover Tuesdays - Start Your Own Listings

For those who are not familiar, I started a series a while back called Turnover Tuesdays. Every Tuesday I like to highlight one item that I have resold. This will include profitable and non profitable sales. I hope that there is always something to learn.

The previous posts in the series can be found at the bottom of this post.

Keepa Charts

I know for myself that I sometimes get hyperfocused looking at Keepa charts to check out sales history and prices.  How many have sold in a week?  In a month?  At what price?

These are very important questions and it often influences how many of any particular item I will buy for my first purchase.

You can really learn a ton just by studying charts and your knowledge on what to look for on the charts will change over time as well as you read more charts

Items with No Charts

What happens when there is a listing but there isn't much of a sales history. Maybe the item listing was created a few days ago or someone is selling a 10oz bag of popcorn for $60 and surprise, surprise there are no sales (that is an actual scenario I came across).  How do you approach that situation?  You really don't know how many to send in and at what price.

My usual approach is to send in no more than 5 and usually 2.  The reason I don't send in one is to make sure it wasn't a fluky sale before I purchase in bulk (I will increasingly purchase more as I see increasing sales).  In addition, I like to test different prices to see where I can maximize sales and profits so one unit won't really help and sometimes 2 units aren't enough.  That being said, you can send in one or 2 at a time and replenish from there.  It will be a much slower process but it still works.

A lot will depend on the price and the size of the item.  I am far more likely to buy 5 of something if they are a small, cheap item than if they are an expensive and large item.  Less monetary investment and storage fees won't be significant either.

Create Your Own Listing

In the past, I have sometimes been hesitant to create my own listings and for good reason.  It takes time  (less than you would think), you need to upload pictures, write descriptions etc.  All for an unknown.  I also have times where I am making a listing and the UPC is already taken by another product (which is impossible to be true)and is such a pain.

That being said, creating a listing can be very rewarding.  If you have a feeling that an item will sell well, if you create a listing you have a major headstart on that listing.  You can price it however you want and it will usually take a while before someone else finds it and crushes your listing (trust me, it will probably happen).

In addition, if you are the only seller, so what that it only sells 4 or 5 a month, all those sales are yours.  If the rank isn't great, people might be concerned to buy but you know that it does sell.

Here is an example of a listing that I've created.  I am no longer the only seller but it is an item that is $6 and I know that I can sometimes sell it for as much as $20 and often $15.  You can see that someone tried to price at $40 and no one was having it.

It doesn't sell a ton, just a couple a month but it's easy for me to buy and keep in stock.  I might only make $5-$10 a month on it but it is without much stress.  You find 100 of these items and it can make a difference.  In addition, you may find something that will sell a lot more than once a week butt for some reason no one has put it on Amazon yet.

Start with items you think will sell well, start a listing and see where it goes.

Anyone else started a listing that became a big hit?  Tell us your story in the comments.

Week 64 - The Buy Box
Week 65 - Amazon Restrictions and the Future of Selling on Amazon
Week 66 - Fun with Inventory Reimbursements
Week 67 - Q4 Storage Fees