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What is Product Sourcing?
Product Sourcing simply means “Finding products to sell through your business.” This, of course, refers to buying products at a real wholesale price, and selling them online for a profit. Product Sourcing is something that truly successful Internet Sellers take very seriously; it’s a cornerstone of their success.
What does proper Product Sourcing do for my online business?
Among other things, the Internet is a wonderful ECommerce Marketplace. It’s a tremendous business opportunity for very little cost. Many people start small online, then go on to earn truly impressive full-time incomes.
However, many people starting out run into issues they don’t understand and then give up because they don’t have the information they need to run an Internet business competitively. If you dream of owning a successful online business, you CAN do it. There are a few things you really need to understand, though, and Product Sourcing is one of them.
Doing your Product Sourcing properly does several things for you and your Internet business:
• Allows you to earn the highest possible profit margins
• Allows you to be flexible in the products you offer to your potential customers
• Allows you to effectively compete with other Sellers’ prices
Remember that the Internet is a very price-driven market. If you’re not doing your Product Sourcing properly, you’ll find that there are many other Online Sellers who offer the SAME products you do, but at lower prices. You won’t be able to compete with them. Those sellers who offer lower prices ARE making a profit. The difference is that they are probably paying less for the products they sell because they understand how to Source Products the right way.
So, let’s look at how they do that, so you too can become one of those successful Internet Sellers!
1. From Local Sourcing to Growing a Real Business
Most Internet Sellers start out in business using Local Sourcing techniques. Though this poses certain limitations, particularly a lack of renewable products, local sourcing is a good way to get your feet wet if you plan to start selling on Auctions such as eBay. Some of the more common techniques of Local Sourcing are:
• Attics, Garages and Yard Sales
This is probably the most common method people use to get started on the Internet and learn their way around. Sell a few things out of the attic and garage and practice selling. It’s a great way to start and make a few extra bucks. It introduces you to online retailing, helps you get used to the sales process, and gives you a confidence boost when you see those first profits coming in.
Most people will then start spending time on the weekends going to yard sales and estate sales, looking for bargains, and then selling THOSE products online.
After a while, though, the attic and garage are cleaned out, and you’ve hit every available yard sale in a 50 mile radius. You’re spending more and more of your time traveling to yard sales, and your profits just don’t pay for your time and gas. It’s time to look for less time-consuming Product Sources.Other Details
- 1 Ebook (PDF), 36 Pages
- Year Released/Circulated: 2008
- File Size: 181 KB