People often view buying and selling wholesale goods as a get-rich-quick strategy, where the sellers can earn humongous profits from mediocre investment. A few months later, they fail to understand why their plan is not working out accordingly. Listed below are the four myths which can lead potential sellers and buyers off track, let’s debunk them!
Myth #1: eBay is the best place for transactions
This one is a popular myth. eBay is probably the world’s largest market place, has is responsible for many millionaires you get inspired from, but what you don’t know is that for every millionaire, there are hundreds of people who are struggling to make profits because numerous other people are selling the same product for more competitive prices and displays. For a small scale seller or a newbie buyer with no research, this is the worst case scenario that happens more often than not.
Myth #2: All wholesale sources are present Online
It is true that the internet provides ease of access to the wholesalers, and is an excellent way of making contacts, but it surely doesn’t provide access to all the wholesalers out there. Sometimes, you can get the best prices for a product from a wholesaler who does not advertise on the internet. So if you are serious about finding the most competitive wholesale prices, you must check other sources as well.
Myth #3: Pricing research can be skipped
Did you just grunt under your breath saying that this is the most obvious myths of all? Studies have shown that most of the retailers don’t put in adequate resources to research for the best prices even though it seems like the most obvious thing to do. No buyer or seller can just ‘know’ the prices of products, so do a thorough research on prices so that you have a correct estimate of how much profit you are going to make on certain products.
Myth #4: Niche articles can be purchased from light wholesalers
Buying and selling niche articles which no one else is supplying at a competitive rate is every wholesale seller’s and buyer’s dream. But if you think that you are going to get the results on the first page after searching for ‘left handed Guitars’, then you are in for a surprise. Research is key here, so exhaust your researching skills in this case.