8 Tips for a successful online resale business.
Starting an online resale business is a lucrative career option in today’s time. With easy internet connectivity and reasonable data plans, you can begin one with nominal investment. However, along with the simplicity, comes the competition. More and more people are taking a plunge into this field. In this article, we have outlined a few tips to help you beat the competition and become a successful reseller.
Build a loyal customer baseTo make any business successful, you will need to create your loyal customer base. These are your trustworthy clients who will return to you for repeat business. They also help in growing your business by sharing positive reviews in their circles.
Of course, it takes time to build a strong network of customers. In doing so, your honesty and professionalism will take you a long way. Always listen to your customer's needs and offer a product that will help in resolving their problems. If you know that your product will not fit into their needs, guide them to the right product. Adopting a long-term view will help you in building long-lasting relationships.
Secondly, do not overcommit to your customers and always give an accurate timeline of the deliveries. If you do not have the visibility of when a product will be restocked again, share the information with the customers. They will appreciate your honesty and come again for their needs in the future.
Use social mediaIn this age of Watsapp and Instagram, attracting customers is easier than ever before. Use these channels to your benefit and plan a marketing strategy. Your business and audience should decide the right social media platform for your products. You can enlist the services of a digital marketing agency if you are inexperienced.
Once you make your business account, the next step is to engage your audience. Maintain a regular posting schedule as out of sight becomes out of mind. Planning your posts a week in advance will help you to put out quality content.
Secondly, use lots of photos, infographics and videos to engage your customers. Try to use stock photos to make a gorgeous feed. Make your content diverse to attract more traffic on your social media handle.
Finally, use the platforms to build a relationship of trust with your customers. For instance, instead of deleting negative comments, acknowledge them and share your perspective.
Give a cross-device experienceIf you decide to have a website to sell your products, always ensure that it offers a consistent experience across devices. Your customers may want to browse on their laptops, tablets or smartphones. If you have a brick and mortar store, ensure that the experience throughout is consistent. For instance, the brand logo should be of consistent dimensions and colour everywhere.
Connect with other resellersWhen you are at it, use social media to connect with other resellers. At times, such contacts can help you in developing your business in more ways than you can imagine. These networks are helpful in motivating the members and sharing useful tips for growing online reselling businesses.
Know the market pulse
Your reselling business will fare well when you are in touch with the ground reality and know what customers want. Always keep an eye on the competition to know the latest products in the market. By doing so, you can retain your customers, who are on the lookout for the newest items in the market.
As you do this, also keep a watchful eye on the prices. It will help you in making the right deals, as explained in the next tip.
Get the best dealsThe profitability of your business will depend upon the profit margin you will make. The best way to do this is to find a dependable manufacturer or wholesaler who will offer you a good deal and discounts on bulk buy. When you get a good deal, you can also pass on some price advantages to your customers. This way, you will be able to beat your competition and retain your clients.
Shipping chargesEveryone loves free shipping. Unfortunately, it is not free. Someone, either you or the customer, will have to pay for it. If you are bearing the shipping charges, leave enough room in the product prices to make up for it. If you want the customer to pay for it, always mention the additional charges when you share the price details.
Commit to customer serviceFinally, no business can flourish unless it is willing to listen to customer complaints and offer reasonable solutions. Develop effective customer service policies to assist your customers.
Making the policies is one thing, but following it will develop a trustworthy relationship with your customers. Make sure to follow the timelines mentioned in your policy. If you do not have the resolution till then, always send a communication to your customers to convey that you are still working on their issue.
Online reselling business is a lucrative option for freelancers, housewives and students. It is also an interesting way to develop a second line of income. With the tips shared above, you can establish and run a successful business.