How to get rich by reselling Amazon products
Ty Blunt has made $ 1.5 million (€ 1.2 million) in sales on Amazon between May 2019 and May 2020, according to a screenshot of his seller dashboard viewed by Business Insider.
The practice of buying items and reselling them online is fast becoming a popular tactic among entrepreneurs looking to pursue a side business. Some people even abandon their works to engage in full-time reselling.
If done correctly, this process can generate great benefits. For Ty Blunt, figuring out how to resell products on Amazon has become his main source of income since he launched into the practice in May 2019.
In fact, this business has generated more than 1.5 million dollars (1.2 million euros) in sales between May 2019 and May 2020, according to a screenshot of your Amazon sellers dashboard that you have seen Business Insider.
Their method is to search for product listings on platforms like eBay, Mercari, and OfferUp and then analyze what products they are searching for on Amazon. When the profit margin is substantial, you buy the items on one of these platforms and then sell them on Amazon.
In addition, Blunt has developed a Google Chrome extension called lacROI, which simplifies this process by automatically comparing lists of the same products on different sites. He has also created a program called Hammoq, which automates the process of uploading online listings to different platforms.
To help newcomers learn how to resell products, Blunt offers free lacROI and shares video tips at YouTube. These are his best tips to start making money in this type of market:
Buy the right products
Blunt’s reselling method involves purchasing items on platforms such as eBay, Mercari, and OfferUp, and then reselling them on Amazon for a slightly higher price.
According to Blunt, products on Amazon are generally more expensive than competing websites because the amount of web traffic from Amazon keeps prices high, and this makes the profit margin higher.
The first step to reselling success is understanding which products are worth buying and selling. While Blunt’s LacROI Tool is great for this part of the process, It should also be borne in mind that it is possible to manually compare product listings on different websites.
Blunt’s first big hit came with the Weight Watchers weight loss program calculators. The product was selling fast on eBay, and at the same time it was selling for twice its price on Amazon.
Blunt bought a bunch of these calculators on eBay and sold them on Amazon a penny cheaper than what the platform marked, using a tool that automatically adjusts the price of a product so that it is just below that of the competition.
“Once you find that product, you can buy it over and over again,” explains Blunt. “Your goal is to find great products and create your own list“.
Find success with new and used products
Blunt recommends that beginning resellers start with used products because they have a large profit margin.
For example, old eBay video games tend to sell well on Amazon. “There are a lot of products out there,” says Blunt. “Look at the calculators, look at anything for everyday use.”
If a product works, explore other products of the same brand
In Blunt’s experience, when a product sells well, similar success is generally found with other products from that brand.
“See if you can sell a brand, then find all the models of that brand and then find similar products based on category,” explains Blunt.
For example, Blunt has had success selling other Weight Watchers items, not just calculators. He also recommends brands like Linksys, Cisco, Petsafe, Liftmaster, and Sportdog, which tend to sell well on Amazon. Blunt claims to have achieved six figures in sales on Petsafe products and accessories alone.
“You find something that sells well and then you dive deeper into that category.“, detalla Blunt.
Don’t be afraid of trial and error
“There is no one to tell you what is right and what is wrong,” argues Blunt, which says that learning about the market requires a bit of trial and error before you can master it.
However, Blunt believes that people shouldn’t be discouraged if they don’t adapt to reselling quickly. “It does not matter if you are new, it does not matter if you have been there for several years, there are many possible opportunities and markets; it’s the internet gold rush“, sentence.