Sometimes, you don’t need a unique product to start a business venture. In the Philippines, running a reselling business is a great business option because it is convenient and less complicated to launch.
What is a reselling business?
Reselling is a popular business model wherein an individual buys a product from a supplier or manufacturer. Then, they mark up the price and sell the product for a profit. Because you can already tell if the product is selling well on the market, it is more convenient to launch. Many online stores in the Philippines provide reselling options that you can take advantage of.
If you’re interested in starting a reselling business, we have listed 5 tips and guides that can help you.
1. Find the right product to resell
There are many ways that can help you identify the product to resell. Here are some tips to try:
- Pay attention to trends in your local community
- Look for similar products on the market and see how other businesses are selling or marketing them.
- Start with products you love or have been using
- Create customer surveys to know if your network is familiar with the product
- Review SEO analytics and insights
- Search social media networks
2. Price your products well
Because reselling is easy to do, it’s most likely that you’ll be in competition with other resellers. To be on top of your game, do some thorough research on the pricing. Try to learn the ropes of getting the best price from your supplier and also being competitive in the market. To increase your profit margin, ask your supplier about their lowest price for bulk orders in addition to the usual reseller price.
3. Be responsive & honest
When dealing with your customers, it always pays to be honest and thorough. The best form of customer service, particularly in e-commerce, is frequently demonstrated through your replies and responses. If you’re looking for repeat business, you need to gain your customers’ trust. To do that, you need to be honest with your product’s conditions and price.
4. Use high-quality photos & content
In e-commerce, content is king! Content creation is one of the best forms of marketing in e-commerce. Post high-quality and appealing photos with descriptions that are memorable and catchy. The more consistently you post content for your brand, the more traffic you will drive to your store.
5. Use social media ads to promote
Running social media ads is one effective way of promoting your product online. The most popular choice is Facebook ads, but there are other options such as TikTok and Instagram ads.
These are just some of the tips you can keep in mind when you’re starting a reselling business. These tips help you put your best forward with your customers and help turn your business venture into a success!