If you’re running an Internet reselling business, my hat goes off to you. In today’s troubling economic times, it’s important to generate extra cash in any way that you can. If your reselling business is your primary source of income, then figuring out how to improve your business becomes that much more important. Regardless of whether it’s a full-time endeavor or a way to make extra cash, it is always wise to improve your business to maximize profits.
6 Smart Reselling Business Ideas
1. Reduce Trips for Package Drop Off
If you use the U.S. Postal Service as your main method of shipping, note that it offers a feature where orders to be delivered via Priority or Express mail can be picked up for free at your home, as long as you use the USPS website to pre-print your postage. UPS offers the same benefit.
2. Increase Your Prices
You can improve your profit margin if you transition away from offering all of your sale items at the lowest possible price. Earn a solid feedback rating on your seller accounts, and use it to your advantage. Buyers are certainly willing to pay more for a product if they know it’s coming from a trusted and well-recommended business.
3. Invest in a Shipping Scale
If you ship via the USPS, buy yourself a scale and weigh your shipments beforehand so you know which shipping method is most economical. Its website has a handy shipping calculator that provides you with specific pricing. Often, you may discover that it’s actually cheaper (or only a few pennies more) to ship Priority, rather than regular first-class mail. By doing so, you improve customer service by reducing the shipping time.
4. Get Your Shipping Supplies for Free
UPS offers free shipping supplies, and if you use either Express or Priority mail, you can get free envelopes from the USPS as well. Also, you should always keep the boxes and envelopes that your Internet purchases arrive in so that you can reuse them.
5. Raise the Bar on Your Customer Service
Commit to a high level of customer service in all aspects of your business. Answer all questions about your products and orders in less than one business day, and if there’s a complaint, respond to it immediately. Include detailed descriptions in all of your product listings, and clearly state your return policy.
6. Stock Up on Deals
When you spot an excellent deal, whether online or in-store, buy more than one. Just make sure that if the terms of any rebates you take advantage of aren’t limited to one per customer or household. The last thing you want is to think that you’re scoring big, only to have your mail-in rebate form rejected.
Final Thoughts for Your Online Reselling Business
If you’re not monitoring your feedback rating and responding to any negative comments, then all of the above tips may simply be wasted time. Your reseller rating should be treated as gold as you continue on with your business. Review it regularly, thank those who leave positive comments, and work hard to quickly resolve the issues of any dissatisfied customers. And once you have addressed their problems, respectfully request that they remove any negative comments from your seller rating.
What other tips can you suggest to improve an Internet reselling business?