Importing items and reselling them can be a great way of making large profit margins. Sourcing items overseas will normally mean you can find it at a fraction of the cost you would pay for it in the UK. And if it’s an item that is popular with consumers and has a reasonable RRP, then you can see how easy it can be to make money. But if you’re new to importing you may be wondering where to start. Here are our importing tips below:
Find a Product
The first hurdle to importing is finding a product to resell. There is little point in sourcing ‘any old item’ overseas and trying to resell it in the UK. The main reason wholesale buyers look to importing goods is because they can be supplied at a much lower price than they are in the UK. However, if you buy in stock that isn’t really desirable and stock that has little consumer interest then it’s unlikely you’ll make a return on investment and you’ll end up stuck with inventory you can’t resell. So try to research product trends and seasonal trends to find out what is selling well and what is in consumer demand. If you try to source items like iPads then you’ll find there is quite a lot of competition. Instead target a niche market that has a strong following but one that you won’t face much competition with. Once you have identified your item you are now ready to find it.
Contact Suppliers
Finding the right wholesale supplier is crucial to not only securing the best rates, but to actually receiving your product. There are a lot of scammers out there so doing your research and picking a reliable wholesaler is vital. The team at Wholesale Scout have experience in this area and have spent years researching wholesalers all over the world, including ones in China. So if you want to access some of the best wholesalers quickly why not sign up to the wholesale directory today.
Arrange Delivery
Once you have found a product you want to resell you need to arrange delivery with the supplier and pay for both the product and shipping. Before you make the purchase you should find out about landing costs like shipping, import duties and any other fees that may be added to the product before it reaches you. Knowing all of this before making an order will help you manage your budgets more effectively.
