Online Arbitrage is my favorite way to source products. It has allowed me to scale my Amazon business to 7 figures my first year doing it while working at home. All you need is an Amazon Seller account, a credit card, and a computer. My tips are not going to sound as exciting and hyped up as other tips because I don’t want to get you hyped, I want to get you results. That process isn’t as sexy as getting you all fired up. Once you’re ready follow my 10 sourcing tips and you will be ready to go.
1. Start out sourcing products manually first. You need to understand things like sales rank, matching products by title and UPC, why UPCs can be different at the source and Amazon, analyzing reviews for variations, and how to read a keep a graph. Most importantly it helps develop realistic expectations. You need to have an idea of how many items you will look through before actually finding a winner. If you jump the gun and go straight to using a tool like Tactical Arbitrage then you’re going to feel overwhelmed. Sourcing software is powerful. If you don’t have an understanding of the things mentioned previously you are going to feel like all you are finding is items that are not good to buy.
2. Give yourself time to learn the game. No one just jumps into something and gets it right away. Allow yourself time to develop an understanding of how this works. I suggest setting aside at least 10 hours of dedicated training time.
Practice the following:
Google search titles on Amazon and find multiple sources
Reverse that process and search titles from online retailers and locate them on Amazon
Right click on an image and Google search images to locate potential sources. Once again reverse that process.
Understand what the Buy Box is, how it rotates, and how to price competitively to optimize your time in the Buy Box.
This allows you to develop an understanding of how a sourcing program will work and scale the work you can do. It also allows you to develop a sense of “mental filters” when it comes to sourcing products. The filters can then be applied to the software to have it filter out undesirable items. The other benefit from this practice is you’re developing your skills when it comes to matching items up quickly which you will still need to do, even when you use a program like TA.
3. Ok so you’re getting an understanding of how to find items, match them up, and gain an understanding of how quickly they will sell. Next up is to get good at deal hunting. Take a minute to think about your favorite store……..got it? Ok, now I bet you know the ins and outs of that store, when they have the best sales, where to be on the lookout for sale notifications, how to negotiate discounts, the best cashback site, and even where to get discounted gift cards. Those are skills you developed whether you realize it or not. Take those skills and apply them to every store you come across online. Get on the phone and ask about discounts, sales, and how to stay in the know when it comes to these things.
4. Deal hunting part two. Use google to locate sites that track deals across the web. Google is your best friend here. Grab a large coffee, search “deal sites” , and let the caffeine fuel your journey down the rabbit hole.
5.Create a brand new email account. All those sites you found have email lists. Sign up for them and have them go to your new email account. Only use this email for that purpose.
6. Check that email daily for special email only deals. This is a great way to find discounted items. This can help set you apart from the competition that missed out on these short time deals.
7. By now you will have a good understanding of how all this works if you have been doing it consistently. Time to step your game up. It’s time to take Tactical Arbitrage for a test drive. Use code MYG10FREE for a 10 day trial. Please make make sure you use the trial time to its fullest in order to give the tool a fair shot.
8. Source more expensive items. This is one of my personal favorites. Wanna limit competition? Buy items that cost over $500! Now I know this one is not for everybody but you don’t have to go as big as $500. You could even start at $100. Most sites, including Amazon, allow you to filter items by price. I suggest using a reverse sourcing method (starting on Amazon) and filtering by price (on the left hand side). Next skip over items that are sold by Amazon. Keep a will tell you if an item is sold by Amazon, just hover over the title, the keepa graph pops up, and you can tell if Amazon is on the item. If yes, move on, if not, then look for the source using your skills from tip two. There are also various tools on the market that will let you pull a csv file from an Amazon page and exclude items sold by Amazon. Jungle Scout and Tactical Arbitrage + Storefront stalker will allow you to do this.
9. Once you have had some success finding items I want you to write it all down. You have developed a process for sourcing now. You need to develop a system that someone else can be plugged into and be successful with your guidance.
10. The next tip is to hire a virtual assistant, teach them your process, and repeat the process with them starting at tip 1. Now it is time to start thinking about capital and how you are going to get funds for all the products you will be finding.