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Importing Products to Sell on eBay
The interesting thing about online buyers is they are
extremely price sensitive. A survey done by Forrester Research
shows that 73 percent of surveyed online buyers expect prices on
the Internet to be cheaper than in stores. No wonder auction
marketplaces are thriving. Among the most popular auction
marketplaces growth of eBay is especially notable! Its market
share is growing at roughly twice the pace of the over all
market. So, it's only natural if you like many other wannabe
entrepreneurs thinking seriously to start an eBay business.
Say, after spending long hours on the eBay and doing much
research offline and online, you finally have come up with a
niche category of products to sell. But, there is one little
problem! You don't have a slightest clue where to get regular
supply of this product for wholesale price. Often, entrepreneurs
with great product ideas fail to materialize their dream business
plan just because they are unable to find a right supplier. How
to tackle this problem?
Finding a local supplier
Success in any trading business depends not only on how good
you are in selling, it also relies greatly on your ability to
source the product at right cost. If you have a fairly large list
of products that you are considering to work with you have a
variety of options to choose from. You may start your eBay
auctioning business based on local liquidators, closeout dealers,
government auctions, newspaper classified or Drop-shippers
(http://ezine.rusbiz.com/article/39). But to start a real niche
business you need to find a constant source supplier, which could
be a manufacturer, a distributor or a wholesaler. Obviously,
Internet is the easiest place to get the initial contact
information. Try http://www.thomasnet.com/ or
http://www.tgrnet.com/ - both websites are good information
sources for industrial products manufacturers.
Bear in mind that many manufacturers simply aren't able to
handle small orders and don't sell products directly to
retailers. Some times, the minimum sales lot is way too big for a
small start-up company to manage. However, even if the
manufacturer does not sell directly to retail levels, they will
provide you with information on their products and refer you to
their wholesaler or distributor companies, which will be in a
position to cater your needs.
For some category of products, your best option is to attend
trade or industry shows in order to locate a supplier. Check out
websites of some exhibition centers in your vicinity and find one
or two trade shows of your area of interest. Make sure that
participants of the trade show are distributors and wholesalers
as oppose to large manufacturers. After all, you need to find a
supplier who will agree to work with your initial small
orders.
Trade journals or publications of your related field also
could be a great source in your quest to find a supplier. Trade
journals publish information on industry trend, articles on major
players, various industry related event schedules such as trade
shows, and often carry classified sections. Sometimes, they also
publish specialty issues such as a buyer's guide or a who's who
issue. You may consider getting those issues by contacting the
publishers.
Professional and trade associations similar to local chamber
of commerce and other groups offer a variety of services, which
are extremely useful to members and general people a like.
Promotion of the industry and its products and referral services
for buyers trying to find specific products are some of the
services that they offer. You should not hesitate to contact
these organizations for help.
Importing
Competition in world's largest electronic marketplace is
fierce! If you have to buy products from a middleman, you may
find that your prices are not workable at all. What to do? Since
most of the consumers products are imported any way, you may
consider outsourcing your product from a foreign country. Today,
thanks to globalization importing products are no longer as
difficult as it used to be! If you are trying to buy a
labor-intensive product, the best places are probably China -
which is the hottest at this time, India, Thailand, Vietnam,
Bangladesh and some other Asian countries. If you are looking for
medium quality electronics and computer parts, your options are
China, Taiwan, Korea, Singapore, etc. For high-end designer
products Italy, Germany and France are your best bet. For
intellectual property related products, Russia and other Eastern
European countries are still a paradise.
There is a good chance of finding a supplier through online
B2B portals. If you are looking for a supplier from China you may
try www.alibaba.com and www.globalsources.com. Two of the largest
trade leads aggregators on the Internet. For products from India
you may try searching the database of both www.indiamart.com and
www.trade-india.com. For products from Russia and other CIS
countries www.rusbiz.com is a great option.
Here are the steps you must take in order to import products
successfully:
? Locate several suppliers either through online resources or
by contacting Trade Commissions of respective countries.
? Contact the suppliers and see if they are in a position to
deliver the right product. Make sure that the suppliers are not
your direct competitors. Many foreign suppliers are actively
selling products through eBay.
? If you find their price and quality of the product are
acceptable get several samples. It is very important to give them
an exact copy of the product you are looking for. Without a
prototype you might end up getting something far different than
you expected.
? Work out your cost, which include buying cost, packaging,
shipping, insurance, customs duty, excise duty if any, financing
and handling charges, etc. You may also incur other expenses
depending on products and your location.
? Check out your supplier. If possible make a trip to visit
the supplier. Ask for references. Contact their bankers if
necessary. Importing requires absolute due diligence.
? Check with a logistics consultant about shipping and
exporting rules of the country.
? Contact a customs broker to verify latest duty and other
regulations related to importing of this particular product.
? Don't forget to consider product life cycle, shipping time,
seasonality of the product and other characteristics specific to
your product.
Importantly, do your homework! You can sure make money by
importing and selling goods on eBay. Thousands are already doing
this. But, the key to success relies on your entrepreneurial
spirit, due preparation, sound judgment and hard work. If you
think you are ready, go for it!
Nowshade Kabir, is the founder, primary developer and present
CEO of Rusbiz.com - a Global B2B Exchange with solutions to
create e-catalog, Web store, business process management and
other features to run a business online. You can read various
articles written by Nowshade Kabir at http://ezine.rusbiz.com.
 MORE RESOURCES updated Thu. February / 09 / 2012
BBC News |
Miro work fails to sell at London auctionBBC NewsA 1933 work by the Spanish artist Joan Miro failed to sell on Wednesday in a week that has seen other pieces sold for record prices at London auctions. Miro's Peinture had been valued between £7m and £10m but went unsold at the Sotheby's event.and more » |
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Surprisingly weak demand for Hungarian bonds at auctionsportfolio.huHungary's Government Debt Management Agency (ÁKK) has received HUF 62.2 billion worth of bids from primary dealers on a HUF 43 bn lot of bonds and in response to the muted demand it sold only HUF 40 bn worth of debt at auctions on Thursday. |
3G.co.uk |
HTC Launches First 4G LTE Smartphone in Europe3G.co.ukVodafone in Germany are just getting ready to launch their 4G network, but in the UK the 4G auctions are yet to even take place. The HTC Velocity, which is similar to the HTC Vivid LTE that launched in the US, should be released in the next few weeks ...and more » |
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KeyDrive Acquires Moniker and SnapNamesBusiness Wire (press release)... investments Key-Systems®, Moniker® and SnapNames® offer a complete suite of domain name products and services worldwide including access to over 300 domain name extensions, full-serve brokerage, live and online auctions and monetization services.and more » |
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LEAP event supports literacyKPCnews.comTickets for Saturday's event cost $50 per person and include food and beverage tasting, live entertainment by Dan Heath with the Paradise Band, along with the chance to bid on gift items at two auctions. The evening will feature a variety of food ... |
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College show a dress-up affairVictoria Times ColonistIt includes food, music, games, prizes and auctions. Casino Royale has a James Bond theme, so guests are encouraged to wear tuxedos and gowns. The decor of this year's fundraiser will bring to mind Montenegro, one of the settings of the 2006 Casino ... |
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Kickbacks row: AP proceeds to review excise policyZee News"The current system of auction (of liquor shops) is flawed. It needs to be revised...we are on the job," Mopidevi told newsmen here today. A team of senior Excise Department officials visited Tamil Nadu recently to study the excise policy in vogue ...and more » |
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Hart, S - Superfast BroadbandDeHavilland (press release) (subscription)In reply, Mr Hart asked about what could be done to help those left out of the plans. Responding, Mr Hunt said that Ofcom's announcement for 4G spectrum auctions would mean that 97 per cent of the country would be reached, but more should continue to ...and more » |
Google News
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