One Man’s Trash… Could Be Your Treasure - 3 Rules Of ‘Thrifty’ Product Sourcing
Do you know all the valuable sources of low cost and high-quality, yet unused products that lurk in our society?
In this blog post, I will dig deep into the treasure trove of ‘Thrifty’ product sourcing and reveal three rules to follow. They can dramatically increase your chances of finding a new product to sell by focusing on the value the customer will provide (versus the price), bringing out discarded products from places with less demand for those goods, and locating items no one else has thought about.
I will also share some of my own personal experiences with finding valuable items that I would otherwise have wasted. After reading this post, you’ll be better equipped to find the hidden product gems in your own locale!
Rule #1. Focus On ‘Value’ Not Price When Identifying Products To Sell
Many people only consider whether a product can be sold when it comes to finding new items to sell at retail. However, this is a major mistake and one that can lead to costly errors if not corrected. Instead of focusing on how much money you can make on an item alone, focus on the value that the customer will gain when they purchase it and use it day by day in their life.
This is where you should place your focus. Let’s look at a few examples:
1. Unused and Discarded Products
If you are used to buying items in high volumes, the benefits of finding unused and discarded products may not be readily apparent. However, this can be one of the best sources for finding new products to sell because it has more repeat customers already on board and will continue to do so as long as the item is actually being used! The benefits of these customers are that they tend to pay a higher price when looking for another product like this one, or they will give you referrals (giving you better chances of getting more customers who want similar or related items).
For example, a few years back I found a website selling a large number of high-end used cell phones. These were high-quality items that had a great reputation and customers who were happy buying them. Furthermore, the site only sold mobile phones, which meant that these customers would continue to come back over and over again for more deals on their favorite cellular devices. Buying this product was one of the best decisions I made because of its excellent reputation, the low price to acquire it, and the huge stream of repeat business it brought in over time. (I later sold it at retail for a profit).
2. Unused Goods
When I was a kid, I used to find homes that were undergoing renovations and they always had some good things inside. One time, I found an old cell phone sitting in the basement of a home that had been completely renovated and lived in for several years. This phone was still in the original box and was not only brand new, but also looked like it had never been used! I don’t remember what it was called, but it was definitely one of the better phones from almost a decade ago. It went for $70 on eBay.
Even today, you can find a small fortune sitting around in old junk piles, forgotten boxes, and unused items that don’t have a home anymore. Here are some methods to use:
A. Yard Sales
This is the first place to start when looking for unused products to resell. A lot of people get rid of perfectly good items because they no longer have use for them, or they bought something new that they prefer instead. You can often find these items at a discount on sites like Craigslist, eBay, or Amazon (like I did with the Android cell phone). The great thing about this is that you know there will always be customers who want these items.
B. Free and Open Listings Online
Trying to find good products at office supply stores or other retail stores is becoming more difficult since they are now charging much higher prices for the same items. For example, when I was looking for a good replacement for my old hard drive, I found one through Best Buy’s website that I had never heard of before. They were so new that they didn’t even have the listing on their website yet! I bought it for $20, but if it had been $15 on eBay or through Amazon, this would have been considered a steal!
C. Flea Markets/Garage Sales
You can also take a look around flea markets and garage sales, but they tend to be a lot more hit-and-miss. Sometimes you will find great products, but it will usually be the exception rather than the rule. I would start by finding value in the products that others are trying to sell and then look at what people are actually selling. This can sometimes lead to better opportunities or lucrative deals on items that you wouldn’t have thought about before!
Rule #2. Bring Out The Abandoned And Forgotten Products From Under Your Nose
Another great way to find good products to sell is to find ones that are no longer in demand. Manufacturers are always creating new items, which means that older ones with the same design or similar features must be abandoned for the newer ones. However, lower-cost versions of these unused items can still have a place in your store! Here is how you can apply this rule:
1. Garage Sales/Flea Markets
One of the best places to look for this kind of product, especially if you sell similar items, is at flea markets and garage sales where people have found these unpopular products and thrown them away. Underneath the bed, in closets, and in the basement are great places to look. If you don’t find any of these yet, I would recommend that you keep monitoring this type of site and wait for a good opportunity to do so.
2. Free Online Lists/Resources
You can also search free online lists of products that are no longer being sold. These are great because you can find out what features the original products had, what flaws they had, and how much they were selling for before. Doing this will give you more insight into whether or not your customers will be interested in buying the product at a significantly lower price than retail.
For example, I found one online store that no longer sold a certain laptop model which was still under warranty. It also had all of its original accessories (which was ideal for resale) and looked brand new.
Conclusion
There are many ways to find great products to sell and resell, but I believe that this list is the most effective. If you like what you see, give it a try! Who knows? You just might find something valuable that you can sell for a profit.
How do you find your best products and resell them at retail? Let us know in the comments below so we can benefit from your experience!
“As a small, online seller myself I know how challenging it is to source great, profitable products.