Adding wholesale to your business model means a wider selection of sourcing your products, being in of negotiating with suppliers over price and quantity, and potentially increasing your profit margin. But to get there, you’ll first have to find wholesale accounts to enter into relationships with. To get to that new level of freedom in Amazon FBA selling, RepricerExpress has five tips for you to follow.
Tip 1: Suss Out a Product’s History of Hotness
Use extensions like Keepa and CamelCamelCamel to get a good sales history report on the products you’re interested in selling, and an extension like How Many? to figure out how much your competitors have of that item.
This can help you later on when haggling over rates with suppliers/manufacturers.
For example, if pet rocks are super popular, then suppliers know they can charge you more for them. But you can negotiate in other ways, like order consistency or quantity.
Tip 2: Look at Amazon in a Different Way
Amazon provides one of the most comfortable and safest ways to shop online, so head there to check out wholesalers.
Search for the products you’re interested in and then scope out the sellers in more detail. Start by searching through the best sellers page so you can go with good Amazon FBA merchants.
Just make sure to eliminate any companies when Amazon is also selling the product, as it’ll lead to too much competition for you.
Tip 3: Go Local
One of the biggest benefits to this is the supplier is right there in town. You can get to know them on a personal level, see their products in real life, and help support the local economy.
Plus, if they’re close enough, you might be able to save on shipping costs by picking up the items yourself.
As an added bonus, you can tell how profitable they are by things like how long they’ve been in business and how much traffic they see with other merchants.
Tip 4: Hit Up the Big Trade Shows
Trade shows can be a goldmine when it comes to finding suppliers for Amazon FBA. That’s because the wholesalers are quite eager at getting new clients, so they’ll be putting their best feet forward.
And because they want new and/or more buyers, they might be more willing to cut a deal with you — which can translate to a wider profit margin on your end.
Tip 5: Take a Little Road Trip
If you don’t live in a big city where there are plenty of trade shows, or if you missed the one that was just in town, it might be time to hit the road in search of a different one.
Visiting neighbouring cities’ trade shows can be a great way to bulk up your FBA status. Plus, if you visit a trade show in a smaller city where there might not be as many prospective clients, you might be able to bargain a little more intensely for better deals.
And if none of that is an option, then visit the trade show’s website to learn more about the vendors that will be there. If you can get an early jump on contacting vendors before the show begins, you might be able to score an early bird sort of deal.
Video: 5 Mistakes for Beginner Amazon FBA Wholesale
Final Thoughts
Increasing your profits as an Amazon FBA merchant means thinking a little creatively sometimes. And when it comes to finding wholesale accounts that can increase your profit margin, RepricerExpress always has you covered. Another way we’re looking out for you is with our repricing software. All you have to do is sign up now to enjoy your first 15 days absolutely free.
