How Do You Manage Inventory
The short answer is I dont I try and sell each pair as quickly as I buy them!
When selling shoes, it can be easy to amass a bulky collection that you have to keep somewhere. To avoid that, I focus on brand new releases or shoes that are really hot classics I know will sell quickly.
This strategy translated into less headache and hassle storing and tracking the inventory, and also let me turn my cash over to reinvest in the next flip faster.
The Shoe Resale Industry: Overview
Not many items resell for over their retail value on the secondary market, but shoes and sneakers are two of those cases. Thats because the sneaker resale market specifically operates on two important principles: scarcity and exclusivity. StockX, one of the biggest sneaker marketplaces in the world, said sneakers sold on the platform are on average 48 percent more expensive than their retail price tags.
Certain sneakers, in particular, are manufactured as limited release, so given enough promotion and hype, demand far exceeds supply. This means there is an opening for resellers looking to flip shoes for profit. Depending on the size, mens vs. womens, supply, brand or collab, and time of release, resellers can make serious earrings.
Benefits Of Starting A Reselling Business
When you become a reseller and build a business around it, youll enjoy a lot of benefits. You have the chance to source products from a wide range of retailers at lower business costs.
If youre passionate about reselling some products or items to consumers, this is the best time to get started. The rewards of starting a reselling business go beyond making money youll also build a profitable business that will stand the test of time.
You can even scale your reselling business to become a manufacturer or producer.
Here are some of the benefits youll derive from starting a reselling business:
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How To Retain Customers For Your Sneaker Reseller Business
Retaining customers is one of the most effective ways to grow your sneaker reseller business.
Oftentimes, it’s easy to find yourself focusing on generating new customers, vs retaining your current ones.
Look at it this way – you are 60-70% more likely to sell a new product to an existing customer than you are a new customer.
That’s not to say that finding new customers and revenue streams is not important, however, the easiest source of new revenue is right there in front of you.
Here are some ways you can retain customers for your sneaker reseller business:
- Responding to comments on social media
- Send discounts to loyal customers
- Provide valuable content, for free
- Write a hand written thank you note
- Provide awesome customer service and build relationships with customers
To find out more tips and tricks on retaining customers, check out this article here
Chris Casseday, founder of 513 Kicks dives deep into the process of attracting and retaining customers:
Since launching 513Kicks.com, Ive been able to grow my monthly sales as a result of doing everything efficiently and intentionally.
My ultimate goal is to provide the sneakers people want at the best prices. Will I always have the lowest price? No. Thats not a problem, because the shopping experience with 513 Kicks is a differentiating factor.
513 Kicks Customers Receive :
How To Start Reselling Shoes: A Guide For Beginners
Ambika Taylor April 9, 2021BusinessComments Off on How to Start Reselling Shoes: A Guide for Beginners81 Views
Do you call yourself a sneakerhead?
If you do, theres a good chance you already know how much money there is in reselling sneakers. That said, breaking into the game is easier said than done.
If you want to tap into the resale goldmine, youll need to learn how to start reselling shoes.
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Where Can I Sell My Shoes Fast
If you simply want to sell your shoes fast, there’s no need to build a business empire. You could simply turn to sites like your local Craigslist. Facebook even has its own seller’s marketplace that will show consumers in the area near you.
Here are a few places where you can sell shoes fast:
- StockX
- LetGo
- Oodle
Sneaker Reselling Market Over The Years
Sneaker flipping is one of the proven ways to make money in a short period of time. In comparison to some other businesses, the sneaker resale market is quite profitable.
According to a report, the global sneaker market was around $58 billion in 2018 and is projected to grow at 7% during 2019-2022.
Over the years, the sneaker market has opened up itself to more people, thanks to various online channels. The good thing about this business is that it is incredibly scalable.
As per your goal, you can start this business to make a side hustle or 6-figure salary.
Why? Because sneakers are one of the easiest items to flip for profit in todays age.
It would be right to say that in sneaker reselling, there is a tremendous opportunity and a big market that you can always find your place in it.
Its one of the more lucrative ways to make money online as long as you have a plan and know what you are doing.
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Start Your Reselling Business Today
Resellers purchase products at discounted wholesale prices and then sell them directly to consumers. This business model is a low-risk way to dip your toes into owning and operating a product-based business. You dont have to invest in product development or inventory upfront inventory, and your supplier ships products for you.
Illustration by Gracia Lam
What Shoes To Buy
One of the most common questions I get is how do I know which shoes to buy? Which brands and models will be profitable?
To get an idea of what is hot in streetwear, follow sneaker and fashion publishers like Hypebeast or High Snobiety.
Immerse yourself in your local sneaker communities by attending a sneaker convention and getting an idea of what people are wearing and what people are talking about.
Learn about the Jordan brand. Begin to follow Instagram accounts that have to do with sneakers and sneaker news, so youll automatically be doing research every time youre killing time on the gram. Combine all of the above with checking aftermarket prices on sites like eBay and calculating your estimated profit.
Nicks Notes: In the advanced search, you can check the box just to see completed listings to see how much items are actually selling for.
I suggest starting small with one or two pairs so you dont have a huge risk.
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What Is A Reselling Business Model
A reseller engages in a reselling business. They buy and resell products with permission from the retailer, manufacturer, or wholesaler. As a form of dropshipping business, reselling business is easy to start and run, and its perfect for new entrepreneurs who want to sell online.
A reseller acts as a middleman between the manufacturers or product creators and the customers. The upside is that instead of creating your own products, youre exposed to an extensive collection of products to buy and resell.
Browse Shoe Liquidation Auctions On B
If shoes and sneakers are your hobby already, and youve been interested in getting in on the action but without the inflated prices, you can also look into liquidation footwear and apparel. Find shoe liquidation inventory from retailers like Amazon, Macys, Nordstrom, Journeys, and Zulily on their B-Stock private marketplace. Not only can you acquire a lot of inventory at once for the price youre willing to bid, but you can grow your reselling business faster than by buying one or two pairs of shoes at a time.
Check out A Guide to Buying Liquidation Apparel, Accessories, & Shoes for more information and register to become a B-Stock buyer today!
Join the largest global network of B2B liquidation marketplaces.
Buy directly from the worlds largest retailers and manufacturers
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Diversify Your Product Line
Adding new products to your business is a great way to expand into new markets and grow your business.
It’s important to note that adding new products and diversifying may not be in the cards for you right this moment, and that’s okay. You can always consider it down the road.
Here are some reasons you may want to considering adding/diversifying your product
- Meeting the needs of your customers
- Establish yourself as a top provider in your industry and stay ahead of the game with competition
- Resistance to downturns/trends fading
Choose The Right Platform To Sell Your Sneakers There Are Plenty Of Platforms That Allow You To Sell Sneakers
How to start a business reselling shoes. As a newbie the biggest hold up to your productivity is to be overwhelmed and do nothing. Always do a thorough analysis and try the business with one pair of shoes and sell on one platform at least in the beginning. One of the first things you want to do is consider what it is you do and dont want to sell.
You can start by creating an account on a consignment shop like stockx to resell the shoes there. Therefore you deal directly with either website to sell your shoes. You dont have to make a final decision to only sell one thing but consider what types of items you have access to or have knowledge about.
My mind started spinning and i became super driven to learn all that i could about the shoe reselling game. Do a thorough analysis and try the business with one pair of shoes and sell on one platform. If you have a love for womens fashion then you might want to focus on that.
The biggest tip is to just start small with one transaction. It doesnt matter if it is a new release or a used one although you need to be careful so as not to get the fakes. It was a pair of jordans that i bought for 190.
Do some research and pick one pair of shoes to sell on one platform. Choose the right sneakers for reselling. I sold them hours later for 300 an 80 profit after shipping.
After spending hours of research and using the little money that i had saved i bought my first pair of shoes to resell.
How To Start A Business Selling Shoes Ladybossblogger
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How To Price Your Sneakers
One of the most challenging aspects to starting a sneaker reseller business is determining how much to charge for your sneakers.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as “cheap.” Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it’s likely that they will explore the internet and look at other competitors to ensure they’re getting the best value + deal. This is why it’s so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It’s important that out of the gates, you identify the type of customer you want to attract and how much they’re willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you’ll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
Understand your costs
The actual cost of your sneakers may include things like:
Create revenue goals
The Journey To Over $10000 Per Month Reselling Sneakers
Getting to $10K in a month selling sneakers is a lofty goal, but when you break it down step by step, its actually achievable. Heres how we did and and you can too.
It is absolutely possible to make five figures, more than $10,000 per month reselling shoes.
Many people see resellers like Benjamin Kickz or Rashed Belhasa and wonder how these teenager are making so much money from just sneakers.
The Paypal account pictured above is what one good month of successful sneaker reselling can look like.
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At a net of about 30%, this is nearly a $4,000 profit.
Not bad huh?
A month like this came after many mistakes, and the following months came with a few setbacks including penalties from Paypal, which cost me thousands in lost potential income.
There are a few steps to take to reach a five figure month in selling sneakers or anything else for that matter. I prefer reselling sneakers because they are a high ticket item whose market is established and liquid, flowing at all hours of the day.
Here are 4 steps you can act on today to start your profitable shoe reselling business:
Step 1:Have at least $1,000 to invest initially.
How do you get this initial G? Well there are a couple different ways you can do this. Obviously you need to save money.
Are you historically bad at saving money? You can talk to your employer about setting this up through a direct deposit that goes to 2 different bank accounts.
Anyone can do it.
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Where Do You Buy These Shoes To Resell
I like to buy older models either through eBay or Facebook groups and sneaker conventions.
For new shoes, youll go directly to the brands website and either press your luck right on the release time or you can utilize a sneaker bot to greatly increase your chances of securing a pair at retail price.
There are also authorized retailers that stock desired shoes, like FootLocker or Eastbay, but its best to go with lesser-known sites like Mr. Porter and END to increase your odds of getting the shoes at retail.
Yes You Heard Us Right
Im about to catch some heat for this one.Im going to show you how to resell sneakers, and how to make money doing it.This is one of those times that Im glad I write under a pseudonym .If you ask any die-hard sneakerhead, anyone whos been in the game for more than 5 years, whats the worst thing to ever happen to the sneaker community, theyd all have the same answer:Resellers.Somewhere along the evolution of the marketplace, people realised there was money to be made in buying limited-release sneakers and reselling them for more than the retail price.And were not talking a couple of bucks here, either–some shoes resell for 2 to 3 times the retail price.Even the most casual sneaker fan probably has an idea of the money to be made reselling Yeezys. For example: a shoe that retails at Rs.15,000 can go for as much as Rs. 45,000! Talk about margins–thats better than selling weed, by a long shot.So we know theres money out there in sneakers. But how do you get a piece of that pie?There are a few things youll need to know before you start raking in cash from shoes.Lets get it:
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Make Sure You Get The Package Design Right
The way you package your sneaker reseller business is often the first impression your customer has – so it’s important to get it right.
You may want to ask yourself these questions:
If my product is on a shelf next to hundreds of other similar products:
- Will my sneaker reseller business stand out?
- Will the branding/packaging create a connection with my customer, and hence, lead them to buy?
There are hundreds of tools you can use to help with packaging and design:
- Canva – Allows non-designers to create beautiful Instagram/Pinterest posts, flyers, business cards, etc.
- Stickermule – High quality custom stickers you can include on or in your packaging.
- Noissue – Custom tissue paper and compostable mailers
- Rollo Label Printer – A great tool to print all shipping labels at home
Sheets & Giggles explains the motive behind their “Premium Unboxing Experience”
I had a particular vision for our packaging centered around one goal: because we were a DTC company and wouldnt do physical retail in year 1, we needed to focus entirely on an incredible unboxing experience that made the product feel as premium as possible.
Outside: a white box, nice wax coating, logo front and center with no other copy, easy to open, nice and sturdy.
Inside: make people smile from the get-go, have a social call-to-action, include free extra surprises , put funny copy all over the place, and add a donation bag that people could use to donate their now-defunct cotton sheets .
Nike Air Jordan 1s Turn A Reliable Profit
Instead, you want to look at more affordable sneakers that can then be sold for a higher profit after the initial retailer inventory is sold out.
A good example is Jordan 1s, particularly Jordan 1 Highs. These are popular sneakers you can usually find for $100 $200, but sometimes you can even find a pair under the $100 mark. They regularly sell on the aftermarket for well over $200.
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