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Everything You Need to Know About MSRP One of the most important aspects of running a successful business is knowing how to competitively price your products. You want to set a fair price for your customers, but you also want to ensure that you can make a profit from your sales. This is especially important if you are reselling because you will not be selling products at their MSRP, or Manufacturer Suggested Retail Price. Understanding MSRP and how it may impact your pricing can help your reselling business be more successful. The Basics of MSRP MSRP stands for Manufacturer’s Suggested Retail Price. These prices are most frequently used in the sale of cars, but they are available for nearly any product on the market. The company that manufactures the product determines what price would be best to sell, but retailers are not required to sell the products at that price. Some stores will lower their selling price to draw customers in. Others will sell below MSRP as a way to clear excess inventory from shelves and make room for new products. A reseller’s relationship with MSRP will be different than a traditional retail store because all of their products are secondhand, so they will automatically be sold below retail value. MSRP and Reselling If you are a reseller it means that you are purchasing secondhand products for a significantly lower price and reselling them to customers. As with any business, resellers must find a balance between offering prices that are affordable for their customers, but also return a profit for them. Basing prices off of the MSRP of a product can help make that possible. When you have a solid understanding of what the retail cost of a product is you can calculate a fair price for reselling. Some resellers choose to sell for a certain percentage of the retail price, but that is often dependent on the price they pay for the product. Other resellers will cut a specific dollar amount from the price to determine their selling price. Regardless of the method you choose, it is important to be aware of the MSRP for the products you are selling so that you are able to attract and retain customers. Leave a Reply Cancel Reply Logged in as ndoforakamnibi2. Edit your profile. Log out? Required fields are marked * Message*

3 Tips for Finding Your Perfect Reselling Platform Reselling is an industry that has grown exponentially in recent years and is not slowing down. Selling secondhand clothing, home décor, accessories, tools, and anything else you can find is a great way to make some extra income. Finding success in the reselling industry takes more than just posting products for customers, though.  There are seemingly endless platforms available for online resellers. Some platforms are better suited for posting an assortment of general merchandise, while others provide a storefront for each user. You will need to find a platform and business structure that works best for you so you can serve your customers better. Here are three tips to help you choose what platform is the best fit for your business.  Three Tips for Choosing the Best Platform Decide What to Sell. One of the best ways to set your online reselling business up for success is to be intentional about what you choose to sell. Making this decision early in the process will help you determine your ideal customer and find the best suppliers for your inventory. Decide Who to Sell to. Once you have determined the products you will sell you can then decide who you want your customers to be. When you are finding your target customer it is important to consider some key factors about the customers that may help you reach them. Some things to consider when choosing target customers are age, education level, career, income, and location. When you decide which of those factors you want to target it will be easier to select your ideal customers. Decide How Much Time to Commit. Online reselling is a great way to earn extra money on the side, but it also has the potential to be a full time business. Whether you want this to be a side hustle or an entirely new career will be determined by the amount of time you want to dedicate to it. Some platforms require more time than others in order to be successful, so if you only want to resell on the side it may be best to avoid those platforms. Decide how much time you are willing to commit to your reselling business and let that choice guide you as you choose your selling platform. Taking the time to make these decisions before you launch your online reselling business will help set you up for success. Knowing the products you want to sell, who you want to sell to, and how much time you can dedicate to your business will help you choose the best platform to meet your needs. Regardless of your answers to these three tips, it is essential to have a solid plan in place before you begin reselling online Leave a Reply Cancel Reply Logged in as ndoforakamnibi2. Edit your profile. Log out? Required fields are marked * Message*