It’s not just those who earn the minimum wage that is living paycheck to paycheck. Nearly 40 percent of Americans with incomes over $100K are as well.
They’re just as stressed as people making $30K. So most people feel they don’t make enough money.
This leads them to pursue side hustles to help make ends meet and earn more fun money. And retail arbitrage is one of the best ways to get started.
It’s a simple business model. You go to retail stores to buy things on sale that you can sell for more money online. The best stores for retail arbitrage have ample amounts of products that people are searching for online.
All you have to do is fill the gap. Take what’s at your local store and make it available online.
So which stores should you visit for product sourcing? Keep reading below to find out.
Local Thrift Stores
So you want to run a retail arbitrage business? Want to build an income working for yourself, on your own schedule?
Then get well acquainted with the thrift stores in your area. And not just your immediate area. The greater area you live in.
There might be a handful of thrift stores in your local town. You’ll stop by these at least weekly, if not more frequently.
If there are any bigger metro areas nearby, you’ll also need to get familiar with them. Big cities will have dozens of thrift stores, full of opportunities for you to find Amazon treasures.
Most people who do Amazon arbitrage full time will also visit towns and cities up to two or three hours away from their homes. Making the trek to these other areas once or twice a month can often pay off big time when you find whole collections of brand new items.
Most people who donate to thrift stores are individuals, who provide used items. But many times, they’ll bring unopened merchandise into thrift stores. Many businesses will also donate excess products or supplies in order to free up space in their facilities.
If you remember anything at all in this article, it’s that retail arbitrage starts with local stores.
Goodwill
Goodwill is just a brand-name second-hand store. But they’re all over the country. And they have a positive reputation. If people are given the choice to donate to a random thrift store or a Goodwill, there’s a good chance they’re taking their stuff to a Goodwill.
Plus, Goodwill has consistent standards and procedures across all of its stores. Shopping here is easy to do, and finding good deals on new and gently used products is very efficient.
Overstock Stores
Otherwise known as liquidation stores, overstock stores are those that will buy or receive excess stock from well-known retailers. When products go out of style or become even the slightest bit outdated, they’re removed from the shelves at the big box stores.
But they aren’t just trashed. They are sold at these liquidation stores. Think electronics, toys, bedding, tools, home appliances, and more.
The good news about these stores is that if they have one product, they likely have a lot of them. They don’t just sell one-off items.
If you find a toy that can make you a $10 profit, you don’t just need to buy one. You can buy their entire stock, be it 50 or 500.
If you can land a good day at a liquidation store, you can make up for countless trips to stores that yielded nothing.
Wal Mart
Wal-Mart is a favorite among product flippers. These stores sell products in every category, and there are always sales taking place. The clearance aisle at Wal Mart is often the gold mine.
The key is getting to the clearance aisle before everyone else. This often means going early in the morning, after shelves have been stocked.
It’s also important to know about gated items. There are certain products that Amazon and eBay no longer allow flippers to resell on their platforms. Lego toys are one of the most prominent.
So if you see a good deal on Legos, you might have to sell it locally on Facebook rather than on Amazon.
Ross
Ross is a discount store that focuses on clothing but has quite a bit of everything. Many people consider them an overstock store, as they often sell a surplus of last season’s styles or last year’s merchandise.
As a result, everything is cheap. Finding great deals on popular brands is easy to do if one of these stores is nearby.
Home Depot
Most new flippers don’t think about going into Home Depot. But they often have tons of items for sale at any given moment. And home improvement products are always in demand.
Drug and Convenience Stores
Wherever you live, you probably have two or three of these stores within a mile or two of your house. These can be gold mines, especially during certain times of the year.
Walgreens and CVS for example, sell lots of seasonal items. During the holidays, you can find popular Christmas items like Elf on a Shelf, decorations, and toys.
And these are items that sell year after year. But anything they don’t sell before the holidays immediately hits the clearance rack. So post-Christmas, you can find tons of merchandise that you can sell for full price.
The catch is that you likely won’t sell it until next November. If you can float that expense for the better part of the year, you can make good money on holiday clearance items.
Garage Sales
No, this isn’t an actual store. But it’s often where the best deals are found.
Local garage sales can yield some serious wins if you’re the first customer to arrive in the morning. You just need to be ready and willing to shop bright and early on the weekends.
Frequenting the Best Stores for Retail Arbitrage
After a few weeks or months of flipping items online, you’ll quickly start to learn what works best for you. You’ll figure out what the best stores for retail arbitrage are in your area, and you’ll be able to define the strategy that can help you make consistent cash.
And who knows, maybe you’ll make it to the big leagues and get to do arbitrage full time.
Looking for more money-making ideas? Visit our blog now to keep reading.
