Flipping continues to be an area where if you hustle, and you learn about the places to buy low and sell higher, you will continue to make money. The largest issues for most getting into flipping, is where to find the inventory! Sure you can go the cheap route with Temu and flipping it online, taking a risk on a wholesale lot and trying to piece out the selling, but that can all become a nightmare logistically with tight margins.
Enter in: Live selling
The Perfect Match: Live Selling and Reselling
We are going to look at live selling from the buy side (customers buying at a low price to resell later) or the seller itself (selling their products in mass for profit). Live selling has it’s risks on both sides if you’re trying to flip, but if you are familiar with the marketplace, you can make out on both ends
Buying Products Through Social Selling to Flip
Let’s set the scene first. You’re a buyer looking to acquire products that you can resell ,and ideally you’d like to do this all online (verses taking a a weekend and driving to multiple garage sales). For this purpose, we are going to use Whatnot to try and purchase inventory for cheap to resale.
The next step is to focus on a product niche or type that you are familiar with. In this instance, I’m going to use NFL jerseys and walk it down
- Retail Store: You can pay full price retail at a Nike store for a Saquon Barkley jersey for $130
- Online Store: You can pay slightly cheaper for that same jersey for $109 on Fanatics
- eBay: You can go on eBay and buy that jersey for $70 + shipping and handling
- Whatnot: You can go on Whatnot and buy that same jersey for $30 plus shipping and handling
Well wow, in that case, I’d be buying in bulk on whatnot for $30 and selling them all day long on eBay for $70. Take out the eBay fees, you’re still left with a hefty profit. The largest downside here, is knowing the market enough to know that while the jersey might not always be Barkley, you can still get quality name authentic jerseys for a steal that you can flip. If you apply that principal across multiple product lines (sneakers, trading cards, clothing), there’s a huge flip opportunity that you can capitalize on. If you already have inventory, you need to look at what price points these are selling on platforms. What’s great about platforms like eBay, you can see what things have sold for and when. As a result, if you have the information you need to see if there’s enough of a spread for you to be profitable. Honestly, the sell side of this equation is rather easy.
Authenticity Sells: Why Live Commerce is Crushing Traditional Retail
Personal authenticity and genuine product enthusiasm give resellers a HUGE edge in social selling, setting them apart from traditional retail channels. We all crave connection, an area that social media was suppose to fill, but for the past several years, it has turned into an UNAUTHENTIC source of connection. Live selling brings back authentic connections with their audiences by sharing personal experiences, and live interaction. When a seller has a persona on top of it, it’s no surprise that live selling is loved by both buyers and sellers.
The success of live selling goes beyond just authenticity – it taps into the fundamental psychology of shopping. Normal e-commerce is a one to one “lonely” experience. Your browsing a site, possibly doing some research then buying. On the other side, live selling creates a shared experience that mimics the energy of in-store shopping with friends, combined with the high energy of an auction. This community aspect, combined with the excitement of bidding creates a powerful sense of FOMO (Fear of Missing Out) that drives purchasing decisions.
If you are looking to resell your product in an engaging and personal manner, flipping as a seller through live selling is a tremendous avenue to explore. You’ll have the ability to bring life to a product that is kind of “eh”. With that, you’ll start having followers that will want to watch you every time you have your next show.