Looking to up your sourcing game?
Are you looking to up your sourcing game? Sourcing the right inventory is the cornerstone of success in the competitive world of online resale. From uncovering hidden gems at thrift stores to exploring non-retail avenues like estate sales and overstock auctions, the art of sourcing requires strategy, knowledge, and a keen eye for quality. Here are 4 tips to help you curate a standout inventory that captivates buyers and drives profits. Let’s dive in!
- Find your local niche
One of the best things you can do to help with sourcing is identifying your local niche. Consider your local climate, culture, and local sources of inventory. For example, where I live on the East Coast of Canada, I tend to have good luck finding beautiful vintage coats, like this stunning vintage Penny Lane style coat recently sold on Etsy or this 70s sheepskin coat available in my Poshmark closet.
On the other hand, areas like the Pacific Northwest may offer abundant outdoor brands like Patagonia or Arc’teryx, which I almost never find in my area! By understanding your local market, you gain a competitive advantage in sourcing items that will appeal to buyers across the country and beyond.
- Learn Your Thrift Stores:
Take the time to familiarize yourself with the thrift stores in your area. Understand how they organize their inventory and when they restock racks. Learn how to identify their newest inventory (usually the tag colours). Knowing these details can help you plan your sourcing trips more effectively.
Additionally, inquire about discounts, coupons, or special sale events that can further maximize your savings. Remember many stores also give discounts and coupons when you donate. - Explore Non-Retail Options:
Don’t limit yourself to traditional retail outlets when sourcing inventory. Explore alternative options such as local overstock auctions, estate sales, and online marketplaces. These avenues often offer unique and high-quality items that may not be readily available in retail stores. Keep an eye out for estate sales or online auctions in affluent neighbourhoods, as they can be treasure troves for designer clothing and accessories.
One of my favourite non-traditional sources is the annual charity sale of a local consignment store. It’s only once a year, but everything is $2! TWO DOLLARS! Last year at this sale, I snagged this sweet Betsy Johnson dress and this classic LBD from Ted Baker among other things.
- Don’t Be Afraid to Spend More:
While it’s tempting to stick to a strict budget when sourcing inventory, don’t be afraid to invest in higher-priced items if you expect a quick sell-through and a good return. When I first started out, I was hesitant to spend more than $10 on an item, but over time I’ve come to understand that sometimes, spending more upfront can lead to better returns in the long run.
Consider the potential profit margin of an item rather than focusing solely on its purchase price. For example, I recently bought this Lululemon half-zip dress for $30, and it sold within a week for $80. Of course, you need to make sure you know what’s in demand and do your research on the items to make this tip work for you.
Investing in fewer items with higher profit margins can streamline your workflow and ultimately increase your profitability.
I hope that these tips have been helpful to you! What are your best tips for sourcing? Feel free to share them in the comments, so we can all learn from each other.
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