10 Biggest Reselling Mistakes you might be doing – PART 2
Yes, as a business owner, we all want to earn more money than we initially planned to get. You might be leaning towards a bigger profit margin than you initially targeted, and often times, we tend to adjust our pricing based on our profit preferences. While this strategy might work for some, this can lead to confusion or misinterpretation in the perspective of the buyer. There are resources available online where you can compare prices all across the world, even in different currencies so you can match your pricing competitively in the market while getting the appropriate profit you need.
7. Not having a refund/return policy.
“A concise and clear return policy gives consumers a feeling of security; that what they are buying is guaranteed to be what it is represented to be. If a retailer doesn't give this guarantee, then consumers often become suspicious and avoid buying the product.”, said New York Times in one of their business articles. This is the true essence of a refund/return policy. It protects the buyer if ever they receive a defective or damaged item.
8. Not being dedicated to reselling.
For established resellers, this business if their bread and butter. While for others, this is just a part time gig that they do on their spare time. While both methods work well in earning money, reselling requires a good amount of time and great effort in order for your business to thrive and be stable. It doesn’t matter if you’re reselling just on the side. Take your time to learn best practices in reselling (read this blog!), and fully immerse yourself with the beautiful process that comes with it.
9. Not gathering customer feedback.
We’ve mention in the previous blog that your customer is the heart of your business. This is very true especially once they’ve already made a purchase. Following through with your customers is one of the steps of the customer journey. Gathering feedback from your customers is a crucial step in strategizing and knowing if your business if on the right track with your goals. There’s no better person that can tell you that other than your customers!
10. Not doing quality check.
Lastly, you must be the first critic of the items that you are selling. Do quality checks as needed especially when you’re selling in bulk because you have to make sure that every single item included in the package is in crisp and pristine condition before handing them over to your buyers. You can set standard for every product category and follow your set criteria so that you customers.