It's an interesting story, but isn't it far more efficient to find a single product that has good selling potential and just put your effort into sourcing that product? Instead of spending $1000 on 10 different categories of product, spend $10,000 on one product, thereby leveraging economies of scale.
28-year-old makes millions buying from Walmart, selling on Amazon
151–160 of 203 posts
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#152It's an interesting story, but isn't it far more efficient to find a single product that has good selling potential and just put your effort into sourcing that product? Instead of spending $1000 on 10 different categories of product, spend $10,000 on one product, thereby leveraging economies of scale.
Maybe, but this is pretty basic portfolio theory here. Diversification means you have less effect on the price of any one good (consider that you need buyers for your goods) as well as less risk of an abrupt Amazon price cut wiping you out.
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#153Many brands are "gating" their products on Amazon so only select resellers can sell them on Amazon. For example, the article mentions LEGO--restricted. You need to show Amazon proof that you purchased your products from a credible distributor in order to list your LEGO products. Receipts from Walmart are not enough.
Do you have a source for this? I've never had trouble selling Legos on Amazon.
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#154Earlier quoted context omitted.
Here in US people are doing that with IKEA. The closest IKEA is about 2.5 hours way and you can put in a order through them and they make a weekly trip to buy your item and you can pickup it up locally.
Ah, thank you for the comment. I'm guessing IKEA don't ship any where in that case and that isn't specific to just Australia. Paying some one else for the luxury and buying it through an online medium like eBay is a pretty decent alternative to a 2.5 hour drive.
> I'm guessing IKEA don't ship any where in that case
They do ship, but only within a small radius of their stores.
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#155Walmart must be trying to dump inventory for the cost of an article. =P
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#156Good for him, but I really wish for a better class of business journalism. He's been doing this 4 years, and never made more than $150k/year. So he definitely isn't somebody who "makes millions".
How many startups would love to make this much a year??
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#157[deleted]
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#158My friend does exactly this between IKEA and Ebay. Here in Australia, IKEA does not ship (not sure if they do else where) so she buys a heap of items at the Ikea stores and flips them online. She's been doing it for years and does pretty well at it. Here in Australia, IKEA stores are few and far between so her arbitrage is a huge value add for a lot of her customers since IKEA cannot (won't?) ship and traveling X KM'…
Here in US people are doing that with IKEA. The closest IKEA is about 2.5 hours way and you can put in a order through them and they make a weekly trip to buy your item and you can pickup it up locally.
There is a service like that in Charleston, SC as well. I have often wondered if these businesses are actually associated with IKEA in some way. It seems to be a strange business to be independently run, especially when there are quite a few of them out there.
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#159Is this evidence that on average you can expect to pay more on Amazon? I thought part of the appeal of Amazon was that it was generally the opposite?
Re: 28-year-old makes millions buying from Walmart, selling on Amazon
#160Why don't Wal-Mart and other retailers get into this game themselves? They know their own stock, they could constantly compare their in-store prices to what they could make selling on Amazon. After they develop the processes it would just be part of their usual inventory management.