Retail Arbitrage - Mistakes to Avoid

<span style="font-weight: 400;">I know that a lot of you out there are still doing retail arbitrage (even though I’d love for you to get into wholesale bundling, which is more sustainable, less risky, and will put more money in your pocket!), so on today’s episode, I’m talking about some of the common mistakes people make in retail arbitrage and how to avoid them. First up, mistake number one is that a lot of people focus way too much on the Amazon Best Sellers Rank (BSR), using it as their only point of data for making buying decisions when they should also be looking at things like the length of product history and the price history. Mistake number two, meanwhile, is an overreliance on Be On the Lookout (BOLO) lists. People waste a lot of time, money, and energy searching for these items without ever finding them, just because they don’t want to do the work. BOLO lists are fine as a jumping-off point, but you’re better off putting in the effort and creating your own process and system that works for you. And mistake number three is buying top-branded, highly ‘counterfeitable’ items, which can get you into trouble if you’re asked for proof of authenticity and can’t provide it.</span> <p><span style="font-weight: 400;">Mistakes four and five kind of go together: being overly picky and not having a plan. Instead of ping-ponging around a store and cherry-picking items, go with a plan of choosing a specific section and scanning everything there. That way, you’re learning about your market, and by being systematic and organized, you’ll become more efficient and more skilled at knowing the products that’ll sell well. Next, mistake number six is not looking for replenishable items and avoiding seasonal items. Some of these come with added responsibility, especially consumables, but they’re also low-hanging fruit and can be real moneymakers, so think about bringing them to the table when you have the opportunity. And finally, mistake number seven is actually the number one mistake to avoid: not diversifying your busines