📝 Amazon Wholesale: Debunking Common Myths and Finding Profitable Suppliers
Are you interested in making money with Amazon wholesale but feeling discouraged by common myths and roadblocks? You're not alone. As someone who has been on YouTube for almost three years, I've received the same set of comments and questions from viewers since my first month on the platform. In this article, we'll address two of the most common myths about Amazon wholesale and provide practical tips for finding profitable suppliers.
Myth #1: Amazon is on every listing
One of the most common comments I receive is that Amazon is on every listing, which is simply not true. While Amazon is on a large number of listings, it's not on every single one. If it were, third-party sellers wouldn't be able to sell more products than Amazon themselves on their own platform. Amazon is on a large number of listings because it's their platform, and they want to make money selling on their own website. However, third-party sellers like us can ride the coattails of Amazon and create successful businesses based on what they've built.
According to an article I found, Amazon sells more than 12 million products on the platform, not including books, media, and wine. If we add up every single product they sell, including books, media, and wine, it's around 25-30 million different products. However, when we factor in Amazon Marketplace sellers like ourselves, the total product counts sold on the platform balloon up to 353 million different products. So, there are more than enough products to choose from to sell on the platform.
It all comes down to where you're looking. If you're only looking at the biggest brands with the most notoriety selling the fastest products, then you're likely to see Amazon on many of those listings. However, if you look into some of the slower-selling products that Amazon isn't interested in, they may not be on those listings. The key is to adjust your search and not to get discouraged by the myth that Amazon is on every listing.
Myth #2: There are no profitable suppliers
Another common myth is that there are no profitable suppliers. Many people have searched for suppliers and haven't found any profitable ones. However, the truth is that finding profitable suppliers takes time and effort. If you're just starting out, you're likely doing it by yourself, and it's not realistic to contact 50 suppliers every single day for three months. The chance of you doing that is very unlikely.
The first step is to be honest with yourself about how many suppliers you've actually contacted and how many you've signed up with. Have you made a decent attempt at building a relationship past just getting their list and spending two minutes on it? If you've contacted a high volume of suppliers, you've likely missed some potential great suppliers because you're moving too fast.
The key is to slow down, take your time, and build a relationship with your suppliers. It's not just about signing up for a wholesale account and getting their inventory list. You need to take the time to negotiate and build a rapport with them. It may take time, but it's worth it in the end.
Tips for Finding Profitable Suppliers
Finding profitable suppliers takes time and effort, but it's not impossible. Here are some tips to help you find profitable suppliers:
1. Contact a high volume of suppliers
As I mentioned earlier, you need to contact a high volume of suppliers to find profitable ones. I recommend searching for 50 to 75 to 100 suppliers every single week. It may seem like a lot, but it's necessary to find the right suppliers.
2. Build a relationship with your suppliers
Building a relationship with your suppliers is crucial to finding profitable products. Take the time to negotiate and build a rapport with them. It may take time, but it's worth it in the end.
3. Look for slower-selling products
Don't just look for the fastest-selling products with the most notoriety. Look for slower-selling products that Amazon isn't interested in. These products may not have as high of a profit margin, but they can still be profitable.
4. Evaluate the data
Learn how to evaluate the data to find profitable products. Look for products that have a good sales rank and are in a fast-moving category. Also, look for products that Amazon shares the buy box with third-party sellers.
5. Be patient
Finding profitable suppliers takes time and effort. Don't get discouraged if you don't find profitable products right away. Keep searching and building relationships with your suppliers.
Pros and Cons of Amazon Wholesale
Like any business model, Amazon wholesale has its pros and cons. Here are some of the pros and cons of Amazon wholesale:
Pros
- Amazon is a well-established platform with a large customer base.
- You can leverage Amazon's brand recognition to sell your products.
- You can sell a wide variety of products on Amazon.
- You can work from anywhere with an internet connection.
Cons
- There is a lot of competition on Amazon.
- Amazon takes a percentage of your sales.
- You need to find profitable products to sell.
- You need to build relationships with your suppliers.
Highlights
- Amazon is not on every listing.
- Finding profitable suppliers takes time and effort.
- Contact a high volume of suppliers and build a relationship with them.
- Look for slower-selling products and evaluate the data.
- Amazon wholesale has its pros and cons.
FAQ
Q: Is Amazon on every listing?
A: No, Amazon is not on every listing. While they are on a large number of listings, they are not on every single one.
Q: How many suppliers should I contact?
A: I recommend searching for 50 to 75 to 100 suppliers every single week.
Q: How long does it take to find profitable suppliers?
A: Finding profitable suppliers takes time and effort. It may take several months to find profitable products.
Q: What are the pros and cons of Amazon wholesale?
A: The pros of Amazon wholesale include leveraging Amazon's brand recognition and selling a wide variety of products. The cons include competition on Amazon and the need to find profitable products.
Resources
- [Amazon](https://www.amazon.com/)
- [Amazon Marketplace](https://www.amazon.com/gp/help/customer/display.html?nodeId=200186090)
