Amazon FBA sellers can work from anywhere in the world as long as they have a smartphone and internet connection.
There are plenty of opportunities to make money selling on Amazon.
Bob Schneck just put together a new video explaining how to execute a closeout purchase or as he likes to call it an "opportunity buy."
Bob Schneck says he has two different types of suppliers he likes to work with.
The first type of supplier is the ones he uses to create passive residual reoccurring income, meaning he continually orders the same product from them every month to generate great returns.
The other type of supplier is the ones who do not have a consistent source for the same products, but they come to him with a limited edition or limited quantity brand name products.
Those products are great opportunities to purchase all of the units from the supplier and generate profits, which is why Bob calls them "opportunity buys."
In the YouTube video, he walks through an actual example of a closeout purchase he made recently.
The supplier reaches out to him with a spreadsheet of products and encourages him to send in any offers for products he is interested in.
The spreadsheet had 373 different products on it. Now, that would take hours to analyze all 373 products!
Which is why Bob uses ALGO Online Retail's Analyzer tool. The analyzer tool evaluates the spreadsheet and tells him which products will be profitable.
He then chooses a product and calculates the profits manually to double-check if the analyzer tool is correct.
The product he chose in the video is a Fisher-Price Spacesaver Highchair. It is selling for a buy box price of $119.99. JungleScout estimates 150 monthly sales for this product. There is only one other seller matching the buy box criteria. This means if Bob lists the product, he will get approximately 75 sales per month.
The supplier has 85 units left for $28.50 a piece. So it will take Bob a little over a month to sell out.
After all the FBA fees, shipping costs, and cost of the product, he makes a net profit of $39.74 per unit sold.
After selling all 85 units, he makes a net profit of $3,454.
That is an amazing 140% return on investment!
This was a golden opportunity! But the thing with closeout purchases is you need to pull the trigger fast or someone else will.
Click here to watch the full video.
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