Hi there internet friends! I hope you are all well today. I’d like to go over what inflation means for resellers, and how we as small businesses, (or even large ones), are affected by it. Unfortunately, this is just something that occurs with time, however, there are a few ways to combat our current situations. Let’s talk about those.
What Inflation Means for Resellers
Inflation has always been around, and it’s not going away anytime soon. It’s actually gotten worse over the past year, with the global pandemic and unemployment checks coming into the system.
As nice as those stimulus and tax checks are for resellers, they also have a downfall. The months of tax season are usually some of the best, right up there next to Q4. (Quarter 4 of the year).
But then, things typically get back to normal, and guess what, we still have to find more inventory! By actively choosing to keep your costs as low as possible, we can manage through the inflation and still come out on top.
Here’s a few points about inflation to touch on:
- Inflation reduces the purchasing power of our dollar
- More money is now needed to purchase the same items as previously
- Income usually doesn’t increase at the same time
- Lowers the level of everyday consumer spending
- Results in reducing the amount of sales for businesses
How Do We as Resellers Resist This?
Well, there’s a few things we can do. One of them is something I’ve already mentioned.
- Keep your costs down as much as possible
- Try your hand at finding wholesalers
- Be on the lookout for bulk buy opportunities
- Consider raising prices slightly or adding shipping costs to items
- Run an audit on your older inventory, and breathe new life back into stagnant items
- Stock up on free shipping supplies from usps.com or find them at box stores
- Keep your expenses down by printing your own cards
- Run sales on your store to increase attention
- Schedule a pickup from usps.com to save gas money
As you can see, there are quite a few things we can take part in to eliminate unnecessary costs and encourage more sales. It will take a little bit of effort to get these things underway, but once they are set in place, you can be sure to combat the inflation as much as possible.
If we continue to sell online, we must continue to adjust our business models to pivot to the needs and wants of our customer base. We need to constantly be thinking of new ways to cut costs and more ways to make sales, as the rate of the dollar increases year over year.
Shipping will keep going up, and most supplies will always rise as well. If we can continue to stay observant on how to adjust to these changes, we will continue to run successful and thriving businesses.
Thank You!
A giant thanks to everyone that has supported me this far into my journey! I greatly appreciate you returning to read my posts hope that you will continue to drop by in the future.
Please feel free to drop any comments below that you would like to add! I am always open to advice, suggestions, or even hearing related stories of your own!
I stay as active as possible in the comment section, therefore I will reply to any questions asap.
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Happy selling friends!
-Shelby
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*Resources: https://www.bbc.co.uk/bitesize/guides/zrwtmfr/revision/5