5. Sell Your Overstock Products On Online Marketplaces
Another great way to run down your surplus inventory is to sell items on eCommerce sites like Amazon, eBay, or Etsy. However, it’ll take a little longer to sell out as you will have to create product pages, photograph, and market each item according to the rules and expenses of each platform.
Still, these sites could be great ways to help you sell your excess inventory as they account for the largest share of online purchases worldwide. Here’s what you need to know about each platform before you consider selling your surplus inventory there:
Before you start selling products on Amazon, you must first choose the sales plan that suits you. There are two plans: An individual plan and a professional plan. The individual plan costs $0.99 per unit sold (up to 40 units sold per month). The professional plan costs $39.99 per month, regardless of the number of items you sell.
Also, before you sign up with Amazon, be aware that you will have to pay additional seller expenses. For each item you sell, Amazon will charge you a referral fee. Generally, most referral fees are between 8% and 15% of the sale and depend on the type of products you consider selling. In addition, if you also want to take advantage of Amazon’s FBA services, you will also be charged a fulfillment expense which represents the cost of shipping your orders. Some additional selling expenses may be added if you use other optional programs to boost your sales of overstock products.
eBay is one of the largest online market platforms in the world, with over 180 million active buyers each year. To sell on its platform, eBay offers two options to vendors.
The first option is to purchase a monthly subscription for your store. For this first option, there are four plans or formulas: the starter plan, the basic plan, the premium plan, and the anchor plan. Each of these platforms allows you to list as many ads as your chosen plan allows you to sell your excess inventory.
The second option is to become a seller without a plan. This option allows the seller to list products for sale and pay an insertion/listing fee of $0.35 per product. You pay this fee when you sell more than 200 products.
For each sale made, whether you have a sales plan or not, you have to pay an average commission of 10%. So having a selling plan can be a better and cheaper alternative for selling on eBay in the long run.
Like Amazon and eBay, Etsy is also one of the largest marketplaces in the world, with most sellers being college women in their 20s and 30s. If you consider selling your overstock products on Etsy, you’ll be charged a 20 cent listing expense. Etsy charges you a 3.5% expense on every sale you make.