An Amazon seller made their biggest purchase on the platform, spending $140,869 on a shipping container of LEGO products. They sold toys, games and electronics on Amazon, and shared their five-step method for successfully sourcing items to sell. The steps include picking a niche, reaching out to 30 suppliers a day, scanning inventory lists on a tool called Scan Unlimited, placing an order with a supplier and then reaping in profits. The seller only made about $14,000, or a 10% return on investment, due to waiting for inventory to be restocked.
The Biggest Purchase I Ever Made on Amazon
Amazon is one of the biggest marketplaces in the world, and many people have made a fortune by selling products on the platform. However, one seller decided to take it a step further and make a big purchase of their own. That seller is me, and the purchase I made was a shipping container filled with LEGO products, costing me a whopping $140,869.
How Much Did I Make?
Many people would assume that I made a huge profit from this purchase, but the reality is quite different. In fact, I only ended up making about $14k, which amounts to a 10% ROI. This might not seem like a lot, but it’s still a decent amount of profit.
The Five Steps on How I Did It
If you’re interested in scaling your Amazon business, here are the five steps that I followed to make my biggest purchase:
Step One: Pick a Niche
The first step to scaling your Amazon business is to pick a niche that you’re passionate about. In my case, I chose to sell toys, games, and electronics.
Step Two: Reach Out to 30 Suppliers a Day
Once you’ve picked your niche, the next step is to reach out to suppliers with a professional email signature. I recommend reaching out to 30 suppliers a day. Out of those 600 suppliers, you should get about 100 that want to do business with you and provide inventory lists.
Step Three: Scan Those Lists on a Tool Called Scan Unlimited
Once you have the inventory lists, the next step is to scan them on a tool called Scan Unlimited. This will help you identify the profitable products that you should be focusing on.
Step Four: Place Set Order with Your Supplier
Once you’ve identified the profitable products, it’s time to place a set order with your supplier. This will help you get the products you need at a good price.
Step Five: Reap in Those Profits
The final step is to sit back and reap in those profits. However, there is one thing to keep in mind. If you have to wait to get the products from your supplier, there’s a risk of the inventory price crashing. So always ensure that you have the products on hand before listing them on Amazon.
Scaling your Amazon business isn’t easy, but if you follow these five steps, you can make it happen. Who knows, maybe you’ll end up making a big purchase like I did someday.