There are various ways of making money online, one of which is the mini importation business, what most people don’t know is that making money from the importation business comes in diverse ways and the amount of money you make from this business depends on how deep a thinker you are.
The overall idea of importation business is to get goods at a ridiculously cheap price and sell them off for high profit in the country.
When it comes to mini importation business, the first thing that comes to the mind of an average Nigerian importer is “Chinese market”. On the other hand, it is also possible to make huge income from the online importation business when you explore other market place online, most especially the American market.
I have written many instructional guides on how to be a successful importer but most of the focus has always been on Asian market, in today’s post, I would show you how to buy cheap premium product from EBay Auction, ship it to Nigeria and how to make maximum profit from your product.
Cheap Ebay Auction.
The article will be in three parts; the first part will focus on searching and buying process, while the second and third part will discuss the shipping and the selling process respectively.
SEARCHING AND BUYING
The main concept behind buying from EBay is to bid on premium product (most of which are fairly used) and sell them at a relatively high price in Nigeria. A perfect example of these premium products includes IPhone, Laptops, Washing Machine, Basic Utensils, Game consoles, Games DVD, Monitors etc. You can think of any branded product that Nigerians would invest real money on.
The beauty of an auction is that you’re competing with others which most times sellers would put the minimum price tag on their product with the hope that the bidding will eventually increase the final selling price, at the same time there is a “buy now” option that allows buyer to pay the specified amount for the product.
As a buyer, your main aim is to scout for your product and keep bidding on it until the final day. Here is where the trick comes in;
First, you would head over to ebay.com and create about five (5) different accounts on the site using different emails. You would only need one account for buying purpose, while other accounts will be used for bidding purpose. The idea is to create a monopolistic bidding on the item you’re about to buy, so that you would eventually win the bidding and get the item at your desired price.
Once the accounts are created, you would then search for your desired product and begin to place a bid; the initial biddings should be placed with your bidding accounts while the final and purchasing bidding should be done with your main account. The key to successful bidding is timing and proper planning.
Here is a practical example:
Let’s imagine you’re placing a bid on refurbished iPhone 4S phone, and the initial price is about $100, knowing fully well that a fairly used iPhone 4S (unlocked) would sell for about #30,000 in Nigeria, making a profit of #5000 on a single item is not too much, so you would want to bid in excess of $10-$20 dollar (depending on your generosity and how much profit you’re willing to squeeze out of the deal).
When you find your desired product, you would place an initial additional bid of $1, then you would save the link to the product and monitor the progress for another 24hours. If there is no significant activity on the product, you would log in with your second bidding account and bid on the same product with another additional $1, increasing the bidding price to $102 so far, you will keep monitoring the product for another two or three days. On a good deal, you might be the only buyer bidding on the product, but in some cases, you would be competing with other buys and this is when your other bidding account comes into play.
Use the other bidding account to out-bid other buyers without spending more than your budget. Once the bidding price becomes higher than your set price, you can as well find another product and repeat the same process until you win a bid on good deals.
It’s very easy to start and end a bid, all you need is a proper record of the products you’re monitoring and the specific amount of money you’re willing to invest in the purchase of the product.
Payment and Shipping to Nigeria
Depending on the location of your buyer, the method of payment and shipping might differs.
Since Nigerians can now make online payment using their PayPal account, the payment process is straight forward and secured.
Once you place your final bid on the desired product, using your “Buying Account” you can then make payment through PayPal and move on to the next stage of the purchase which is shipping.
On shipping, I have mentioned it several times that it’s cheaper and easy to use third party address when shipping from the United States to Nigeria. The main reason for this is not far-fetched.
Carrying out the shipping directly to your Nigeria address might be expensive, and it tends to take longer period of time compared to using a third party address. It might also be very stressful and cost-ineffective provided you’re making various purchases from different store.
As a result of this, I strictly advice that use a third party shipping company like ShippyMe, they charge based on the weight of item being shipped to Nigeria, another advantage of using a third party shipper is that; they help in repackaging all your goods into a single box and as a result you can always buy goods from time to time and order shipping on monthly basis.
Selling In Nigeria
A good importer must understand the basis of marketing and branding of goods…
It’s not a complex process, and it’s a trait that must be found in prospective business individual that is willing to make impressive income from the business.
There are cases when a customer would specifically request that you get an item for them, in such cases, you don’t have to pass through the stress of marketing the product once it gets to Nigeria.
But in cases where there is no buyer on ground, you’d have to market your goods at the right places. And the first place that comes to mind is Jumia and Konga. These sites are trusted and it’s easy to create a store on Jumia, direct traffic to the store and sell your goods at maximum profit.
You can create a Facebook page for your Jumia store and invest some few dollars in promoting your newly arrived product using Facebook ads. This method works all the time, most especially if you’re trying to sell an electronic device.