One year of a global pandemic later and reselling is still growing. For some, it’s a full-time job, and for others, it’s a part-time gig to supplement their income. There is a plethora of opportunity when it comes to reselling. But as is the case with all things, there will be ups and downs. For us at B-Stock, we wanted to know what those ups and downs were.
So, just how was the B-Stock community impacted by COVID-19? We asked 144 B-Stock buyers about changes to their operations and how they feel about the future of their reselling business. Here’s what we learned along the way.
One-quarter of resellers didn’t receive any assistance at all.
However, for those who did, the top three sources of financial assistance were:
B-Stock buyers did not have to make major overhauls to their operations. The biggest change for buyers was in their online/ eCommerce expansion. Over one-third of business owners took the opportunity to expand their online/ eCommerce presence — proving that adaptability is in their nature.
Nearly 57% of respondents said their business model “stayed the same” – that’s over half!
Almost 30% of survey respondents said it would take 6 months or less for their reselling business to return to its pre-pandemic level of operations. Moreover, 11% said their business has already returned to its pre-pandemic level operations. And even more impressive still – some didn’t feel an effect on their business’s level of operations at all.
61% of respondents felt no change or a positive impact on their business.
We can probably attribute much of that to the growing popularity of reselling online. Many B-Stock buyers already have a strong online/ eCommerce presence. Which means not much work had to be done in this area. For example, most of our resellers utilize platforms like Amazon, eBay, and Poshmark, in addition to their own sites.
Just over 90% of respondents range between somewhat optimistic and very optimistic about the future growth of their business.
In fact, our B-Stock platform saw a 34% increase in new resellers just last year! With more and more people looking to find new gig opportunities or for a way to supplement part of their income, reselling is an obvious choice.
And thanks to growing technologies, working from home has become more accessible than ever. According to the Small Business Administration (SBA), 52% of small businesses are home-based operations. Many of our resellers start their businesses this way, too!
There were more than a few key findings from our survey. Firstly, it’s clear that resellers are optimistic about the future of their businesses. Secondly, when it comes to changing hours of operation, starting or expanding an online presence, and adding new customer pick-up options, resellers are up for the challenge. And finally, we learned that reselling is a resilient career.
Retail arbitrage has the ability to create big business, and it’s simple to get started. The first step is to source products.
In just a few easy steps you can be on your way to buying and reselling brand name inventory and turning a profit within a few weeks. B-Stock operates marketplaces for today’s largest retailers and manufacturers including Walmart, Amazon, Target, Macy’s, and Wayfair, among others. We match buyers with returned, overstock, and liquidated inventory from well-known sellers via online auction sites. Learn how B-Stock empowers the entrepreneurs of commerce and register as a B-Stock buyer today!