How to increase eBay Amazon sales using MOD
Transcribe of “How to increase eBay Amazon sales using MOD”
So, in this week’s video, I want to show you a little tip called MOD, which can double, even quadruple your sales on eBay, Amazon and your own website, if you have your own website. This might be a little tip, but it’s extremely powerful. Now, the way this works is, many suppliers have what is called in the industry, an MOQ, which is short for, minimum order quantity.
Minimum order quantity
In other words, most manufacturers and wholesalers have a minimum quantity which you need to order. This MOQ can be 10 pieces of an item, 50, 100 or higher. Now, the idea of course is, true wholesalers and distributors don’t want to sell one item. They’re obviously being, manufacturers and not retailers, they want to sell larger quantities. Now, there’s another term which surprisingly is not used very often at all.
Minimum order dollar
Not that many people know about it and that is called MOD. Which is short for minimum order dollar, or minimum order dollar value. Let me explain. Let’s say for example, a supplier has a minimum order quantity of say, 50 pieces of an item, that costs say $10. That means to buy 50 of these widgets from your supplier, it will cost you $500. Instead of accepting the MOQ of 50 pieces from your supplier, tell them, you’re happy to spend $500 with them, however, instead of buying 50 of these, spending $500, can you instead purchase say 25 of them and also purchase x amount of one, two or three other different products.
At the end of the day, your supplier still gets exactly the same amount of money out of you, but, the big difference is, instead of having one product listed on eBay, Amazon and your own website if you have your own website, you can now list two, three, four, five or more different items. In the industry, this is called going wide, as you have a wider variety of items.
bundling where you can bundle one item with another
In the past I’ve talked a lot about bundling where you can bundle one item with another. You can bundle protective cover or a battery, or if you’re selling cameras or lens or whatever, just basically bundling something with an item that you’re already selling. Now, these bundling items are also perfect items to get from your supplier using the MOD strategy. But you can also just get the same item in a different color.
The great advantage of MOD
Now, the great advantage of MOD is for the same outlay, you can carry a much larger variety of inventory. The bottom line is, you can double and quadruple the amount of different products that you sell at any one time which can double and quadruple your sales and profits.
Everything is negotiable
Now, one thing I’ve learnt from importing, dealing with suppliers for over 30 years is, everything is negotiable, everything. Freight, MOQ, MOD, prices, delivery times, colors, deposit, terms, literally everything is negotiable with suppliers. Anyway, that’s all for this week, please scroll down, leave me a comment below. Until next week, list more, sell more. This is Neil Waterhouse.
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