- “Retail arbitrage,” or the practice of buying items in physical stores and reselling them on Amazon for a premium, has become increasingly popular, especially during the pandemic.
- A 40-year-old who started arbitraging as a side rush in July brought in more than $ 40,000 in sales to Amazon, according to a screenshot of his Amazon seller account viewed by Business Insider.
- He found out about the goods through paid membership to an exclusive group of nearly 500 arbitrageurs at Discord, where members have sold more than $ 400,000 worth of goods since May.
- This arbitrageur, who requested to remain anonymous for privacy concerns, recently decided to resign from his insurance job after 18 years to pursue a full-time resale.
- “If you sell through Amazon, you have to be committed,” the Amazon reseller said. “You have to run it like an actual business.”
- Visit the Business Insider homepage for more stories.
Side hustles can be more than just a way to increase basic income. And with the current economic downturn, more and more people are moving into atypical but profitable jobs to find success in the world of entrepreneurship.
“Retail arbitrage,” or the practice of buying items in physical stores and reselling them online for a premium, has become commonplace in the US. This practice is especially popular on Amazon, especially in the pandemic that sends the demand for certain goods at all times maximum.
Business Insider recently spoke with the founders of Arbitrage Ops, an exclusive group of nearly 500 arbitrageurs, some of which have sold more than $ 400,000 worth of goods since May, when the group was formed. According to records from 20 different Amazon seller accounts of different members, group sales range from $ 29,000 to $ 488,000. The team operates at Discord and costs members $ 50 per month, a fee that includes a solid training course and advice on how to master arbitraging on Amazon.
“I always wanted to run my own business,” explained a 40-year-old arbitrageur who joined Arbitrage Ops in July. Business Insider viewed a screenshot of its Amazon seller account, which has shown more than $ 40,000 in sales on the platform since July. “I’m doing well here. It’s still early, but I see the path to success.”
This arbitrageur, who asked to withhold his name in order to maintain his financial privacy, began reselling for the first time in July as a side hustle to increase his primary income as an insurance underwriter. After only four months, he decided to leave his job – and an 18-year career in the industry – to pursue his business at Amazon.
“I looked at it and said, ‘All right, will I stay in a stable job, pay me well, [and is] a great company to work for? Or will I try a new adventure and something that honestly excites me? “A South U.S. resident said.” It was kind of betting on myself that I could do this job. “
From the beginning
Like many members of Arbitrage Ops, joining a team is the first exposure to an underwriter in arbitraging insurance.
“The eyes are very open,” he explained. “I have no idea what it is. [I] I just saw people making money. “
Initially, this member worked on his Amazon business early in the morning and evening, mostly selling fitness equipment, toys, and sports equipment. Thanks to the tricks and tips offered to him in the group, he reached the ground running. But juggling two jobs in addition to balancing family time later reduced it.
“That made it clear to me that it was quickly becoming something I needed to change and pick something or something else,” the reseller said.
The 40 year insurance veteran is not alone in that leap. In a recent interview, the founders of Arbitrage Ops said that other members also decided to quit their day jobs to focus on growing their arbitrage business.
But even for those who see their businesses as side hustles, having the right mindset and driving is important.
“If you sell through Amazon, you have to be committed,” the 40-year-old reseller said. “You have to run it like an actual business.”