Plus: The Nasty Email I Received...
If you're an Amazon seller searching for services that tell you what you can buy to resell, you've probably bumped into 'BOLO' (Be On The Lookout) groups on Facebook or elsewhere.
"What's a BOLO group?" you ask?
A BOLO group is, simply, a group of online sellers sharing product leads with each other.
The product leads are what they've found in stores - some are online - that are selling at those stores for a price far less than on Amazon, and sometimes eBay.
Thus, by joining a BOLO group - usually for a fee - you can be alerted to those product sourcing ideas, too. Then you can visit your local stores and try to locate the same products with the objective of buying it and then selling it online for a significant profit. (As you know, that's called "retail arbitrage.")
But do those BOLO groups really work?
I'm going to share my experience in a moment...
But first, I want to show you this nasty email I received from an Amazon 'guru.'
I got that email in response to my January newsletter's recommendation of BOLO Group like this one.
I'll summarize Charles' sordid comment: He said "[BOLO groups] never work for anyone except the seller(s) of the list."
Au contraire, my irate reader.
In fact, the trusted ones generally work pretty well.
And to show you proof, I put my money where my mouth is immediately after I got that, um, polite email.
See, I had already joined this BOLO group myself. When you join, you're invited to receive product leads sent to your cell phone. (You can also access them online).
One of the leads I received was found at a major national retail chain. This is the exact picture alert I received from the group, on my cell phone (click on it for a larger version):
You'll see I blurred out the store name and the cell phone numbers (those are the phone numbers of the other people in my group who are out 'scouting' for deals and posting them privately.)
*I didn't choose to sell it via Amazon FBA for 2 reasons: 1.) Timing: I purchased it too close to Valentine's Day, and 2.) The $11+ FBA fees were high for this item, possibly due to its stated size (20").
So I bought that item, and a red version, for $9.99 each, brought them home, and listed them on Amazon.
Sure enough, each sold a few weeks later:
Both the white version (above) and the red version (below) netted me about $9.00 profit each: $29.99 minus Amazon seller fees, minus my shipping cost to the customer, minus the cost of the item.
Now remember, I tested just one item (well, two if you count the variation) that I received a tip on. By this time, my phone was blowing up with other product tips - daily - from my BOLO group cohorts.
The same day I received another product tip on my phone. This was found for $5 at major game store chain (you can probably guess which one):
Now I couldn't figure out the extra 25% off thing but sure enough I found that exact Nerf blaster (6 of them) the same day I was alerted. Below is my actual sales receipt from the store:
At the time of publishing this article, that item had a 19,000 sales rank in toys on Amazon, which is well within the top 1% of the Toys category.
Now to be fair, the Nerf blaster's lowest dropped to about $23 in January 2019. I could have made about a 40% profit on each, but that would only net me $2 to $3 per sale. So I priced mine up to $28.99 and they sold in early May via Amazon merchant fulfilled. My net ROI: over 125% (or about $7.50 - $8.00 each)
Keep in mind the above items alerts are a fraction of what was sent to me in one day. I - and other members of that BOLO group - are getting handfuls of these specific product tips daily!
Still not convinced? Here's more "profit proof":
The very same BOLO group alerted me last Christmas of a specific Holiday lawn ornament for $89 at a major chain - that was selling for $189+ on Amazon.
So I rented a UHAUL van, visited 3 stores, and bought 15+ of them ... (Sorry I can't share this one - it's way too lucrative and it wouldn't be fair to the BOLO group members)
Did they sell?
Yup. My net profit per unit sold was $40 to $50 each. So for one day's work of running around to stores, then prepping the items for Amazon fulfillment, my total take was $675:
I bet now you're saying, "Yeah but I want quick flips, I don't have time to wait for profits."
I've got you covered. Here's an email from a highly skeptical user of their service:
In late June, the same BOLO group alerted me to this Toy Story 4 Creativity kit that was in Target stores for $9.99, but selling on Amazon for $30 (click to enlarge)
I wanted a better profit margin, so I did a quick search to see if I could find it cheaper. Yes! It was available at Joann.com for about $8 each after tax and a 20% discount code. So I bought 20 online, and about 14 locally (buy online and pick up in the store).
The next day, I started selling them via Amazon Merchant Fulfilled for up to $35+, giving me an ROI of well over 175%:
I thought so 🙂
Now, to be fair, no one is going to "get rich" using a BOLO Group. And where some products they alert you to can be hugely profitable, margins and turnover rates (=how quickly it sells) can vary.
But I love BOLO groups - the trusted ones - because they save me a lot of time. Without a BOLO group, you'd have venture into retail stores on your own and figure out 'what to buy' to resell on Amazon.
But with a BOLO group, most of the work is done for you. But it's always good to do your due dilligence with those product alerts before you buy - check out the sales rank, the price of the item over time (free via CamelCamelCamel), the # of competing sellers, etc.. And if you're relatively new to selling on Amazon, you'll want to learn the basics before you start buying any products at all.
So, now that we've debunked Charles' unsubsantiated claim, you're probably asking "How can I join a trusted BOLO group, and how much is it?"
There are a few trusted BOLO groups. Of course one of my favorites is the one that brought me the above results - BaLance Q4, which is run by "Q4 Pioneers" Barrington McIntosh and Lance Wolf:
I begged Barrington and Lance to provide my readers (that's you) with inexpensive access to their incredible service. And they agreed!
Joining is easy, immediate and a true bargain. You get all this:
- Local Finds organized by stores, so you can easily create your shopping list - several new finds are added daily! (You'll be placed in a private small BOLO group to minimize competition)
- Over-The-Shoulder Training: FaceBook "Go Lives" From Major Stores Showing You How To Source Inventory
- ?How to Buy Below Wholesale Webinars - live and replays available - learn how to source online and in stores, like the pros!
- Online Arbitrage and research tips and ideas
- What to Buy in Q4 in Stores/Online based on Historical Data
- How and why to add wholesale to your inventory acquisition strategy
- Much more (view everything here).
So if you're stuck on 'what can I sell' this Christmas get access to today risk free as your first 30 days are free!
Have fun and keep me posted!