Regular flea market shoppers have their favorite markets to visit. They also have their favorite vendors. And at any given market, they know which vendors are making a full-time go of it compared to those unlikely to survive long enough to complete their leases. It is all quite fascinating.
Knowing the transient nature of flea market sellers, one might wonder why some thrive and others fail. The answer isn’t as hard as it seems. Successful flea market businesses thrive because their owners have figured out how the system works. To illustrate, here are five reasons successful flea market businesses thrive:
1. They Keep Prices Low
The flea market’s number one draw is the deal. In other words, people shop at flea markets because they know they can get a better price compared to a standard retail outlet. Some might even know flea market retailers who are willing to bargain. It is the nature of the business.
Flea market sellers keep their prices low and still make money by choosing their wholesalers wisely. For instance, consider designer sunglasses. A flea market seller can buy wholesale sunglasses from a distributor of the biggest brand names or choose an off-brand wholesaler like Olympic Eyewear. Going with Olympic means paying less for bulk product – a lot less, too. When a retailer pays less, they can charge less and still make a profit.
2. They Sell What People Need
Sometimes you will find flea market products that no one wants or needs. But such finds are the exception rather than the rule. Most flea market items are things people buy all the time. Flea market sellers are smart enough to stay away from products that have no market. They only go with things they know the vast majority of people who pass by their stalls actually use.
3. They Take Advantage of Impulse
Next, successful flea market businesses take advantage of impulse buying. Business owners know that customers visit flea markets with an expectation to spend. With that expectation comes a sort of eagerness to find something one can spend one’s money on.
Once again, sunglasses provide a perfect example. Just about everybody buys them. In a flea market setting, the eyewear seller is counting on the fact that customers will walk by, see their products, and suddenly remember they need a new pair. And even those who don’t need a pair may want one to serve as a spare.
4. They Are Willing to Spend
Successful flea market sellers are smart enough to know that they have to spend money to make it. They are willing to do so. Where an online retailer may attempt to get away on the cheap, the flea market seller is willing to pay monthly rent. They are willing to pay for display racks and marketing materials. The significant difference between them and the standard retailer is the understanding that business expenditures are more reasonable in the flea market environment.
5. They Interact with Customers
The fifth and final reason successful flea market businesses thrive is that the owners and employees regularly interact with customers. That is one of the unique aspects of the American flea market. Visitors expect to talk with proprietors. They expect to haggle over prices. In essence, they expect the experience to be as social as it is economic. Sellers with the ability to personally connect with customers enjoy the greatest success.
Selling at flea markets isn’t for everyone. But master these five principles and you will do all right. Flea markets are a great place to sell if you know how to work the system.