Momodou Saidykhan aka Moddz has been selling training equipment for 5 years now. A passion that started with his studies in college and has been taking the resale world by storm since graduating from college and working full time.
Moddz discusses the strategies that have helped him stay ahead of the competition and stand out in this lucrative niche, and hopefully inspire individuals who are in need of inspiration from the do-it-yourself.
The concept of reselling sneakers is based on the simple principle of most businesses – buy low, sell high. The idea works by the law of supply and demand; due to exclusivity and the limited quantity released, there is simply not enough to satisfy demand, meaning that not everyone who wants to buy at retail can afford a pair, thus pushing up the selling price. high again. According to an analysis by Cowen & Co. Conducted in July 2021, the current athletic shoe resale market is estimated to be a $2 billion resale industry in North America alone and is predicted to reach $30 billion globally by 2020. 2030. ”
Moddz sells the training kit in bulk to other dealers and has seen a flurry of new dealers during the COVID-19 pandemic. Moddz says this is because many young people have lost their jobs and need a new source of income during the pandemic. This new line of leads during the pandemic helped Moddz achieve record sales!
When asked how to stand out in such a competitive niche industry, Moddz explained how powerful his social media leverage can be. Establishing a good social media profile that always showcases the latest availability will help drive engagement with your business. “When it comes to social media, the first thing people see is the image. Images capture the viewer’s attention immediately, so I make sure that every image speaks positively about my business or at least generates enough interest for the viewer to want to ask and know more. . What does he do and how? “. Moddz makes it clear that reselling is becoming increasingly popular among young people, so staying relevant is becoming increasingly important. He outlines steps that can help any individual looking for advice:
1. Buy the right stock – sell the right stock.
Moddz explains it’s important to buy the right stocks. Most of the profits you make are generated during the buying phase, not the selling phase. It is important that you buy shares that have sold out or will sell out for resale value. You also have to buy stocks that are in high demand, and over time the value of that product is more likely to increase. You have to protect your capital, especially when starting out when the capital may not be too large, so buying the right things and the right amount can be helpful. This can be done by trial and error; See what sells fast for you and what doesn’t and then buy more of what sold fast. It can be as simple as that.
2. Trust is a vital factor
In this industry, there are always temptations to sell fakes or defraud customers. It is extremely important to understand that if you want to succeed in this industry, you must build a laudable reputation early on and always respect your reputation. Any negative customer experience based on your failure to hold accountable for the product you’re selling could cause damage to you. If you can’t be trusted, it’s hard to make progress, so always practice being a trustworthy individual from the start as you may face significant figures one day. Moddz explains how this has made it possible for him to complete transactions worth more than six figures when clients are assured of who they are dealing with.
3. Always looking for new opportunities
According to Moddz, a lot of people in the resale industry struggle to scale their businesses due to a lack of business growth strategies. Decipher what more is possible. “You have to find someone doing better than you in the industry and get in touch to see if they can advise you,” says Moddz. It won’t be easy but eventually someone will inspire you to look at things differently and hopefully provide you with valuable insights and habits. ”
4. Treat every potential customer equally.
A business transaction is always possible with respect and attention. Moddz says it’s very important to treat every customer possible with equal respect, regardless of their status or spending habits, and to build relationships with customers to increase retention. client. He started out serving B2C consumers by conducting personalized home deliveries to meet customer needs, then worked on a B2B platform that ships in bulk globally. A big mistake many beginners make is that they focus more on providing their best service to individuals with status or Instagram celebrities etc instead of keeping that mentality only with regular customers. Most of the time, individuals with this status will try to take advantage of you to get free products and in return give you some promotion for your business. And sure, sometimes this is great and can give you great exposure, but all those individuals who show an interest in purchasing from your small business must also show respect. and equally eager because these are individuals who directly contribute to your success. ”
With these steps, Moddz was able to secure huge investments from Pinnacle Group with the idea of establishing a multi-million pound online luxury goods market, ‘Elusive’. Elusive focuses on direct-to-consumer selling from their website, and Moddz explains how proud he is to be a part of the field having been in the resale industry for four years . “I never thought that an opportunity like this could come, however, I always chased it. Without the desire to look for new opportunities, this would never have happened.