Supermarket Sweep! The Entrepreneur Who Profits from Supermarket Castoffs
I love this video about US entrepreneur Ryan Grant who abandoned his career as an accountant when he discovered he could buy clearance aisle items from the likes of Walmart and ToysRus and sell them for a profit on Amazon!
How does Ryan work out whether the products on display in the clearance shelves will sell at a profit?
Technology comes in handy. He uses the Amazon Seller app to scan the product barcode and find-out how much the product is selling for on Amazon.
If the evidence suggests the product is under-priced in a supermarket clearance, he snaps it up and puts it on sale. This is a great example of the concept of "arbitrage". Ryan buys a product for one price in one market (retail clearance) and sells for a higher price (if he can) in a different market.
The video also provides a super insight into the motives of being an entrepreneur. Freedom of action as well as making a profit figure prominently!