Where to Get Cheap Wholesale Merchandise for Your Online Business
Last Updated: March 9th, 2020
The number of small businesses all around the globe is increasing, with a 49% shoot-up in the United States alone. This is because more and more people want to be their own bosses after a lifetime of working, mostly in unfavorable conditions, for someone else.
E-commerce and online stores have a lot of potential as numerous companies and corporations reform, shift, go out of business and combine with each other. This results in highly-valued stock becoming available at a fraction of the original price. And this is where you and your business come in.
Starting Your Online Business Through Wholesale Buying
In order to run a successful operation, you need to know about the market, how to strike the best deals, and the proper places to attend sales. As a beginner, it is likely that you will have a relatively small initial capital to invest. The best way to go forward from here is to look into returned or refurbished items on which you can hope to get a deep discount.
For this, you can either search for physical shops by simply searching the internet or visit sites devoted to this purpose. If you come across a shop you feel is good, go ahead and contact them. Don’t hesitate to ask questions, email or call or whatever suits you best.
You can also divide your year into seasons and go on the lookout for discounts when stores clear out seasonal goods like clothing or grills. Contacting retailers directly could land you a great deal, especially if you manage to get a hold of the merchandise before the wholesalers and liquidators swoop in with their truckload purchases.
Even if you miss out on the seasonal sales, there is a good chance you could still get some great deals on such merchandise by purchasing them from your wholesale suppliers and liquidation companies. Once purchased by truckloads, the merchandise gets broken up into wholesale pallets or lots. The majority of top wholesalers and liquidators sort the merchandise by type, making it easier for you to purchase only the merchandise you need for your store.
Remember that this business is all about a good buyer and seller relationship along with clear communication. Make sure to also check reviews about a particular merchant so that you know you’re not entering a bad deal. Something that could help you avoid such a pitfall is our Ultimate Guide to Selling on Amazon, which will lead you every step of the way.
In addition, good business relationships may bring about certain perks. Sellers appreciate a loyal customer and it usually ends up in flexible payment terms, lower prices, better delivery arrangements, all going in favor of your business.
Stock Your Online Store through Wholesale Liquidation Companies
If you want to avoid experiencing all that hassle, though, it’s suggested that you hit up established and reputable websites to find out about liquidation companies and wholesale suppliers. These online sites are designed to cater to small buyers looking to buy products through liquidation sales.
There are many ‘good’ liquidation websites out there, and it’s on you to visit and get to know how each fits your individual needs You can get top-tier brands, and returned Walmart pallets. If you have decided what you want to offer to the public by showcasing products on your eBay or Amazon page, it’s best that you visit wholesale liquidators.
You can expect to save a good amount of money when buying from liquidation companies and then selling products with an even bigger margin.
Furthermore, depending on your funds, you can also sell items that are classified as returned goods. You’ll be able to benefit from such wholesale pallets at comparatively cheaper rates. The truth is that the majority of merchandise sold by liquidation companies are returned good, overstock and refurbished merchandise. However, this could be an additional chance for you to reduce your purchase price and drive down overall costs related to running your business. In the end, you’ll be purchasing items for pennies on the dollar and securing yourself a significant profit margin on resale.
Let’s say you have decided to purchase electronics, anything from smartphones, laptops, tablets to accessories. This is probably the most cutthroat market, but buying refurbished electronics could be the way for your business to thrive and secure a large market share.
Quality issues are something that concerns most buyers. However, dealing with top-tier liquidators could be the solution to this potential problem. These companies have high-quality requirements that are set in the contracts they usually have with top retailers and manufacturers that liquidate merchandise through these companies. In addition, you will be able to access manifests that will tell you exactly the type, the quantity and the condition of products within each pallet.
Be aware that not all promises are kept. If you don’t keep your eyes open you could end up purchasing merchandise that has been misrepresented. It is not impossible to find products being advertised as in “good condition” or “grade A” condition when they are actually far from it. This is especially true in the case of wholesale pallets of mixed electronics merchandise. While a liquidator could advertise their products as quality merchandise, you could end up purchasing damaged, faulty or completely broken products you would not be able to sell anywhere.
Manifests are a very important part of your purchasing routine. Every time you are looking to buy, do not fail to request the manifest. If the supplier withholds information or declines your request for a manifest, the chances are that the products you are looking to buy are not what they seem.
So, to be as efficient as possible, know what you’re buying, WHERE and WHO you’re buying from and never forget to compare prices by checking other sources. Remember to check manifests, and compare the current bid with the MSRP for the items included, as well as find out as much as you can about the condition of these items.
Jordan currently works as a sales representative for Direct Liquidation, assisting businesses with product sourcing of liquidated merchandise from the largest retailers in the world. Whether you are looking for a pallet or a truckload Jordan is here to help you grow your business.
View Jordan’s Bio on YouTube.