If you’re thinking about starting a business buying and selling wholesale merchandise online from home, there are many questions you need to answer first. Where is the best place to buy that merchandise from? What sort of merchandise should you sell? And, most crucially: how can you make money on the goods you buy? These are the questions we will answer in this article.
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Making a success out of buying merchandise wholesale and selling it online for a healthy profit is the ultimate goal. However, without the right type of stock, you may find your business is holed below the waterline before it’s even begun. For the best results, you should shy away from more traditional wholesale sources and instead turn your sights on buying pallets of liquidated merchandise from an online liquidation marketplace.
So, what exactly is an online liquidation marketplace? Run by top-tier liquidators such as Direct Liquidation, an online liquidation marketplace is a one-stop-shop where resellers can find a huge range of liquidated stock being sold on behalf of some of the biggest names in US retail.
Here’s how it works. Every year, national retailers such as Walmart, Lowe’s Hardware and Amazon need to dispose of large amounts of unwanted stock that fall into a number of categories. This stock is either customer returns, overstock or closeouts, and it amounts to an enormous quantity of merchandise that the big chains wish to dispose of quickly.
This is where a liquidator such as Direct Liquidation steps in. Liquidators offer the national chains space on their online liquidation sales platforms through which the big-name retailers can sell their unwanted returns, overstock and closeouts direct to reselling businesses. And because this is merchandise they wish to dispose of quickly, they’re willing to take a considerable price hit on the value of the goods. This means wholesale merchandise purchased via an online liquidation marketplace is sold at a vastly reduced price.
Because they partner up with national retailers such as Target and Walmart, top-tier liquidators offer a large range of products on their websites on their partners’ behalf. You’ll find merchandise to buy wholesale in a huge range of categories from fashion and fashion accessories, children’s toys and games and the latest consumer electronics, to home improvement equipment, office supplies and even parts and accessories for automobiles.
And thanks to the massive buying power of the national chains, you won’t just find generic, own brand merchandise on offer, but big name brands coming from some of the planet’s largest manufacturers; manufacturers such as Sony, Samsung, Black & Decker, Apple, HP and many, many more.
And because all these great brands are customer returns, overstock and closeouts the big-name retailers wish to remove from their warehouses in as fast a turnaround time as possible, all of the merchandise you’ll find on liquidation sales platforms can be purchased for a fraction of its MSRP value.
The first thing you’ll need to do is to figure out exactly it is you want to sell. This is where any interest or expertise you have should come into play. For example, if you have a keen interest in electronics, then you might want to consider selling consumer electronics by buying discount electronics in bulk wholesale from a liquidator. If you’re interest extends to repairing electronics, this added skill can be used to bring the broken products that typically make up a small part of any liquidation pallet you’ll buy up to factory spec, thus increasing your chances of making a profit.
It’s important not to just jump in head first when setting up a business because several factors need to be taken into account as well as what it is you want to sell. For example, you’ll need to set an initial budget, working out exactly how much you have to spend on the type of stock you’ve chosen to sell, what sales taxes you might be liable to have to pay (a reseller’s license will thankfully exempt you from most of these taxes), what overheads such as shipping costs you’ll incur and what advertising and selling your wares online will cost you.
When figuring out what business you want to set up, it’s important to do some basic research. Find out what’s likely to sell, what’s best to avoid and go from there. You’ll find plenty of products on liquidation marketplace. The key is to tailor buying pallets to your likely customer base.
Once you’ve established what it is you want to sell, it’s time to buy a pallet of liquidated stock from an online liquidation marketplace. Most pallets and truckloads of merchandise liquidators offer on behalf of their national retailer partners is sold via live liquidation auctions which take place on a liquidator’s site on a daily basis.
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Finding what you want is easy. Drop down category menus, advanced searches and vendor landing pages will help you pinpoint the pallet of liquidated stock you wish to purchase. Once you do so, you’ll be able to enter bids on that pallet after signing up for a free account which usually requires the production of a valid reseller’s license.
When bidding on a pallet of liquidated stock, don’t forget to set yourself a maximum bid limit. This should be the most you are willing to pay after you’ve calculated the pallet content’s total worth and profit potential. Stick to that limit and don’t be tempted to go higher. Liquidators have new stock arriving in their distribution centers daily, so if you miss out you can rest assured another pallet will be along shortly. You won’t have to go over your upper limit and therefore eat into your potential profits.
Once you’ve set your limit, it’s a simple matter of entering bids and, if you’re the auction winner, paying for your goods and arranging shipping. Liquidators usually offer excellent shipping packages, but as a small startup, the ideal situation is to find a liquidator close to home so you can pick the goods up yourself, thus reducing costs. If that’s not possible, a liquidator will offer you the best price possible thanks to the discounts they’ve secured with the courier companies they use.
Once you’ve purchased a pallet of liquidated stock, it’s time to get selling and making money. For a business starting out, it’s important you keep your costs down as much as possible. To this end, the ideal place to start your selling journey is by listing the products you have to sell in the local classifieds and on sites like Craigslist. This has the added advantage of meaning most customers will come to collect directly from you, meaning you can cut out most postal costs.
If you’re feeling a little more ambitious, you can set up your own online store. Many people think Amazon and eBay are the best choice for this, but that’s not always the case for those just starting out as they charge fees to use their services which may eat into your profits. Instead, it’s worth checking out what smaller storefront hosts such as Shopify and Wix have to offer you. A lot of the smaller storefront hosts offer free trials, meaning you won’t be spending any of your precious budget while you take them for a spin.
And don’t forget the power of social media. Facilities such as Facebook Marketplace are a great way to get your products out there, and sites like Twitter are the ideal place to tell the world what you have to offer. In this day and age, resellers ignore social media at their peril.
By buying the right type of merchandise at the right price and selling it through the right channels, your little acorn of a reselling business can quickly grow into a mighty oak if you get things right. The most important thing to get right is buying pallets of top-quality merchandise at the lowest possible price so you have plenty of great products to offer your customers at very attractive prices.
By purchasing liquidated stock from a reputable top-tier liquidator such as Direct Liquidation, you’ll have lots of great stock to offer your customers. The price you’ll pay will give you plenty of room to make money from your liquidation purchases. Looking to start up an online reselling selling business? Look no further than an online liquidation marketplace for all your merchandise sourcing needs.
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Diego works as a sales representative for Direct Liquidation helping businesses to source liquidation inventory from the world’s top retailers and manufacturers. Diego works with single pallet, LTL and truckload buyers directly to ensure they stay in stock with high quality inventory year round.
Schedule a sales callback with Diego right now and find out how he can help your business profit with liquidation merchandise.
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