If you’re considering setting up your own business buying merchandise wholesale and selling it from home, there are a few things you need to know if you’re to make money from doing so. First of all, what exactly do you want to sell and where is the best place to buy it from? The best rule of thumb when considering these questions is to go for the best quality products at the best possible price, and for that, you should be looking to purchase customer returns in bulk from a reputable online liquidation specialist.
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Every year, customers across the United States return purchased goods to stores big and small for a variety of reasons ranging from the products not working or them being slightly or noticeably damaged, to the customer simply changing their mind about their purchase. Whatever the reason for a customer returning a product, the item can no longer legally be sold as new in-store (despite often being new). Therefore, to prevent this type of merchandise taking up valuable warehouse space that should be housing new products, the retailers look to a liquidation platformto sell these returns to businesses.
As a result of wanting to dispose of returns as quickly as possible, the retailers are willing to take a considerable hit on the amount of money they can reasonably expect to get from these types of products, meaning the returns they sell to businesses via a liquidator’s online liquidation sales platforms are considerably cheaper than they would usually be, making them ideal for small business owners looking to buy wholesale merchandise at a heavily-discounted price in order to resell it to the public.
The simple answer is quality, availability, reliability, and price. Top-tier liquidation specialists such as Direct Liquidation work directly with some of the country’s biggest retail names such as Target, Walmart, Lowe’s Hardware and Amazon, meaning they not only handle premium rate goods from some of the biggest brand names in the world, but they also have a regular supply to meet a reseller’s needs and the goods they sell on behalf of big-name retailers are priced well below each individual product’s MSRP value.
And because you’re dealing with some of the biggest retailers in the business with reputations they fiercely protect, you’ll have the peace of mind of knowing the products you buy will be the real deal and unscrupulous practices so often seen being deployed by smaller scale wholesale outfits such as cherry-picking of pallets and unreliable manifests are avoided when dealing with a top-tier liquidator as they not only have their own reputations to protect but also their partner retailers’ reputations. Hence why buying wholesale from a liquidator means you can trust them to be reliable, above board and always scrupulously fair in their dealings with the businesses who purchase from them.
So, now we’ve established why a liquidation marketplace is the best bet when it comes to sourcing excellent-quality stock at the lowest possible price, it’s time to look at exactly what type of reselling business you’re hoping to set up.
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It’s important not to just dive head-first into buying the first pallet you see on a liquidation marketplace. Do some research first. Find out what’s hot and what’s not via sites like Instagram and Amazon. Research regional buying habits – is one state buying more of a particular item than another, for example. Finally, bring your own expertise into play. If you’re a fashionista with a keen eye for the latest fashion trends, then maybe buying and selling wholesale clothing and accessories is where you should be focusing your efforts. Maybe you’re an electronics whizz, in which case you’ll find a huge range of heavily-discounted, brand name consumer discount electronics in bulk wholesale on a liquidation marketplace. And if you’re a dab hand at repairs, you can also bring that expertise to bear, meaning you might be able to do something with the tested-not-working products a pallet of consumer electronics will typically contain alongside fully-working units.
Remember: when considering what type of business you want to set up from home, bringing your own skills to bear and knowing what sells and what doesn’t is as important as the products you’ll eventually be selling and making money from.
Once you’ve decided upon the type of product you want to sell, you’ll need to sign up for a free account with a liquidator with a valid reseller’s license. Typically, most top-tier liquidators offer pallets and truckloads of customer returns via live liquidation auctions that place on their websites on a daily basis.
Once you’ve located a pallet of goods you’re interested in buying, you should set an upper limit of what you are prepared to pay for it after working out the pallet’s total resale value. Once you do, it’s simply a matter of entering bids and seeing if you’re the successful bidder. If you are, then all you have left to do is pay for your goods and arranging their shipping.
Shipping costs are another factor that needs to be taken into consideration when calculating what profits you can reasonably expect from a pallet of liquidated returns. Shipping can be expensive, which is why you should see what the liquidator charges as opposed to using a third-party courier. Preferably, you should try and buy from a liquidator that’s close to home so you can go and collect your wholesale merchandise yourself, meaning you’ll keep your costs down to just truck hire and fuel costs. If that’s not an option, then a liquidator will try and get your goods to you as fast and as cheaply as possible, so factor this in when making your calculations.
Now you’ve researched your business, decided on your product line, bought your pallets of wholesale merchandise and had them shipped to your home, it’s time to get selling. There are several ways you can make money reselling customer returns online. Many people plump for an Amazon or eBay shop. This gives you instant access to a huge global marketplace for a fee, but you’ll be a small fish swimming in a very large pond unless you can stand out from the crowd.
Alternatively, you might want to open up a store on some of the more niche websites such as Shopify and Wix. Unlike Amazon and eBay, these types of sites let you try them on for size with free trial periods, meaning you won’t have to lay out upfront or backend fees while you check them out.
For many people starting out, the best bet is to go local before throwing in their lot with an online store hosting platform. Facebook’s Marketplace and Instagram are great ways to alert people in your area that you’ve got some good stuff on offer, and Twitter’s the ideal place to tell everyone about it.
And then there’s selling through the local classifieds and Craigslist. These facilities will let you reach customers in your local area who will come to collect from you, thus cutting down on postage costs and further increasing your budding new business’s profits.
If you’re looking to make money buying wholesale customer returns, the best place to buy pallets of goods for your budding new reselling business is from an online liquidation marketplace. Leaders in the liquidation industry such as Direct Liquidation are waiting to help you achieve your goals, so why not check out what they have to offer your new business today. Once you buy from a liquidator, you’ll be making a profit in no time!
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Kersten works as a sales representative for Direct Liquidation helping businesses to source liquidation inventory from the world’s top retailers and manufacturers. Kersten works with single pallet, LTL and truckload buyers hand in hand to ensure their businesses stay stocked up with the highest quality merchandise year round.
Schedule a sales callback with Kersten right now and find out how he can help your business profit with liquidation merchandise.
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