Running a retail business either online, in the ‘real world’ or a combination of the two can be very rewarding. However, in what can be a ferociously competitive field, it can also be extremely tough going if you make the wrong choices – especially purchasing choices. With so many fish swimming in an overcrowded pond, it’s hard to stand out, especially if your business struggles to find decent products to buy wholesale at a reasonable price, thus making it difficult to offer merchandise at a price that will pique customer interest.
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If you’ve found yourself in this position, or you’re only just thinking of starting out in retail and want to avoid finding yourself in it, there is a solution to the problem of not having unique, great-quality products to sell to customers at an attractive price. Instead of relying on traditional wholesale source who, sadly, not only charge resellers a premium on the goods they offer, but also now charge wholesale prices that are alarmingly similar to retail prices, you should instead look to buy pallets of liquidated merchandise from a top-tier liquidation specialist such as Direct Liquidation.
Buying liquidation pallets and reselling them can be a very lucrative way of offering your customers unique, top-quality merchandise at an affordable price, as well as keeping ahead of the competition and increasing the likelihood of increasing your business’s profits. Let’s take a look at some top tips for buying liquidated pallets and reselling them.
If you’re on the lookout for pallets of top-quality liquidated products, you should look no further than Direct Liquidation. Not only does Direct Liquidation offer a vast range of liquidated stock in a huge range of categories, it has also partnered with some of the biggest names in US retail. On Direct Liquidation’s online liquidations sales platform, you’ll find pallets of stock being sold by Walmart, Lowe’s Hardware, Target and Amazon.
This means that you’ll be able to find a huge range of branded and unbranded merchandise available to buy via live liquidation auctions at a vastly reduced price which will keep your customers happy, your competition at bay and, crucially, will mean you’ll have plenty of room to make a healthy product by purchasing merchandise this way.
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Also, if you’re looking to ship locally, with distribution centers located across the United States and Canada, your nearest Direct Liquidation center may not be too far away, meaning you’ll be able to buy a liquidated pallet, pick it up yourself and get selling quickly and easily without having to wait for a courier to transport it to you over a considerable distance.
Of course, the key to making a good living out of purchasing and reselling liquidated pallets is choosing the right products to sell. It’s a crowded marketplace out there, so finding the right goods to sell is vitally important if you’re going to make your reselling business a success.
There’s no point just ploughing in there. If you’re to make a success of reselling liquidation sales pallets, it’s important you do your research first.
Take a look, for example, at what the best sellers are in each category on Amazon’s website. This will give you a good indication of the kinds of products customers are looking to buy. You can then find matching products on a liquidation marketplace that you think you can sell for a profit. Also, take a look at other sources such as Instagram and Facebook Marketplace too. A bit of digging will show you the types of products customers are talking about most and what product pictures they’re liking the most by looking at trending topics and hashtags.
Finally, research what products are saturating the market, what products are being extremely heavily-discounted and what products seem to never decrease in stock on sellers’ stores. These are the products you should stay away from. They may well come back in demand; until they do, don’t waste your time competing in a saturated market.
When buying and selling liquidated pallets, it’s important to find your niche. There are thousands upon thousands of sellers out there, so if you’re going to stand out from the crowd, you’re going to have to find a niche and exploit it as much as you can.
For example, if you decide you want to specialize in selling liquidated electronics, Direct Liquidation can certainly help you thanks to the huge range of electronics products it sells on behalf of electronics retailers such as Amazon and Target. However, anything you can bring to the party on top will be a great help. Perhaps you’re a dab hand at repairs? If so, your skills can be brought to bear bringing the ‘tested-not-working’ products you’ll find in a typical pallet of liquidated electronics back to factory spec, therefore increasing the amount of stock you have to sell and lowering the overall price you’ll be able to offer on all goods in each pallet.
Finding your niche relies on selling goods you not only know you can sell, but also goods you know about and are interested in. A reseller with an interest in selling games and refurbished video games, for instance, will know that low cost racing games sell well, but low-cost racing games bundled in with racing game peripherals such as seats, headsets and steering wheels will attract customers looking to make a significant saving on a complete racing set up.
Whatever you decide to specialize in, do your research and bring your own expertise to bear. That way, you’ll be able to cater better to your customers, sell them more goods and increase the chances that they’ll come back to your store for more.
Another great tip is to try to take advantage of seasonal products if you can. There are several points in the year where customers are looking for particular products, be it spooky costumes for the kids at Halloween or toys and games at Christmas. If you have the storage capacity, stocking up on seasonal products in advance is a great way of ensuring your business is ready to accommodate your customers’ needs when each season rolls around.
You’ll find liquidated seasonal products available to buy wholesale tend to arrive on a top-tier liquidator’s site shortly after the end of that particular season. If, as we say, you have the storage capacity, buy this heavily-discounted wholesale merchandise when it appears and then simply sit on it until the appropriate season rolls around again. It’s a waiting game, certainly, but one that can be very lucrative in the long run.
There used to be a time when engaging with your customers meant interacting with them instore or answering emails. Those days are long gone. Nowadays, there are countless ways to engage with both current and potential customers. Sites like Facebook, Twitter and Instagram offer great ways to market your products direct to audiences who are most likely to buy them. You ignore sites like these at your peril nowadays, so it’s better that you embrace them and incorporate them into your business strategy.
Also, don’t whatever you do ignore customer feedback. Everyone’s a critic nowadays, and it’s important you not only address any complaints a customer may leave on, say, your Amazon store, but also to thank those who take the trouble to leave you positive reviews. It may seem like a hassle to thank your customers, but direct engagement increases the chances they’ll shop with you again. And answering complaints promptly and offering refunds or exchanges will nip any potential escalation in the bud. Your customers are kings – so treat them as such!
Finally, don’t just rely on the big guns when it comes to reselling liquidated merchandise. It’s tempting to just open up a store on eBay or Amazon and rest on your laurels. However, there are now plenty of other online sales platforms to take advantage of such as Shopify and BigCommerce that offer store-hosting packages at very reasonable prices. These types of sites usually offer a try-before-you-commit, time-limited free trial, so you don’t even have to spend any money while checking them out. If you find a host you like the look of, you may just increase your customer base and the likelihood of turning an even bigger profit.
In conclusion, buying merchandise wholesale from a top-tier liquidation specialist such as Direct Liquidation can be a very good way of getting your foot on the retail ladder, or increasing your existing business’s range of products as cheaply as possible. Do your research, find your niche, take advantage of seasonal goods if possible, engage with your customers and check out what other store hosting sites have to offer and you’ll be selling the goods you buy from a liquidator to a huge range of customers and making a very healthy profit in no time. Good luck!
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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.
Schedule a sales callback with Jordan right now or check out his latest liquidation deals.
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