Liquidation can be big business if you do it right. The greatest thing about buying liquidation pallets is that you get merchandise that’s still in good enough condition to sell, but at a discounted price because they’re used or opened. But for liquidators, the question remains, how do you sell all of your pallets?
There’s nothing like having a warehouse or garage full of goods that you can’t move, to put a damper on your bottom line. The length of time a product sits has an overwhelming effect on whether or not it will be sold. This means the sooner the better when it comes to moving liquidation pallets. Continue reading to get some tips to help you master the art of reselling anything with liquidation.
Know what you’re buying.
You wouldn’t buy a truckload of pallets without knowing what merchandise is on them, right? However, people frequently do just that, when it comes to buying and reselling pallets. Even though everything on the pallet is in good enough condition to resell, that doesn’t mean that it fits your business model or customer base.
Before you pay a cent for your pallet, you need to know exactly what’s on it. In fact, every pallet you buy should come with a manifest or bill of lading detailing its contents. It’s as simple as this: can never buy a package unless you know what’s in it. Reselling products from liquidation pallets is not like a box of chocolates. You need to know exactly what you’re going to get before you get it.
Find a distributor who can help you meet your customers’ demands.
A reliable distributor is like a great business partner. However, there are so many of them in the United States that finding the right one can be difficult. When looking at distributors, you need to consider their minimum order size, what regions they serve, and what service guarantees they offer.
You also need to see what distributors specialize in because some of your merchandise may require special handling and you need to make sure that your distributor has the equipment and expertise to ship your merchandise. For instance, if you’re in the CBD business and have a shipment of CBD hemp flowers that you’re counting on, then you need to make sure you get your merchandise through a distributor with experience transporting plants. Depending on the length of the trip, your plants may need some kind of lighting and a climate-controlled environment.
Sell a variety of types of merchandise.
One of the things that can sink an otherwise profitable business is a failure to expand your product line. Growing your customer base is all about diversifying your business and casting a wider net to catch more people.
For instance, if you sell liquidation pallets of women’s clothing, then there you could increase your revenue greatly by selling cosmetics as well. Even if you aren’t an expert in cosmetics, selling simple products like skin gels, essential oils, or stick on nails will entice your female customers to spend more money in your store as well as drive more women to your business.
Create a robust enterprise infrastructure.
Most businesses have taken much of their company’s operations online. Creating a robust enterprise infrastructure is the best way to keep up with your competitors or leave them in the dust.
Customer relationship management (CRM) might be the most popular enterprise software companies are using right now. It gives businesses the ability to keep better customer records than ever before.
It’s one thing to know your customers by name but by using big data analytics and metrics, CRM helps you get to know your customers’ shopping habits, from what they like to buy, to when they are most likely to frequent your establishment. With this kind of information, you can stock your shelves with the products your customers love and tailor the customer experience to their preferences.