subject: How To Buy Liquidation Goods [print this page] How To Buy Liquidation Goods
Liquidation goods are, as the name suggests, items for sale at throwaway or liquidation prices. These are usually to be found with desperate sellers, store closeouts, sales, and factory closures and now on organized liquidation sites. It includes surplus, defective, overstocked and even end-of-line stock. However, buying liquidation goods require a great deal more skill than buying at MRP or even regular wholesale buying. This article talks about the three big steps to make the most of liquidation buying.
Inspect The Goods
Since liquidation stock has no set quality standards, it is important to take time to inspect all the goods carefully. The product quality can range from counterfeit to defective. There can be some very good pieces sitting cheek and bowl to absolutely worthless ones. Take time to select pieces of value that have sufficient resale or mark up potential. In case, you are required to buy in pallets that do not submit to such close examination, assume the worst and then make the purchase decision.
Classify The Goods
Merchandise at liquidation outlets can fall under a very broad range. Every item on this range may not be the best extension of your current business. If you have a reputation for high quality designer wear, you would do well to steer away from fakes. If you are in the business of everyday wear, surplus items from mid street brands can be a great add on. Be sure to pick up items after mentally classifying the category that you will be selling them under and if that is what you want for your store image.
Bargain For The Goods
Once you have been able to determine the sales potential of these items, you will be in a much better position to bargain for the best possible price. Bidding is a popular sales model at liquidation sales and you need to do the math quickly before somebody outbids you and walks away with the merchandise.
All of the above are a lot easier when you are picking out stuff at the local store. Online buying can be much harder. Some pointers include:
Buy from reputed sites with good reviews and feedback and within them, try and isolate sellers with a good history.
Opt for a third party escrow based payment system which allows you the option of returning the goods if they do not meet the specifications given in the listing.
Look carefully at all pictures and descriptions; ask questions where necessary.
Do not hesitate to bargain.
Picking up liquidation stock is a great way to make money provided you have an eye for detail and some understanding of the liquidation market. People are more than willing to pick up such stock, even defective pieces provided they are priced attractively and the defects stated upfront. Never make the mistake of trying to pass off liquidation stock as fresh stock or you will end up with bad press all around.
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