Buying liquidated merchandise is not that easy. There are a few things that you need to consider before buying liquidated goods. Every liquidation pallet that arrives from a company is loaded with goods. Selecting the best pallets wisely is important. Many a time these goods are found to be defective or damaged. Thus, there are a few things you need to be careful about before making a purchase. Here are a few tips that you should know as a customer, to make better buying decisions.
If you are new to buying liquidated goods and find it hard to select pallets, then we have got you covered. This is the list of Top 10 Things to Consider When Purchasing Liquidated Merchandise.
Carry Out Quality Checks
As mentioned earlier, many goods have manufacturing defects and damages. Also, while the transportation of the liquidation pallets, these products get broken. So, make sure you check the whole pallet and all the goods it comprises of. Not compromising on the quality of products is the key while buying liquidated goods.
Know Your Budget
The most important thing while planning to buy a liquidation pallet is to have a proper budget. Buying liquidated goods can be very tempting because of the cheap rates. However, knowing your limit is necessary. Having an assigned budget for the purchase is important. If you fail to set up a constraint on your spending, then you might face losses. Liquidated goods are very cheap, but buying excess of these products can lead to less profitable deals.
Know What You Wish To Buy
The worst thing to do is to visit a wholesale liquidation house without deciding what to buy. After looking at too many liquidation pallets people get confused about their product selection. Carry a list of products that you wish to buy. Having a clear product idea in your mind will ease up the selection process and will help you make profitable deals.
Doing thorough research about the products is highly recommended. Search for the original market price of every product. Then compare it with the liquidated products. By doing so you will understand how much you are saving on every purchase. Also, have knowledge of the types of liquidation goods. Know the difference between customer returns, stock clearance, excess production, shelf clearance, dismissed goods, and unsold items.
Feel Free To Ask Questions
This is a part where most of the people lack. Feel free to ask questions to the supplier. Ask about the pallet information and what it contains. The more questions you ask, the better you will be informed about your selection. This will not only help you get product information but also will help you build a stronger relationship with your supplier. This takes us to our next point.
Build Relationship With Your Supplier
Having a relationship with a supplier is necessary. Visit their store often and keep a track of their sales. If you make friends in the liquidation industry, they will help you get the best deals on products and might offer you better discounts. Find a supplier whom you can trust and rely on for liquidation purchases.
Along with product research, it is important to have knowledge about the suppliers. Search for their past sales records. Try to find their clients and area of expertise. Supplier information also includes the knowledge of where the liquidation pallets come from and their original pricing. These facts will make you better at carrying out negotiations.
Search For Best Deals
Go through all the available pallets and boxes. Search for the best offers and discounts. Negotiate with the supplier if necessary and finalize a profitable deal.
Identify A Storage Space
Buying liquidated goods is very easy, but storing them can become an issue. Liquidation pallets and boxes are huge in size and accommodating them might take up a lot of space. Hence make sure you have identified clean and dry storage spaces for accommodating these goods.
Ask For Shipping Costs
This is one of the very important things to consider before buying liquidated goods. Most of the time your purchase includes pallet costs but does not include shipping costs. So, make sure you ask your dealer or supplier for the extra shipping costs that you will be charged later on.
This was the list of Top 10 Things to Consider When Purchasing Liquidated Merchandise. We hope this list was helpful for you. These tips will help you make better buying decisions and will give you an upper hand during cost negotiations. If you liked this article then save it for future reference. Also, make sure you visit our space for similar articles on different interesting topics.