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How To Start A Liquidation Website And Where To Find Closeout Deals.
Liquidation websites are a great way to make money by selling closeout deals,overstock inventory, and excess merchandise. If you are looking for a profitable business opportunity, starting a liquidation website could be the perfect fit for you. You can consider selling all different kinds of closeouts ranging from closeout handbags and purses to overstock lawn and garden products. Any old inventory you can buy at a discount can work just fine. You might do well selling obsolete stock of pet products and home decor or closeout toys, novelties and sporting goods. It’s all fair game.
Here are the steps on how to start a liquidation website:
1. Do your research. Before you get started, it is important to do your research and learn as much as you can about the liquidation industry. This includes understanding the different types of liquidation inventory, how to find motivated sellers, and how to price your products competitively. Some sellers have to close a warehouse and liquidate the entire inventory because they are moving or shutting down. Other closeout opportunities may be due to package changes, selling off abandoned inventory left in a warehouse, or plain old overstock merchandise from slow sales.
2.Create a business plan. Once you have done your research, you need to create a business plan. This will help you to define your business goals, identify your target market, and develop a marketing strategy. Buying and selling closeouts isn’t rocket science, however, it does take a huge commitment because buying liquidation inventory from other businesses take a lot of time and energy. Finding the right opportunities and researching all the closeouts isn’t easy and you will need a plan and a closeout process.
3.Choose a platform. There are a number of different platforms that you can use to create a liquidation website. Some of the most popular platforms include Shopify, WooCommerce, and Magento. Closeout websites have become popular as more consumers look for overstock inventory and deals on excess inventory. When an importer or manufacturer has too much inventory in the warehouse they look for outlets where they can reduce their inventory and sell of large quantities of excess inventory, liquidation stock and other closeouts. Liquidation websites and closeout websites are good outlets.
4. Find inventory. Once you have chosen a platform, you need to find inventory to sell. There are a number of different ways to find inventory, including:
- Contacting liquidators directly. Liquidators are businesses that sell off the inventory of businesses that are going out of business or that are restructuring. Often, when a company is downsizing or shutting down operations entirely, they have too much old merchandise sitting in the warehouse that must be liquidated. During a bankruptcy, part of the reorganization includes liquidating old stock and clearing the warehouse of any unwanted inventory or abandoned inventory to make room for new products.
- Attending liquidation auctions. Liquidation auctions are a great way to find discounted inventory. One of the best ways to sell old inventory is at an auction, where buyers expect very low prices in return for taking a chance on buying liquidated stock that can’t be returned. Liquidation companies often sell closeouts of toys and sporting goods for a fraction of the regular price. Excess inventory of handbags and overstock lawn and garden products can also be found at auctions, closeout websites and liquidators warehouses.
- Sourcing inventory from manufacturers. Some manufacturers sell their products directly to businesses in bulk if they don’t know how to liquidate inventory. Closeout websites may be able to pay more for abandoned inventory and closeouts, but they won’t sell as much volume as wholesale closeout buyers. Some inventory liquidators have very large warehouses up to 500,000 square feet or more. This allows them to take advantage when abandoned inventory and large inventory liquidations are available.
5. Price your closeout products competitively. When pricing your overstock products, it is important to be competitive. You need to make sure that your prices are low enough to attract buyers, but not so low that you are losing too much money. When liquidating inventory you won’t be able to recover your cost, but hopefully you will be able to recover some of the original cost. When selling liquidation stock and closeouts you can expect to recover 10% to 20% of your cost. If you need to liquidate your inventory quickly and just need it out of the warehouse, you may have to take even less. Liquidation buyers will make you an offer for the entire inventory so you can empty the warehouse for new products.
6.Market your website. Once you have your closeout website up and running, you need to market it. This includes promoting your website on social media, running Google AdWords campaigns, and submitting your website to online directories. You can also create a pay per click campaign buying search terms to drive traffic to your site. You might consider using terms like closeouts, selling overstock merchandise, where to sell closeout merchandise, inventory liquidators, reducing excess inventory, selling unwanted inventory and abandoned merchandise, closing business, downsizing warehouse, etc.
7. Provide excellent customer service. Customer service is essential for any closeout business, but it is especially important for liquidation websites. This is because closeout buyers are often looking for a good deal, and they are more likely to do business with a company that provides excellent customer service. Merchandise USA is a reliable and experienced closeout liquidator in business almost 40 years. We make the overstock buying process easy and stress free, while being as transparent as possible so you know what you should or should not expect. Liquidating inventory can be a learning process, and we can help you whether you are selling off old inventory to make room in the warehouse, or if you have decided you have had enough and want to retire and close your business.
Here are some additional tips for starting a liquidation website:
- Focus on a niche. Instead of trying to sell everything, focus on a specific niche. This will help you to target your marketing efforts and build a loyal customer base. For example sell only closeout handbags and purses. Or buy overstock inventory of toys and novelties for your closeout website. Don’t try selling every category, or at least until you have experience with distributing liquidation stock and unwanted inventory. You will need to manage your inventory so you don’t get stuck with too much merchandise that either doesn’t sell or that doesn’t sell quickly.
- Be patient. It takes time to build a successful liquidation website or closeout online presence. Don't expect to make a lot of money overnight, There are a lot of other product liquidation companies selling discontinued items and excess inventory, and some of them have been in business a long time. They have a closeout process already in place and have already carved out a niche. Building a new website can take years and many hours of work.
- Be persistent. There will be times when you face challenges. Don't give up. Keep working hard and eventually you will achieve success.
Where to Find Closeout Deals, Overstock Inventory, and Motivated Sellers Wanting to Get Rid of Inventory at Low Prices
There are a number of different places where you can find closeout deals, overstock inventory, and motivated sellers wanting to get rid of inventory at low prices. Some of the most popular places include:
- Liquidators: Liquidators are businesses that sell off the inventory of businesses that are going out of business or that are restructuring. This inventory can often be found at a significant discount.
- Online auction sites: Online auction sites like eBay and Amazon are a great place to find deals on closeouts, overstock, and excess merchandise. You can often find these items at a fraction of the retail price because the company needs room in the warehouse or they just want to get rid of the inventory. It’s possible they didn’t even pay for it because the entire inventory was abandoned when their customer went out of business. Abandoned inventory is becoming a bigger and bigger problem as businesses shut down and leave behind all kinds of unwanted inventory.
- Manufacturers: Some manufacturers sell their closeout products directly to businesses in bulk. This can be a great way to get a good deal on products that are not available in smaller quantities .
- Trade shows and industry events: Trade shows and industry events are a great way to network with other businesses and learn about new deals.
- Online directories: There are a number of online directories that list liquidation companies and sellers of closeout inventory. These directories can be a great way to find motivated sellers that are either downsizing warehouses, moving to smaller warehouses, or shutting down operations entirely. You can get overstock inventory for less than the original import cost.