If you are new to the business of buying closeouts, read on to discover some great tips for making money buying excess inventory, and learn how to sell old merchandise and obsolete stock for a profit. Yes, even during these challenging times you can sell surplus inventory for a profit and make good money. Below are 5 tips to help you understand how to generate profits selling closeouts and buying overstock inventory.
1. Closeout Websites. There are closeout websites that specialize in connecting sellers with overstock buyers and closeout buyers. If you are new to the closeout business you should research these sites so you can list products you have available for sale. These sites are often visited by importers and distributors who want to sell surplus inventory, and also searched by closeout buyers and closeout brokers. Closeout websites offer any seller a great opportunity to seek out customers who are buying closeouts. It is one of the best ways to reach new prospects in the industry.
2. Pinterest. One of the best ways to get bang for your buck is to use social media. Closeout companies that want to sell old inventory and liquidate overstock merchandise fast often use social media to get their message out. For little or no money at all you can reach closeout buyers who may be interested in taking everything you have. Other Platforms like Facebook, Instagram and Shopify can all introduce you to people interested in buying closeouts, overstock and excess inventory.
3. Facebook Marketplace. This is an amazing tool because it targets customers interested in purchasing discontinued merchandise and buying closeouts. You can post any inventory for sale, including all offers you may have to sell surplus inventory. And the best part is it costs hardly anything to get started and you post as many listings as you want. Many people have used Facebook to sell old inventory that may just be laying around the house or taking us space in their garage or their basement. It’s a great way to generate extra cash for things like old clothing, toys, luggage, and much more.
4. Flea Markets. Believe it or not, there are some flea markets that are still wildly popular. They seem to have a place in today’s retail environment despite such a strong move toward closeout websites, deal sites and online sales. People still love hunting for bargains and discounts whether it be from someone who wants to sell old inventory from a closed business or a company that wants to sell surplus inventory.
5. Cold Calls. Cold calls work. Getting on the phone and making personal contact is still one of the best ways to find new customers for closeouts. If you have merchandise you can sell at a profit and still give the customer a great deal, start dialing. People respond to genuinely good deals for closeout housewares, sporting goods, home accents, etc. Closeout websites are a great way to post inventory for a lot of people to see as they surf the internet. But direct calls to specific customers is also an effective way to move goods and sell surplus inventory and closeouts.
There are customers who are interested in buying closeouts everywhere. You can profit from all of them if you are willing to put in the work to reach them, and sell old inventory or other deals on closeouts, surplus and excess inventory. If it’s a good deal there will be a buyer for it.