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.
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:
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.
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: