When faced with what to do with canceled orders, it isn’t always easy to know what to do first. We all have situations when we have to liquidate merchandise, but we don’t always understand the process. There are buyers for excess inventory in many different markets but you have to know where to go. For example, if you have canceled orders for housewares inventory, you can research the best places to find liquidators for inventory but you have to find the right liquidators. Not all closeout buyers are created equal, and not all closeout buyers accept the same kind of merchandise. Some closeout companies specialize in buying overstock housewares while others may specialize in clothing or hardware.
There is no doubt that canceled orders are a headache because merchandise we thought had already been sold and spoken for becomes available again when we weren’t expecting it. The fastest way out of this situation is to find buyers for excess inventory and tell them you want to liquidate merchandise. It is likely you won’t be able to sell it for the same price your original buyer paid, but at least the product won’t sit on your warehouse floor and take up valuable warehouse space. Liquidators for inventory often pay only a small percent of the original cost but sometimes it is the best option.
It is possible you can approach the original buyer who canceled orders and offer them a discount if they will agree to take the merchandise, but this only works in some cases. Most of the time canceled orders are due to other problems like cash flow restraints or vendor relationships. Buyers for excess inventory are used to buying canceled orders and they will often take the product off your hands quickly. They should make you an offer for everything, and in most cases they will also pay all shipping charges and pay you right away. If you find yourself in a situation where you have to liquidate merchandise try to sell it to one of the closeout companies that has been in business a long time with a good reputation.
One final note that may be helpful is this: check references. Liquidators for inventory are usually closeout companies that are well funded and have resources to buy large lots of inventory. But it is always best to know who you are dealing with by asking for references and checking out the closeout company.When you liquidate merchandise it can be difficult because you will be selling at a loss. But what would be worse would be to make the sale, ship the order, only to not get paid at all.