From consignment shops selling boutique clothes, to used stores repairing and refurbishing computers and other electronics, the time may come when you have less inventory than you like. Particularly when your business is focused on having a steady rotation of new outfits or components to assist with repairs, this can be a major problem for your business’ image.
Even so, there are still many ways to help boost your stock and, in turn, boost your sales. Purchasing liquidated inventory is one such option. To help, here are some tips for boosting sales this way.
Pad your inventory with liquidated products
Purchasing liquidated merchandise is a great way to pad your inventory and increase what you have available for sale. There are plenty of websites that offer a variety of wholesale and liquidation pallets available for purchase, often sold to the highest bidder. Featuring liquidated goods from popular big box retailers like Target, Amazon, and Walmart, these websites offer a veritable treasure trove of merchandise for small to mid-sized businesses.
Buy the right pallet, not the first pallet
When looking to boost your sales, it’s important that you buy the right pallet and not just the first pallet that seems like a good fit. Say, for example, that you run a small video game store and are looking for some new products. If you look on a website focused on Walmart liquidation, you’re likely to find a variety of video game auctions containing games and systems from popular brands like Nintendo, Sony, and Microsoft.
But it’s important not to jump at the very first auction you see, even if it does seem promising. Do your research, compare the MSRP and bidding activity on other similar listings, and — most importantly — investigate the product manifest to see if the pallet contains items you have a history of selling.
Just because hundreds of video games from an untested customer returns pallet have the potential to make you money doesn’t mean you should pull the trigger on that pallet. This is especially true if you have a higher success rate selling and repairing video game consoles.
Find and keep new customers
Another way to boost sales is to use exciting finds from liquidated pallets to attract new customers. If you’ve found a good sales lead and have customers who are interested in your business and what you’re selling, what better way to keep them excited about your company than to showcase some of the new items you’ve found from your liquidation pallet?
By using your new leads’ contact info, you can highlight these and other items in targeted advertising and email marketing campaigns that help them see the kinds of wares you have available.
List your liquidated inventory online
This may go without saying for some, but it’s important that your business has an online sales presence, too. Whether that’s an eBay or Amazon store place, or your own ecommerce website, make sure that you list your liquidated inventory online as well as displaying it in your store.
Use liquidated inventory as sale items
If you run a store selling clothes or other items that you frequently mark down, using liquidated inventory can even help improve your profit margins on the sales rack.
Instead of marking down products that you spent a higher amount on, by placing your liquidated purchases on sale, you’ll most likely still be marking them up. This ensures that you still make a profit instead of cutting into your other margins.
Purchasing liquidation inventory can be a major boon for your business, so long as you know how to leverage it to improve your sales. With some savvy decisions and clever marketing, you’ll be able to boost your sales and increase your inventory simultaneously.