As a small business owner, you have the opportunity to make good margins, but the key is to find a good supplier and develop a trust-based relationship. In the beginning, it’s important to do your research and plan well. Making a profit and successfully keeping your business running year after year takes dedication and hard work.
Here are 7 things retailers should look for before they buy liquidation inventory:
- Choose a supplier with good reputation. You need somebody who will be there to help guide you every step of the way and with whom you will build a long-time relationship. Look them up online and see what types of reviews customers may have given them or ask them for references of other customers. Look for signs that the company is established, check their social media presence, contact the sales team, etc. Look for an industry-leading supplier that has a solid reputation in the business.
- Investigate the costs and pricing. It is important to make sure that your purchase prices are low enough that you can make a profit when you resell the products. Look for prices that are right for the state and quality of the merchandise and buy each product lower than you can sell it for. Check the selling prices online for the products you are buying and be sure to always factor in details like shipping costs as well as what you’ll need to sell an item for to make a profit.
- Place a small order at first. Before you make a large purchase, it is a good idea to place a small order to test all phases of the order fulfillment process. This way, you will check the process, see how easy it is to place an order, what is the quality of the products, how quickly the product arrives, if the packing list is clear and correct, etc.
- Product variety. Working with a supplier who handles stocks from multiple categories will allow you to expand your business and your potential market.
- Inventory consistency. You want to make sure that your clients can count on you and the merchandise you sell. That’s why dealing with a reputable, longtime supplier that has consistent supply is so important.
- Fast and reliable shipping. Shipping delays can mean canceled orders and lost business. Make sure your supplier processes and packs your order quickly from its warehouse and ships it with a reliable transport company (or their own fleet). The sooner the products get to you and the better their state, the sooner you can sell them and keep your cashflow moving.
- Reliable customer service. If you have a question or an issue, you will want to be able to reach someone quickly. You want to be able to get help both pre-sale and post-sale. To get a feel for the company, speak directly with the sales team. How they treat you in the first contact is a good indicator of what you can expect from them in the future.
Ultimately, the level of service and quality you get from your supplier will have a big impact on your profitability and business growth. Choosing the right supplier will help you ensure quality, consistency, and an overall positive experience for your own customers.
ARLL Group of Companies offers the best quality services in Europe and you can be assured of consistent inventory and fast shipping. We can handle large quantities of liquidated merchandise and we have the best client service. Click here to find out who we are and what are the advantages of working with us!
If you want to try us out to see if we are a good match for your business, contact us, and we will be happy to help!
