A lot of resellers or small business owners get so excited in the process of generating profits from liquidation merchandise that they ignore the importance of testing or checking the items before putting them on sale. Whether you’re planning to resell customer-returned items or overstocked merchandise, testing the merchandise will help you determine if the items need to be repaired or improved before the resale.
Networking has it!
Yes, you need to have a strong social network and positive relationships with people/services that are important for your business. For instance, having long-term agreements with a repair technician for fixing items that are broken, including TVs, laptops, vacuums etc. will always work in your favor.
The Insider Tactic
Do you know what smart resellers do? Instead of giving discounts, they prefer offering merchandise. Items that are received in large quantities can be used as promotional weapons for selling other items. A tempting offer could be something like: “free bracelet for every jewelry item purchase over $10”.
The more you’ve sales channels, the faster you sell!
Are you reselling your merchandise at just a single venue? A lot of people make the terrible mistake of limiting their sales channels, which consequently results in fewer sales and smaller profits. Remember, your options should never be closed. If you’re already selling your items at a flea market, why not consider going for other options like e-Bay, online stores, local festivals etc. Recognizing your market and understanding customer demands are important for identifying the right type of sales channel for your particular merchandise. For example, some businesses prefer clearing higher value items through online sales channels while reselling lower value products at some swap meet.
Do Your Research
Research, research and research again! Before starting any kind of business, research is the most important element in eliminating business troubles in the future. Dedicating a certain amount of hours to market research before product pricing can help you determine if you’ve over-estimated or under-estimated the resale value of your merchandise.
And for those discount store managers or flea market resellers, research is a great tool for discovering additional means to sell their goods. A lot of small businesses benefit from online options like eBay and social media marketing.
Smart Investment Pays Off!
Investing in off-season items is a smart investment, as long as you have the cash and space needed. For instance, winter apparel is sold at discounted rates during summers and by stocking the clothing items and reselling them in winter, you’ll certainly rake in more cash.
Customer Satisfaction Is Your Top Priority
Ever thought why customer satisfaction is so important to all businesses? Customer satisfaction is an important factor as it can literally make or break your day. If you become dedicated and consistent, use innovative ideas to promote your business while maintaining customer loyalty, reselling goods at your desired rates will be as simple as pie.