With the rise in popularity of wholesale liquidation companies where people can buy return pallets from Amazon and other popular stores, there are great opportunities for people looking to do business in this area. If you are one of them, you’ve come to the right place. This article will tell you about the best tips for anyone running a wholesale liquidation business.
They have great potential for profit making. With just a little knowledge and a few easy to pick up skills, you can get started and make great profit margins. Whether you’re looking to buy liquidation pallets in Oklahoma, or anywhere else in the United States, and want to flip them to resell, find the best tips below.
What are liquidation pallets?
In recent years, sites like Amazon and other delivery businesses have boomed. They are everywhere, and they are very convenient. With the rise of their popularity, the number of items returned has increased by a lot as well. This can be a big hassle for businesses like Amazon to handle.
The sellers that sell through Amazon also prefer not to buy back their returned products from Amazon. So, Amazon and other similar companies came up with the idea of selling a bunch of their returned products in ‘pallets’. Today, they are called liquidation pallets and have become surprisingly popular. People buy them for the thrill and luck of finding expensive products in pallets that they didn’t pay very much for.
Another possibility is that people can find items that are only moderately damaged and can be fixed or products that have minor wear and tear but were sold for very less. Recently, many people have started buying these pallets from wholesale liquidation companies to refurbish and resell them, as they have the potential to make huge profit margins.
Where can I find liquidation pallets?
Nowadays, there are several websites from where you can buy liquidation pallets in Oklahoma, or anywhere else in the US as these companies deliver nationwide.
Some of the most popular wholesale liquidation companies are direct liquidation, liquidation.com, B-Stock Supply, bulq, BlueLots, boxfox and so on. Check out our tips for your wholesale liquidation business below.
Here below are the 7 Tips to Run a Profitable Wholesale Liquidation Business:
Learn to sort and bundle
A lot of products that you find in liquidation pallets are miscellaneous and will be mixed up. By learning to categorise items based on what can be sold straight out of the box, and separating what needs refurbishing, you will be making your job easier.
You should definitely consider putting similar categories of items together as they can easily be sold. For example, clothing and books are some items that are better sold in bundles as more people would be interested in buying them.
Learn to remove and repair
In many cases, your liquidation pallet might have pretty damaged items, especially electronics and household appliances.
By learning to take them apart and remove important hardware pieces and things like chargers, cables, etc, you could be setting yourself up for a complete package for another pallet which might have the same appliance that’s missing a few parts. By learning to repair these missing parts, especially hardware, you will be making big profits with fully refurbished appliances.
Pick up auctioning skills
As most wholesale liquidation companies and their websites online are based on an auction model, it would be very useful to learn how to buy items at auctions to get good deals on what you purchase. This skill can help you buy some liquidation pallets that have great value for very cheap.
Learn to re-accessorize to resell
One tip that you won’t hear very often is to keep boxes with missing items. If you’re a regular buyer from wholesale liquidation companies, you would know how often it is to find boxes with missing pieces. By putting them together, you could sell them for high prices.
Register for resale certificates
If you are buying liquidation pallets in Oklahoma, or other states where you would need resale certificates, make sure you apply for them and have them updated to avoid unnecessary taxes or penalties as they can be quite expensive, depending on which state you are in.
Invest in quality packaging
This is a very simple step to ignore, but we think this will really help with your reselling business. Invest in some quality packaging and maybe even some custom labels. This will help customers be attracted to your company, will help you look more professional, and will even help bring old customers back. By making your products look better in quality, you are sure to find customers.