By purchasing shelf-pull or overstock items, you will be able to offer items that are not generally found in other dollar stores. This is a truly great angle that you can use to differentiate your business, and get people shopping at your location and spreading the word!

While you may not be able to consistently offer the same selection of liquidation merchandise, you can help build a reputation for your store as a place that has limited time offers on discounted goods that cannot be found so affordably anywhere else. It’s a great way to get people to keep coming to your store, checking to see what you’ll offer next. Also, as is typical in dollar stores, once you have them through the door, they’re likely to find something relevant to them and buy it.

This approach also provides a great opportunity for generating big profits by purchasing liquidation seasonal goods off-season, and then keeping them until the market is hot again. Purchasing small seasonal items that will not cost much in storage is a way to try this out if you are on a smaller budget. For example, many Christmas ornaments/decorations that are not large in size can be bought cheaply after the Christmas season and held until next November when they will be popular again. This is of course true for items geared towards Halloween, Valentines Day and basically any holiday that the mainstream public decorates or buys goods for.

Also, you can purchase general below wholesale dollar store merchandise through a variety of closeout companies as well. There are several mentioned in our guide, Wholesale Liquidations Exposed.

Of course, if you’re purchasing items for a dollar store, you have to make sure you know exactly what you’re getting, as people will expect their goods to be in good condition. Stay away from salvage goods, and stick to overstocks, shelf pulls and other good quality closeouts. Communicate with your source so that you know exactly what to expect. As always, you may want to consider a few small purchases until you trust that the goods you will be receiving are of the nature you require.

Customer Service – The Human Factors

First and foremost, a solid customer service approach requires being proactive with your customers. Being proactive in this case means going the extra mile, beyond smiles and other salutations, to an environment that exudes caring, sincerity, and efficiency, as well as expert product knowledge.

If you have employees, strive to make sure that they possess the same proactive zest for the company’s success as you do. This can be accomplished by having regular company meetings to get everyone updated on the latest developments and providing incentives for achieving high customer satisfaction.

Another important factor that is often missed in communication with customers is the ability to take the necessary time to listen and ask the right questions. It is common to see a sales person talking, and talking, and talking some more. However, in order to display active listening skills, it is essential to get into the mind of the customer to find out such details as:

What type of product are you looking for? Are you looking for a specific style, brand, manufacturing year, etc? Would you consider an alternative product having similar features?

By engaging the customers to specifically address their wishes, you will be able to gain their trust and respect, leading to a higher likelihood of a successful purchase.

The above points are very important for effectively engaging with customers. However, it is equally crucial to not come across as too aggressive, as there’s no doubt that we’ve all been turned off at times by a pushy salesman. So while it’s okay to push a little, try not to push them right out the door! The key is to tactfully observe when the customer is reaching a saturation point, and just before that, allow them some room to analyze what they’ve heard and seen, before agreeing to going ahead and finalize the purchase.

Customer Service – The Technical Factors

Customers hate to repeat themselves, and feel valued when we remember their preferences and dislikes. The good news is that you do not need to be a member of Mensa to remember every customer, you need only to take notes! Keep notes on any pertinent data that will make future interaction with your customers as personalized as possible. This information should be organized and readily available (at the tap of a few keystrokes), so that it is handy whenever a customer should call or visit.

Repeat customers will be highly impressed with the type of service they’re provided, as most other wholesale providers are not as detailed with personalizing and customizing their customer service. The time taken to enter and maintain a customer record will be worth it, and can be done with relative ease once the customer departs the store or hangs up the phone. If you have a wholesale e-commerce website, the customer profile section will provide a seamless method of collecting this practical information into a database for future use.

Bring It Online

Correspondingly, it is important to have an online presence, where customers can gain more information about your business and the wholesale products you are selling. Who hasn’t “Googled” a company before giving it a call? Most of us have, so it’s surprising that only 56% of small businesses have a website!

Since a website is a great marketing tool, push yourself to go beyond simply offering an online profile page, such as a LinkedIn or Facebook page, with just your business name, street address, phone number and email address. The professional look of a full fledged site vs. a simple page could make all the difference in attracting customers.

If you run the type of company that answers the same questions over and over, then consider adding a FAQ (Frequently Asked Questions) page to your site. Moreover, include sections on your site for shipping and return policies and add plenty of testimonials from existing customers. Notably, when adding content to your site, keep in mind all of the customer service tips mentioned above, to create a true and consistent sense of helpfulness in describing your business offerings.

Also, you can grow your customer base by increasing your web presence, basically using simple steps such as targeting your local customers through the addition of your company to Google Places.

Remember, word of mouth is actually stronger now than ever. That’s because we have so many ways to easily communicate with a wide range of people. It takes only a few seconds to blab on Facebook about a bad customer service experience! Thankfully, it also only takes a brief amount of time to tweet or blog about a good experience! So, whether you’re dealing with one of your most lucrative customers, or a prospective client who is seeking a small purchase, always treat every customer as if they are your biggest and best.

Here’s what you will need to establish an online presence for selling your liquidation merchandise:

• Choose and Register a Domain Name

If you’re confused on where to start, well, first thing’s first – you need a domain name for your website (you know, a web address such as www.yoursite.com). Probably the most advertised and popular place to find and register a domain name these days is GoDaddy.com. There you can see if your desired domain name is available, and then proceed to register it. Also, unless you’re also looking to get hosting or other products from Godaddy, you can skip all the upsells that they will try to offer you. Keep in mind that your domain name should not cost more than ten dollars, unless you’re going with a rare extension – e.g.: .biz, .mobi, etc.

• Pick a Web Hosting Provider

All website owners require web hosting, and there are lots of inexpensive, high quality web hosts that can provide more than enough resources and features for building a new website. I suggest seeking a host that offers 24/7 365 phone support, as it’s best to be able to receive assistance via voice (rather than live chat), if you should need technical assistance. Also, search around for a host that offers complimentary templates as well as shopping cart service. It’s best to contact potential hosts ahead of time, especially if you foresee requiring significant assistance, so that you can confirm that the site you have in mind can be supported as well as to discover whether any tools or advice are offered to help you along.

• Put The (Shopping) Cart Before The Horse

Some of you may be looking to simply have a website as an advertisement for who you are, and for prospective customers to read about your wholesale product offerings. However, I would think most of you would also like to give potential customers the opportunity to purchase goods directly from your website. This is better than operating by phone, as it means that you can make sales even while you sleep. Your web host may offer a free shopping cart or be able to recommend one to you. Be aware that most of these shopping cart applications offer a wide variety of features, but if you have specific needs, verify that they are indeed supported by the software you choose. Common shopping cart software include Zen-cart, Volusion, CoreCommerce and a host of others.

• Apply for a Merchant Account

Now if you’re going to sell online, you’re obviously required to accept payments, and most customers will prefer to pay by credit cards, which means you will need a merchant account. Merchant accounts can be obtained through your banking institution or via various companies online. Once you purchase a shopping cart software, their representatives will be able to provide you with assistance and detailed information on integrating your merchant account with your shopping cart. Also, keep in mind that you may need a payment gateway provider (such as authorize.net) to properly process your customer’s payments online.

• Unique Product Descriptions with Photos

Clear, professional photos and unique text that describes your products will provide a huge advantage in how well your site converts visitors to customers. Take the time to write exciting descriptions and provide as many details as possible, as this will help users find you using search terms and will also make you stand out from competitors.

• Don’t Forget Customer Service!

This means not only having a very easy to find “Contact Us” page but also letting customers know when is the best time to contact you (your business hours) and alternative contact arrangements (such as email). Remember, by using the Internet your customers may originate from anywhere in the world and, therefore, contacting you during what is considered the norm in your local timezone may not be convenient for some of your prospective clients.

These are the main requirements for offering your closeout liquidation merchandise through your very own website and, when done right, should result in a significant boost to your sales.

eBay must be trying hard to attract, keep and perhaps even re-attract sellers as they are also going to make auction style listings free of charge (for up to fifty items per month), as well as make the “BIN” or “Buy It Now” button/option free (initially) on those auctions. Sellers will be charged for the listing and BIN option ONLY if their auction is successful, so if you do not sell you do not get charged. Notably, while these changes are for sellers who do not have an eBay store, those who do have a store will still see reduce FVFs.

Sellers can look forward to seeing these changes implemented between April 19 and May 23. Furthermore, come July 6th, there will be a decrease in the final value fees for non-auctions, fixed priced listings.

eBay is also making changes to improve both the seller and buyer experience on the site, such as an updated shopping cart and continued discounts for sellers that eBay considers “top rated”. There are a few changes that sellers may not appreciate and one specifically that you should keep in mind if you are considering selling on eBay for the first time — sellers who are new to eBay or do not have much of a history on the site will see that buyer payments to them are delayed for a set time period to better ensure that the transaction is successful, and more so that the buyer actually receives the item. While this may help to cut down on fraud, it is an inconvenience to new sellers, and so if you cannot afford to wait for payment you will need to take this into consideration before listing on the site.

You can read more about these changes on the eBay announcement page here.

Many of you will immediately think of eBay when it comes to selling goods online, as it’s easy to use and it seems that just about everybody already has an eBay account. However, while eBay is a viable option, it’s certainly not the only venue where you can sell online. This is particularly true if you are frequently buying the same kind of wholesale closeouts, as it will ideally position you for establishing your own niche e-commerce store in which to sell your goods to consumers.

While there are some setup as well as ongoing costs associated with opening an e-commerce store, your benefits include having much more control than when you sell through eBay and you are, of course, spared from the large (and often growing) fees that eBay charges sellers. It’s also a lot easier to advertise your own store, which can be done both offline and online. An e-commerce store can also make a great addition to a brick and mortar store and will help you to keep customers that enjoyed your products but prefer to do at least some of their shopping online. You need not be a tech geek to do this, as there are many relatively easy to set up e-commerce solutions available from a variety of providers.

You may also want to consider becoming active in some of the major social media platforms, as consumers are seeking out retailers (and e-tailers!) through Facebook and Twitter. In fact, according to the Compete.com report referenced above, thirty one percent of online shoppers describe using the Facebook pages or Twitter feeds of retailers they’re interested in. This is almost double the amount of users who did so in late 2009. This is an obvious trend that shows continuing trends for growth.

So what kind of liquidation closeouts and wholesale products should you be seeking to get your hands on? Well, there are the obvious, long-established consumer favorites such as movies, music, video games and books. However the truth of the matter is that with more and more consumers turning to the internet, any item you are able to receive good margins on can, should and will be sold online.

The most obvious benefit of sidewalk vending is the fact that, if the right location is chosen, there will be a fairly reliable amount of foot traffic. However, before you go setting up a vending cart at a busy intersection, make sure to get some vital information first. You will want to make sure that the area has lots of foot traffic for more than once a day and preferably has a steady flow of traffic. Also worth a great deal of consideration is the price point that your potential customers are likely to respond to. If you price things too high, your potential buyers may not be able to afford it. However if you price too low, they may think that what you are selling is of poor quality.

One of the problems you may encounter when using sidewalk vending as a means of selling is the issue of city regulations. While most cities only require you to have a business license to operate as a sidewalk vendor, some cities have them outlawed completely or require special licensing. Make sure to check your local laws and regulations before setting up shop. Also realize you probably were not the first person to think of the idea. Make sure that if there are other vendors in your area, they are not selling any of the same merchandise. Finally, sometimes you will want to operate on private property. If this is the case you will generally need to come to some kind of rental agreement with the owners of the property.

Buying and reselling wholesale liquidation merchandise can be a daunting task because quantities are so limited; as a reseller, your stock will always fluctuate and re-ordering a particular quantity of any one item is next to impossible. Here today, gone tomorrow.

In addition to limited quantities of any one particular item, you will encounter items which represent a great resell value, but might not fit into your selling venue. For example, eBay is a great place to resell high end brand names, but how does a savvy eBay reseller auction lessor known brands and or items fit for a a flea market setting? Reselling diversification is the answer. You must have several markets to resell merchandise.

You might be scratching your head asking, “What do you mean by several markets?”. By several markets I mean “sales channels” or other opportunities for you, as a small seller, to make additional money.

Let me give you an example and introduce you to a company called Recovery Management Corporation. RMC purchases lost cargo shipments, unclaimed freight, manufacturer and distributor overstocks, and close-out merchandise and then resells through several channels including retail outlets, online and through live auction events.

Take a look at the retail side of RMC, Cargo Largo, which sells on eBay, Amazon and most recently, Craigslist. Spend some time on their website following links to Cargo Largo’s eBay store, Amazon page and Craigslist listings. Now this is reselling diversification!

Does it cost money to create several sales channels, yes and no. You biggest investment will be time researching different markets. If you are selling on eBay currently, take a look at Amazon as another option. Take the time to check out Craigslist, which gives you another exciting way to reach local customers! Maybe holding a silent or live auction in your hometown will prove to be a viable source for revenue you might be leaving on the table, unclaimed?

Move past a single channel for reselling and ask yourself how diversification can create more cash flow for your business?

Liquidation sales are not uncommon throughout the country as major catalog retailers, distributors and manufacturers will open their doors to the public with the intent to downsize stock levels and create immediate cash flow.

During our liquidation event sales it is not uncommon to have lines out our door well before our advertised opening hour. We really build up excitement through advertising early and using specific marketing promotions to drive customers to our location.

We held an apparel liquidation event one Saturday a few years ago where we sold every article of clothing at $5. What a frenzy this caused and to make matters even more interesting we placed a flier insert in our local newspaper asking that only those whose last names begin with a-k attend this 8 hour sale! We had no intention of actually checking Id’s, but this ploy sparked the attention of everyone looking for a good deal.

That one line promotion gave everyone that read our add a feeling of urgency and limited manpower to service the entire public in one eight hour period. It worked and it worked well. Our cash register almost overheated that day!

Another marketing technique we use is simply offer a raffle during our sales where everyone interested fills out a contact sheet offering a name and address. Everyone loves the chance to win something and the contacts we collect are notified by postcard of our next liquidation event!

You can use the Liquidation Sales Event model for any type of liquidation merchandise including shelf pulled items, customer returns and overstock.

Brick and mortar retailers hold event sales often by placing large “view blocking” posters in their windows a few day before a sales event. The window blocking poster often will advertise a critical message like, “Stock Clearing Liquidation Sale Tuesday the 12th!”.
Because onlookers cannot see into the store curious customers get the feeling that the store is preparing for a massive sale….and they plan to attend!

Get creative with your marketing. Do you typically wholesale merchandise or retail online only?

Think about holding an event sale and watch your cash flow go through the roof!