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Making Money With Closeouts – Terminology Review

It has been a long weekend and I thought it might be time to do a little review….I use many different terms on the blog and we should  go over a few again….(Oh by the way…tomorrow I have a great source for children’s Name Brand Apparel – Stay Tuned!)

Bulk – Items that are sold in large quantities. When buying in bulk most of the time you will receive a significant discount. Make sure to inquire.

Case lot – Products packaged and sold by the boxful.

Closeouts – Merchandise that is being sold below the original wholesale cost.

Dropshipping – A method of selling where the retailer does not stock goods, but instead takes customer orders and sends them to a wholesaler, who in turn ships out the orders.

Factory overruns – A production run that went over the scheduled amount, resulting in excess inventory. Here is a great opportunity to purchase merchandise at a deep discount. I have personally bought merchandise for nickels on the dollar.

Factory overstocks – Stock that was left over after a particular selling season.

Liquidation Products – Products that were sold at a discount (many times less than the production cost) in order to turn the slow-moving or stagnant inventory into cash.

Pallet lots – Products packaged and sold by the pallet. A standard wooden pallet is 40″ by 48″ and cartons of goods are packed as high as can be safely moved by a forklift into a cargo truck.

Pre-pack – Assorted merchandise with pre-determined colors, styles and/or sizes. Typically will refer to apparel.

Refurbished or Reconditioned Products – Products that have been used (and possibly previously defective), but have been restored to full working condition. However, they may or may not come in original packaging or include instructions and accessories.

Customer Returns
– Products that were bought by customers and then returned to a retailer. They may be new and unopened, used, defective or have missing parts.

Salvage and Surplus – Discounted products that vary in functionality, appearance or both. Typically, salvage products are junk and only good for parts, while surplus products may be new (though rare), used or defective.

Shelf Pulls
– Products that were previously on the shelf in a retail store but were never sold. They may have multiple price tags/stickers on the packaging or they may have been display models showing use and missing parts.

Truckload – A standard 53′ truck will hold 24-26 pallets single stacked. Some pallets can be double stacked thereby allowing twice as much (48-50 Pallets)

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