Liquidating inventory or having the need to sell extra merchandise can be time consuming and stressful if you choose to work with the wrong closeout company. It’s hard enough having to take a loss just to get rid of overstock, surplus, discontinued or slow moving merchandise. But if you get into a situation where your closeout buyer doesn’t perform or pay you as agreed, then what could have been any easy transaction may become a liquidation problem.
There are 6 things to consider when you are selling obsolete inventory for any of the following reasons. Whether you are shutting down your business, moving warehouses, making room for new merchandise, selling slow moving inventory, selling discontinued merchandise, closing down, changing products, getting out of the business, need to sell extra merchandise or if you are getting rid of old merchandise:
1. Not Choosing a Reliable Closeout Buyer.
Whether you are liquidating inventory, closing your business, shutting down a warehouse, or downsizing your warehouse, you will need to identify a reliable closeout company with many years of experience in buying closeouts and buying overstock merchandise. Find one of the oldest and largest liquidators you can so you can be assured your inventory buyer has many years experience in the closeout industry. Your goal is to get as much money as you can, and you want to have a fast and stress free transaction. Make sure you sell your discontinued inventory to a reliable buyer who knows what they are doing.
2. Not Checking References.
There are a lot of companies who specialize in buying closeouts. But before you make a deal to sell your inventory it is important to know who you are dealing with. Ask any closeout buyer for a list of references so you can contact other vendors who they work with. Ask for a diverse list of companies covering different industries so you can talk with a variety of sellers. Maybe one company sold them closeout sporting goods, while another sold overstock toys and extra housewares inventory, surplus inventory of luggage, etc. Check references if you are looking for where to sell excess inventory in bulk.
3. Not Researching Payment History.
Let’s face it; you are selling closeouts for fast payment. You want to get rid of merchandise that isn’t selling, and in return you want an easy deal, a stress free and problem free transaction. So the last thing you want is to sell all your closeouts to a company only to then have to chase after the money. Sell your closeouts to an overstock company that is well funded and has been in the closeout business for a long time. There are many good companies to choose from. Some are large liquidators while others are medium size closeout and overstock buyers, but at the end of the day you must choose an overstock buyer who is financially sound.
4. Waiting Too Long.
Don’t wait too long to get rid of old inventory. Extra inventory and general surplus merchandise has a life span and it doesn’t last forever. When your products sit in a warehouse too long they tend to look old and lose their freshness. Old packaging is always a problem and even at a huge price reduction can be difficult to get rid of overstock. Liquidate extra inventory quickly for cash while it still has shelf life. Find buyers for extra inventory and get rid of old merchandise when it stops selling.
5. Shopping Around Too Much.
When getting rid of old merchandise you should expect to sell at a loss, so it is important to check around in an effort to get the best price. But don’t shop too much. Most closeout companies have the same business model and do the same thing. For example, if you need to sell extra inventory and have closeout plush toys, you may want to make 3 or 4 calls to different companies to see what
6. Not Accepting an Offer.
When you are trying to find where to sell excess inventory in bulk, you will be getting rid of merchandise below cost, and at a loss. So don’t be surprised to get offers below your original cost. If you need to know where to sell excess inventory in bulk or if you need to liquidate housewares or home décor inventory you will have to accept a low offer. If you want to ;iquidate or sell your overstock and surplus inventory in bulk, it will have to be at a cost below what you paid.