If your business relies on affordable inventory, you should consider using truckload liquidation as a source for products. Learn everything you need to know about truckload liquidation and you can help your business grow.
What is Truckload Liquidation?
When large stores have products that are sitting on the shelves, they want to get rid of them. The items are taking up space and costing them money. To increase their profits, they sell the items at a low cost in a process known as liquidation.
In the first quarter of 2018, 5,669 U.S. businesses filed for bankruptcy. Many businesses attempt to avoid bankruptcy with liquidation.
Liquidated items come in many forms. You can find electronics, clothing, and toys on liquidation. You can also find them in different quantities. Typically, you can buy liquidation by the box, pallet, or truckload. As a general rule, the larger the lot size, the lower the price per item. So although a truckload costs more than a pallet, you can make a greater profit on each item.
How Many Items are in a Truckload?
The amount of inventory in a truckload varies. Some trucks are only 22 feet long, while others are 24 feet long. Before you purchase a truckload, you should find out how large the truck will be.
The type of items in the truckload also impacts the quantity of items. If you buy a truckload of bicycles, you will have fewer items than a truckload of small home goods. Do your research before you decide to buy, and donít be afraid to ask questions.
What is Manifested Inventory?
If youíre considering buying by the truckload, you should know the difference between manifested and unmanifested inventory. A manifested truckload should come with a list of products, and you should have access to that list before you purchase the truckload. Additionally, there should be a description of the products on the list. It might come with UPC codes, retail values, and other details.
On the other hand, unmanifested inventory does not come with a premade list of products and their condition. However, a list might be included inside the truck. As a result, you are buying the items blindly. There is a major advantage to buying unmanifested truckloads. Because the sellers donít need to go through the inventory process, the cost is low. You can get a great return on investment.
What Type of Liquidation Items are Available?
You can find three basic types of liquidated goods. Overstock items are being sold because a store had too many products that didnít sell. These tend to be in excellent condition. But store returns are different. They could be sold as-is, which means they may not be working. However, many of the products are likely to be in working condition.
Another option is end-of-life merchandise. With this type of truckload, you are getting items that are being phased out. Typically, this is because there is a newer model or style.
How Can You Find Good Inventory?
There are many liquidation companies that have options for buying truckloads. But you need to choose your inventory carefully.
First, you need to decide what your niche will be. Do you want to sell electronics or fashion accessories? To make the decision, you should do some research. Check out the top sellers on Amazon and other retail sites.
Secondly, you need to choose your type of liquidated items. Will you use store returns or clearance stock?
Finally, you need to choose your liquidation company. This means working with a reputable company that you can trust. Choose carefully, and you can have a thriving business.