Spot a Good Supplier FAST!
The backbone of being a good reseller is being able to find a good liquidation supplier. They provide for a reseller’s inventory which at a lower and discounted price, especially when bought in bulk like pallets or cases. But as a reseller, it can be difficult to find a good supplier for your business since you have to meticulously assess the reputation of the supplier that you are looking for.
Fret not! We’ve listed down 3 qualities of a good liquidation supplier for your reselling business.
1. Reliable and Secure
As an entrepreneur, you will definitely be dealing with multiple supplier options at the start of your business. You will have to check their credibility, how long have then been in the liquidation business, and most importantly, are they safe and secure to transact with.
Just as with any other website that you are visiting, always look for the SSL Certificate. SSL or Secure Sockets Layer, is a modern indication that a website encrypts sensitive information and provides authentication that you are sending over your details only to the designated recipient.
To simplify, an indication of a secure website is the “padlock” icon or a “https://” at the very beginning of the website’s URL. This signifies that the website that you are visiting a safe and secure website. A wise reseller should definitely look for this from a good liquidation supplier. Always look for this to know that an online store is trustworthy and will protect your information, especially personal and payment details.
2. Offers a Good price point
Of course, who would forget the very reason why you are in the reselling business. You want to source your inventory at the lowest price possible so you can sell them at a good price so you can have higher profits.
If you are selling fast-moving products such as clothing and accessories, you would want to source you inventory in lots or in bulk. This way, you get much more items in only a fraction of the price. A good liquidation supplier also has options for product conditions. There are shelf pulls, customer returns, overstock, liquidation closeouts, and others. Most common types are shelf pulls an customer returns. This way, because the items that you are buying are not directly from the manufacturer, cost will be reduced drastically.
Another way to get a good price for your inventory is through discount codes! Good thing Honcho Wholesale constantly gives out discounts so you can surely get the bang from your buck when purchasing!
3. Well Manifested Lots
This a feature that not all liquidators have. Only reputable and honest liquidators provide manifests for their wholesale lots. A manifest basically lists down an accurate representation of individual items include in a box or lot. This list often includes UPC codes, suggested retail price, brand, size, and model of a particular item.
While some liquidation suppliers provide manifests, you should always be keen and thorough when browsing. Manifests should include damaged items it can be as simple as a missing button, a small stain, or even a typographical error on the tags! Resellers will certainly appreciate the honesty of the manifest because small defects like these can affect the product’s sellability.