Overstock

Stock up on overstock merchandise and keep your customers happy with lower prices

If you know anything about overstock products, you realize that buying surplus merchandise can mean major savings for you as a retailer. The key is to find products that your customers want to buy, and then negotiating the best deal possible. Once you've found the best deals, you can simply stock your shelves and wait for the profits to come rolling in.

When you want to find overstock companies, there are a few things that you need to discover about the way each operates. Typically, these things are stated on the company's website, but occasionally you may have to call to get the specifics. You need to find out important information including:

1. Type of overstock items in the company's inventory-- it could be electronics, leather goods or other items.

2. Minimum order requirements-- either a set dollar amount or a set number of overstock units.

3. Shipping arrangements-- you might want an overstock provider that offers drop-shipping to your customers.

 

Gather all the overstock information you need to make your decision

If you're new to the world of overstock goods, you should spend a little time familiarizing yourself with how surplus buying works. You typically buy inventory by the case or pallet, and receive a discount based on the amount you buy. You don't have much control over the selection or color choices; you have to accept whatever is available at the time.
Try: Get familiar with the industry by visiting overstock forums and websites. Surplus.cc is a great site for insider information. It features forums that you can participate in to get all of your questions answered and learn who's who in the overstock business. Via Trading has a helpful FAQ page that can help you make your overstock buying decision and walk you through the process.

Work with a supplier that has a large selection of overstock inventory

While you may occasionally come across a local company that's going out of business, you'll make most of your overstock purchases through a wholesale site that acquires inventory from several sources. You should look for a company that has a wide assortment of items to choose from and is constantly updating its inventory. This will help you keep your inventory fresh and get the best deals on some of the hottest products on the market.
Try: Do business with a large wholesaler. Kole Imports does nothing but buy and sell overstock items of all kinds. This one-stop-shopping concept can save you a great deal of time and energy. Wholesale EZ is a website that offers links to connect you with other wholesalers so that you can get the best possible deal.

Negotiate the best price for merchandise overstock

Once you find the products that you want to buy, it's time to get serious about pricing. The key to getting the best price on overstock surplus is to learn how to negotiate terms. If the price is good to begin with, your work is already done, but you may be required to bid on the item in an auction format or call the company directly to get a price reduction.
Try: Call around to see what sort of deals you can make. Smaller companies like MyLeather and Omaha Closeouts don't have the size of the corporate giants, so they may be more willing to come down on price in the hopes of making a large deal.

 

• Be wary of overstock companies that make you pay a monthly fee to access their inventory lists. Stick with companies that list their product information for free.

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