For a good businessman, profit can be easily earned. Entrepreneurs who engage in the resale of merchandise do this by buying good quality products for a very low price and then reselling them with a healthy profit. They get overstock merchandise from stores that need to dispose these items. These stores usually offer big price reductions to give way to their new merchandise or to simply turn excess stocks into cash. Here are a few tips on overstock buying for the serious entrepreneur.
In choosing a source for overstock merchandise, consider not only the price, but the quality of the products it sells as this will greatly affect your customers’ loyalty. Customers will always prefer sellers who carry high quality merchandise over those that have old and defective products. When purchasing from a store, it’s easy to detect quality, but when online shopping, you need to research on the reliability of the store and the quality of its merchandise from forums or blogs.
Always check the condition of the products you are buying. Some overstock sales may include slightly damaged, discolored or returned items. Others are sold “as is where is”, meaning that you literally get what you pay for. To be assured of a good buy, prioritize stores that allow cancellation. This way you can withdraw your order should you not be satisfied with its condition when you receive it. This is a common dilemma especially when buying closeout or overstock merchandise online.
In your purchase, factor in shipping cost and other miscellaneous expenses and include these costs when you price your items. It’s advisable that you have a ready estimate of the cost before you purchase the merchandise to have an idea of how much you can sell it.
Before you purchase overstock merchandise, assess whether you think you can profit more from getting them from a store or online. There are many advantages and disadvantages for each that you should factor in. When you have selected your merchandise source, you can now set or adjust your selling price accordingly.
Good quality overstock merchandise can help you in your reselling business especially when they’re in good quality and are reasonably priced. To learn more on this topic, check out ehow.com/how_6916030_buy-overstock-items-department-stores.html
Entrepreneurship Lessons: Tips on Buying Overstock Merchandi