Are you looking to scale your reselling business by buying in bulk? Sourcing inventory for your reselling business can be time-consuming, especially if you’re seeking it out piece by piece. Whether you’re a long-time reseller looking to find more inventory, or you’re a new reseller eager to jump in with a lot of inventory, this article will give you some insight into where to buy things in bulk to resell.
Goodwill Outlet
The Goodwill Outlet is also known in the reseller world as “the bins” in reference to the big blue bins that hold all of the merchandise. This is one of the most popular places for resellers to buy things in bulk. Why? Because you can get a lot of inventory very inexpensively thanks to their pay-by-the-pound system. That means (in most locations) you fill up your cart and roll it onto a scale to find out how much you’ll pay. Since most locations will roll out new bins several times a day, there are always new items to find.
Tips for Shopping the Goodwill Outlet
- Know the best times to go: For most resellers, the morning is the best time, but this can vary at each location. Weekdays can be less crowded than weekends, too.
- Dress comfortably: Since you’ll be digging in bins, you want to make sure you’re in comfortable shoes since you’ll be standing for long periods of time.
- Inspect every item thoroughly: Many items will have flaws or stains, so be sure to double check each item before deciding to take it home to sell.
- Understand pricing: At some locations, your per pound rate is lower if you buy more. This can save you a lot of money! Understanding how the pricing works at your location will ensure you can get the most for your money.
Online Liquidation
Buying a big pallet or bulk lot of items and getting it shipped to you without having to go out and source is the dream for many resellers. Luckily, there are plenty of liquidators to choose from who buy directly from retailers, manufacturers, or distributors who need to liquidate their stock. Most of the time you can find items priced well below wholesale which will increase your profit.
However, there are disadvantages to buying online liquidation and most of them have to do with not being able to see or inspect the merchandise in person before making a big, expensive purchase. This is something to think about when considering online liquidation.
Tips for Buying from Liquidation Websites
- Do your research: This is the most important thing to do. Not all liquidation websites are good or legitimate. Some may not have quality merchandise. It’s important to read reviews, do a lot of research, and even call the company to ask questions.
- Consider types of liquidation: You can find shelf pulls, overstock, returns, etc. Make sure you know what you’re getting and if there’s a chance that some items will be damaged or unsellable.
- Understand manifests: Some liquidation companies will provide a manifest that tells you what items are in the pallet or bulk buy you’re purchasing. Some will provide unmanifested liquidation lots. You should know how to read a manifest and understand the risk of an unmanifested lot.
- Start small: If you can, start with a small order with a liquidation website you’re considering buying from. That way you can see the quality of merchandise, how their shipping and customer service is, etc. before you spend a lot of money.
Local Bulk Buys
One great resource is keeping an eye on your local classified ads, Facebook marketplace, and even just networking with other people in your area. Companies or other resellers often decide to close their business, move across the country, or liquidate for other reasons. This can be a great opportunity for resellers who want to buy items in bulk.
Tips for Local Bulk Buys
- Build relationships: If people know you’re a reseller, they may think of you when an opportunity comes up that you may not have found out about otherwise.
- Be ready to act fast: These types of deals can get snatched up fast because many times the business is either closing, moving, or needs to move inventory quickly.
- Know what you’re buying: Don’t go in blind and just trust what you’re buying. Ask to see the inventory, inspect it yourself, and make sure it’s in good condition and that it’s a good deal.
- Negotiate: There’s often room for negotiation in local buys, especially if you’re paying cash. Use your best judgment, ensure there’s room for profit, and if it makes sense, see if you can get a better price.
Liquidation Stores
If you are lucky enough to have liquidation stores in your area, they can be a great place to find inventory in bulk to resell. Since these stores are often buying liquidation in large quantities, they will often have multiple of the same item. So once you find an item that will sell for a good profit, you can buy multiple quantities to resell online.
Some of these stores are more like large warehouses, while others are smaller “bins” stores in more retail locations.
Tips for Liquidation Stores
- Find the stores: Do searches for “liquidation stores near me” or “bins stores near me” and variations of these types of searches to see what comes up. Then visit each one in person. You never know which ones will be good until you get there.
- Visit regularly: These stores often turn inventory quickly. Add them to your regular sourcing routine to catch new inventory when it comes in.
- Inspect the merchandise: Because these are liquidation items, they could be in new condition or returns with flaws. Always make sure to check the condition and ensure all pieces are included.
- Ask about discounts: Since these types of stores move inventory quickly, some of them will have discount days or bulk discounts. It never hurts to ask if they have any types of discounts available.
Buying in bulk can be a smart way to scale your reselling business, especially if you find that you simply don’t have more hours in the day to source. By diversifying your sourcing strategy to include buying in bulk, you can get more items sold and increase your profit without as much time spent upfront searching for each piece.
