Wholesale Closeout Merchandise Buying Tips
Closeout merchandise can be good or bad, depending on the desirability of the item and the wholesale price. You don’t want to get a bad deal on a great item or a great deal on a bad item. Neither situation is profitable to you, and profit is the bottom line. Here are some wholesale closeout merchandise buying tips you can follow to boost your profits:
- Know your target market. A closeout is only a great deal if you will be able to easily sell the items to your customers. A little common sense and research go a long way here. Consider the income level, climate, and popular trends in your area and focus on buying items that fit. Boston Celtics merchandise would sell well in Massachusetts, but not so well in New York. Hats and sunglasses will sell well if your store is on the beach. Gloves do well in colder climates. If you know what your customers want and need, it is possible to get a great deal on closeout items your customers want and need.
- Unique items sell well, if they’re unique in a good way. People love gadgets and gimmicks and things they’ve never seen before. Make sure you include some of these items in your product mix. If your customer knows you have a history of selling unique and fun items, they’ll be more likely to buy from you again, as they’ll be curious about what new items you have to offer.
- Keep your closeouts relevant and interesting by including some seasonal items, related to the time of year, weather, upcoming holidays, and even local sports team seasons. These factors will help the items to sell themselves. Some examples are Christmas decorations, NFL car air fresheners, and warm gloves in the winter. If it’s cheap, useful, and related to what’s going on in the customer’s life, they’ll buy it. The tricky part for you, as a wholesale closeout buyer, is to find the best deal on seasonal items. In many cases, seasonal merchandise can be bought much cheaper off-season than it can during the season. For example, Christmas merchandise can be purchased at a much lower price in January than in November. If you have room in your warehouse to store items for 10 months, you can boost your profits by buying seasonal items off-season.
- Brand-name closeouts are good sellers. Companies spend billions of dollars advertising their products, but more than any individual product, they advertise to build brand recognition. When the consumer sees an item with a brand they recognize, they are more likely to want to buy it because they trust the company, and they believe the company makes good products. If you offer the customer a brand they trust at a lower price than they expect to pay, you will have success.
- Finding the right closeout supplier is vital to your success. Kole Imports receives hundreds of closeouts every week, and we always have something new and different at a great price. Many of Kole’s closeouts are priced low enough to be retailed in a dollar store, though many would sell well at $1.99 or more. With closeout items in 44 different categories, Kole Imports is sure to have the right items to boost your profits. Click here to see Kole Imports’ Wholesale Closeout Merchandise.