If you’ve got an entrepreneurial spirit, you’re probably always looking for the next great idea to help you make an extra buck. When it comes to making sales online, technology has provided an important, powerful renaissance for the way that goods are bought and sold.
As an entrepreneur, you likely want to be able to take advantage of this in the best way possible, but it can be difficult to determine how to source goods at a low enough price in order to make reselling items online worth your time and money. Enter the liquidation pallet. Buy buying used, returned, or refurbished goods from big-box retailers, it’s never been easier to find inventory for your online store.
Here’s what you need to know about making money by selling liquidation pallets online.
Know what you’re getting into when you make a purchase.
One of the best reasons to shop from online liquidation auctions is the ability to save money on your overall purchase since you’re buying in an auction format. That being said, just because you’re getting a good deal on a pallet or two doesn’t necessarily mean that the items themselves are worth your time and effort. Before bidding on anything, make sure to take a look at any photos or descriptive language about the listing. This can help you better understand what sorts of items you can expect to get as well as how many pieces are included in the lot. For example, you may be bidding on a huge lot of untested customer headphone returns from Walmart with a total of 180 pieces. This sort of information can help you determine whether or not the objects fit your niche as a seller as well as how many products you’ll be able to add to your online storefront.
Make sure to stick to your budget.
Of course, it’s crucial to stick to your set budget whenever you’re buying new inventory, and bidding on liquidation pallets is no different. If you get caught up in the thrill of bidding and just trying to win, you may wind up making a bad purchase that ultimately hurts your business.
Take the Walmart headphone example pallet into consideration. If you know that you can sell each item in that 180 piece lot for at least $5, winning the pallet as a whole could represent a total gross of $900. That being said, if you bid too much on the lot in order to win it, your net profits will quickly decrease.
Keep in mind that you’ll also have to pay for shipping, so that’s an important detail to factor into your overall budget for bidding.
Focus on your customers’ experiences.
As you start to make more money and sell more items online, there will come a time when you inevitably need to find a call center or contact center platform for handling orders. This is because once you have a large volume of sales, you won’t be able to be the only one fielding questions from customers about shipping details or whether or not a return has been processed.
Having the right Salesforce contact center solution can wind up being a major boon for your business since it allows your support agents to interact with customers through a variety of channels. Bright Pattern’s omnichannel call center software is definitely worth considering because it lets your agents speak with customers using web chat, email, video, and even telephone.
Best of all, it integrates seamlessly with your Salesforce CRM system, which enables you to give your support team every important detail about a customer and their orders when they communicate.