General Liquidation/Wholesale Industry Terms (Glossary)

This list is intended to help clarify some commonly used industry terms. If you know of some other terms that would be useful to add to this list, feel free to email us at Thank you!

Packing Terms
Term Definition
Pallet Wooden (and sometimes plastic) structure used to support goods while in transit or being moved. Standard pallets are 40″ x 48″ and typically moved using forklifts or pallet jacks.
Skid Alternative term used to refer to a pallet.
Gaylord Typically a large open cardboad box placed on top of a pallet and used to store or move large quantities or smaller loose items. Come in various sizes but are typically 48″ x 48″ x 48″
Bin Large open cardboard box, similar to a gaylord but much shorter (approximately 24″ in height)
Case pack/case lot Generally refers to loose items packed in a small case. Typically used for shipping smaller goods such as cosmetics, clothing, accessories, etc. Case packs/lots typically have a predetermined unit count.
Master Case 100% brand new factory sealed merchandise, still in its original packaging.
Industry & Merchandise Terms
Salvage Different companies attribute different meanings to this term. Typically, salvage can be used as an umbrella term to describe any type of goods that a store or manufacturer no longer wishes to market for whatever reason, and choose to liquidate. Many people in the industry refer to salvage goods as goods that have been heavily teched, or goods that have gone through a service center.
Customer Return Item which has been purchased by a consumer and then returned to the store for any number of reasons.
Shelf Pull/Overstock Overstocks and shelf pulls typically refer to merchandise that has never been purchased by a consumer, but is considered excess inventory from store shelves and/or warehouses. May include store samples and/or excess store stock. For a more detailed explanation, please click here.
AS-IS Refers to the selling conditions of certain merchandise. Buyer typically assumes all risks in purchasing such goods and that merchandise is sold with no guarantees or returns.
HBA Health & Beauty Aids
Manifest A list of the items that are included in a load. Not all pallets or loads are manifested. If the load or pallet is manifested, you would be able to view a list of what would be in the load. Manifests are not 100% accurate and some room for error is to be expected. Manifests are typically generated by the department store facility.
Private/Store Label Brands that are either private or specific store label brands (not national brands)
Retail Value The value of an item or load based on its original retail price in the store.
Seasonal Goods Goods that are heavy in merchandise for a particular season like Halloween, Easter, Christmas, etc.
Shipping Terms
Lift-Gate A platform at the rear of a truck that is used to lower pallets to the ground/curb. A liftgate is needed when you do not have a loading dock or forklift available at the delivery location.
Loading Dock A platform that usually matches the height of the floor of a truck, that allows trucks to back up to the dock and permits easy and fast loading and unloading of the truck.
FOB Stands for “Freight on Board” and typically refers to the shipping origin of the merchandise
LTL Less Than Load (a shipment of usually less than 8 pallets)
LCL Less than Container Load (an ocean shipment of less than a full container of pallets)
OCL Ocean Container Load (a full 20′, 40′ or 45′ container of merchandise shipped via sea)
Bill of Lading Shipping paperwork that accompanies a delivery. You will be asked to sign the BOL upon receipt of a shipment.
Direct Shipment Refers to items that are shipped to the customer directly from a department store facility.
Drop Shipping An order that is placed with a vendor and shipped directly to the end consumer (Brokers deal with dropshippers when they do not want to touch or warehouse the merchandise. They receive orders from their customers, then place a drop-ship order with a vendor who ships the merchandise directly to the broker’s customer). Dropship orders are typically shipped “blind,” meaning with no trace of the vendor’s name or address, to protect the broker.
Payment & Selling Terms
Credit Card Fees Fees which credit card companies charge vendors for collecting money via credit card. Typically 3%
Paypal Fees Fees which PayPal charges vendors for collecting money via PayPal. Typically 3%
Reseller’s Permit Permit which alows you to resell merchandise legally

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One Response to “General Liquidation/Wholesale Industry Terms (Glossary)”

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