In the past, we’ve talked about the types of resale channels available to sellers of liquidation merchandise and customer return products. If you missed the blog entry, check out this section of our website that describes resale channels: http://www.viatrading.com/category.jhtm?cid=465
Another way to resell liquidation merchandise is through Liquidation Events!
What are liquidation events?
Liquidation events, also known as liquidation sales events, are special one-day-only sales that you organize in a conference hall, hotel meeting room, warehouse, retail space or outdoor location where customers are invited to purchase liquidation merchandise for a LIMITED TIME ONLY!
Liquidation sales events work best with a sense of excitement and urgency: “Open today only for 8 hours!” This creates a sense of urgency for your buyers who will come in, rush around to shop and buy as many items as they can in the shortest amount of time possible, and call their friends/family/neighbors to come take advantage of the deals before the day is over.
How do you create excitement and urgency?
- Put a clock in a visible area where everyone can see it. Get a countdown clock if possible, that counts down from the moment you open until the time your sale is set to end.
- Arrange line dividers or safety cones to encourage customers to form a line before the doors open.
- Use marketing techniques that encourage urgency like: “Total liquidation!” “Warehouse Clean-Out” “Pricing at 80-90% OFF Retail!” “Doors open at 8 am and close at 5 pm!”
- Encourage people to buy quickly and without thinking. Set up your sale so that items in each area are all priced the same. For example “Everything on this rack $5!” If buyers do not have to calculate how much things cost and how much they can spend, they are likely to purchase more. A customer who walks in with $50 to spend will immediately look for 10 items rather than look at the selling price on each tag. This also saves you the hassle of labeling each item with a different price.
What other things should I keep in mind?
- Make sure you have enough people to help you if lines form at the cash register. The less customers have to wait in line, the better.
- Know your area and what sells best there. If you live in a town with a higher population of teenagers, make sure you purchase Junior’s clothing and accessories, or items that speak to the younger generation. The same applies if you live in a town with a higher population of elderly folk, or other populations.
- Advertise!! Use facebook and social media sites. Hand out flyers. Email your friends and family. Put up posters in your area advertising the sale. Use cheap yet effective means of advertising to get the word out.
Inspired by “Wholesale Liquidations Exposed” 2010 Revised Edition