FAQs for First-Time Sellers
How can I start my Selling business online?
Selling liquidation lots can be a fun, fascinating, and profitable business. Many people would like to get in on such a venture but don’t know where to start.
The first and most important step is to determine what your niche will be. “Selling liquidations” is far too broad for a brand new business, so you’ll want to narrow it down a bit. You may choose to resell items in a particular category such as clothing, electronics, or home goods. Some prefer to target resales from a specific retailer instead. If you choose to pursue this route, it’s best to select a retailer with a focus such as a home goods store or an electronics seller, rather than a broader catalog of general merchandise like Amazon or Flipkart.
Once you’ve determined your niche, it’s important to research it thoroughly. Familiarize yourself with the types of products you’ll be selling and the current trends surrounding them. Find a good source of information on the direction your products are heading so you can anticipate coming changes in your market.
Finally, you’ll want to figure out where and how you will resell the items. Will you make them available online or have a physical presence in your town? There are many websites that are excellent for Sellers such as Flipkart and Amazon.
When is the best time to start my Selling business?
While liquidation lots are available year-round, and it’s possible to start a resale business at any time of your choosing, it’s widely accepted that January is the best month for liquidation auctions. This is because retailers have a huge number of post-holiday season returns to process and many of these are still brand-new products in perfect condition. Additionally, many retailers are liquidating merchandise they only carry on a seasonal basis, as gifts for the holiday season. For this reason, you’ll find the best selection of inventory, and often the highest discounts too, because of the sheer number of auctions going on after the first of the year.
What products can I sell to make money?
The truth is, almost any nonperishable good that is for sale in a retail store can also be found in a liquidation auction. Here is a list of some of the most common categories:
o Apparel, Footwear & Accessories
o Automotive Supplies
o Books, Movies & Music
o Cell Phones
o Computer, Equipment & Software
o Consumer Electronics
o Health & Beauty
o Home & Garden
o Industrial Equipment & Building
o Jewelry & Watches
o Mixed Lots
o Office Supplies
o Toys, Kids & Baby
What retailers should I consider purchasing returns from?
The good news is that there are dozens of top retailers and manufacturers who sell returns and other products through liquidation auctions. One good approach is to focus on a retailer you shop regularly. This way you will be more familiar with the types of products they carry and better able to gauge the market. Some of the most popular include:
o Shoppers stop
o Life style
o Big Bazaar
o D Mart
o Reliance Trends
Where can I purchase goods to resell on my own?
The Rack37 network is an excellent place to start. Our sourcing network features liquidations from dozens of leading manufacturers and retailers. We offer returns, liquidations, and overstock auctions as well. With our large selection, you’re sure to find plenty of auction lots to fit your inventory needs and your business budget. Moreover, since our network is so vast, you only need to apply for a Seller account once to gain access to auctions of all sizes and price points, located in warehouses across the country.
How much money can you make Selling goods online?
Some appear to believe that Selling auctioned goods online is a quick and easy way to make a buck. While it’s true that this can be a lucrative business, it can also be a lot of hard work, so it’s best to go into it with a good understanding of the process and its requirements. The best way to maximize your profits is to do numerous research before you begin. Understanding your market, your target buyers, Selling requirements, and the sites you’ll be selling on is key. The more information you gather about your business before you begin, the better prepared you will be and the more likely you are to make Selling a success.
Rack37 is the first retailers in India to help resell their returns, overstock, and other liquidation merchandise. We have dozens of private retailer marketplaces across different categories and conditions to suit your business inventory needs.