Where to Buy Surplus Inventory?

The ultimate motive of any business is growth and it depends on consistent increase in revenue and profit. This revenue is derived from the sales of goods and services, however if you face trouble sourcing products or inventory, it may have a negative impact on your business growth. The agenda on hand is to locate surplus inventory so that the problem can be solved. One can buy surplus inventory from many companies and government agencies at discounted prices. However, before committing to purchase any product, it’s advisable to get as much information as possible. Let us ponder at some of the points to remember:

·  Visit the website or webpage of the company or government agency or the surplus stock liquidation company that sells the stock lot. Choose a suitable liquidator offering the products you require using search functions on their website before making a decision to buy surplus inventory.

·  Prior to buying surplus inventory from external sources, it’s always better to check with your internal or local resources. Contact the distributor of the product you wish to sell and let them know that you need to buy surplus inventory. It may happen that the distributor has surplus product that they may wish to liquidate or they may know some other company willing to do the same.

·  Though not widely used anymore, newspapers aren’t a complete goner. Look through classified business section of the newspaper or refer the Yellow Pages. You are bound to come across companies that may have advertised their offering of surplus inventory in the classified section. Similarly, look for the word ‘Surplus’ or ‘Surplus Inventory’ in Yellow Pages to look for companies under those categories.

·  Another possible way of buying surplus inventory is to contact the manufacturer of the product directly. Many a times, manufacturer may have surplus stock of the product in their warehouse that they wish to sell at a discount. Reach out to the manufacturer and enquire about surplus inventory that they want to get rid of to make space for new inventory.

·  Once can also look for companies that specialize in liquidating unwanted surplus stock. These companies called liquidation wholesalers specialize in selling overseas markets and can offer excess inventory at bargain prices.

·  Buying surplus inventory from factory closeout is a lucrative opportunity. To make room for new inventory, businesses need to unload or get rid of surplus stock and therefore sell the products at prices below original wholesale cost.

Choosing the Right Supplier

Once you have identified a good source to buy surplus inventory, it’s time to determine the authenticity of the supplier. To get started:

·  Check the standards such as Better Business Bureau or TrustArc to learn more about the supplier.

·  When it comes to shipping, you are typically responsible for it. Make sure this is clearly spelled out in the contract and take time to calculate shipping charges.

·  If the supplier happens to be in local, see if you can try and review the product in person.

·  Make sure everything decided between you and the supplier is documented.

·  To be on the safer side, always start with small orders and then scale up when you are confident enough. 

Buying surplus inventory can be a very successful and authentic way of generating revenue for your business if it is done the right way. Therefore, take ample amount of time to go through the steps outlined above. If you have a well thought game plan and do the necessary research, you will find that your decision to but surplus inventory can be a game changing approach to finding quality products at highly discounted prices.