Closeouts are an efficient tool for getting slow-selling merchandise out the door without it being a total loss. There are three main ways of handling closeouts: sell it yourself, advertise it with a closeout, wholesale or liquidation center, or sell it outright to such a firm and be done with it.
While accurately predicting what will sell and what won't is vital for any retail or merchandising business, even the best buyers and sellers will occasionally have a dud. The closeout company becomes the perfect repository for merchandise when:
1. Seasonal merchandise just didn't sell, and the season is over--put it on your closeout list.
2. A short-lived fad dies out, leaving you with distinctively branded--and distinctively passe--merchandise. Close it out, along with any of last year's fashions that may be hanging around, to make room for new styles.
3. You have, whether through human order error or consumer apathy, too much overstock and just can't sell it all. Close it out.
Action Steps
The best contacts and resources to help you get it done
Keep control of your own closeouts, overstock and end-of-season sales
Before you send your closeouts out the door forever, why not get a little more benefit from them first? Conducting (and properly advertising) an on-site or online closeout sale is a great way of bringing more bodies--and business--in your physical front door or increasing traffic to your website. If you don't have an experienced project manager on payroll or contract to manage this process, consider hiring or contracting a marketing professional to help you get the most benefit from managing your own closeout sales.
I recommend: Look to businesses like
MW Strategic Marketing to provide you with solid marketing advice and solutions, including help with managing and advertising closeouts.
Marketing Consultants offers executive search services, connecting the right marketing employees and consultants with your business to make sure your in-house closeout sales run smoothly.
Advertise with a closeouts wholesaler
If you want to retain some control over your merchandise but still need it to fly off your shelves--and are willing to offer it at closeout prices--advertising with a closeouts wholesaler gives you the best of both worlds.
I recommend: Closeout Trading offers a chance to advertise with them, retaining full control over your merchandise and increasing traffic to your website while reaching a wide audience of closeout shoppers and buyers.
Closeout Central lets you add your website to their directory of sellers and still maintain control over your merchandise; they collect no fees or commissions beyond an annual membership fee.
Target closeout, liquidation and surplus dealers for a sale
Whether it's overstock on a staple item or damaged merchandise, finding someone to purchase your closeout and surplus items is as easy as clicking your mouse.
I recommend: If you have high quality merchandise (including seconds and distressed merchandise in good condition) that just won't sell,
Kole Imports will buy merchandise from all price points, from dollar store to high end.
AAA Closeout Liquidators will also purchase your closeout merchandise, offering a "clean sweep" so that you can sell the entire lot at once and start over with clean shelves.
Tips & Tactics
Helpful advice for making the most of this Guide
- Maintaining an active, friendly business relationship with your local closeout provider works both ways: Not only will it help to ensure your own close out options, it also gives you another resource for finding supplies you need at closeout prices. Once you've established a solid relationship, your closeout provider may be willing to let you see closeout information before it becomes public knowledge.
The official source of Closeout is the Closeout page at Business.com
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