Across the country and around the globe, many small businesses were destroyed by the pandemic. Local businesses, including family-owned shops and restaurants, were forced to shut their doors. A third of small businesses in the US are expected to be closed by July 2022, according to experts. How can retailers who have survived strengthen the small business economy and benefit their companies at the same time? Entrepreneurship could be the key to getting out of this slump. The BDSTX auction platforms help retailers reduce excess inventory levels while providing value-added merchandise to existing resellers. Are you thinking about starting your own retail business? Reselling liquidation auction lots on eBay, Amazon, and other online marketplaces may be an option.
Liquidation auction lots are typically purchased by small-business owners, many of whom are sole proprietors. By using these liquidation auctions, they can gain access to retail without having to invest significant resources in inventory. Anyone who has seen the show Extreme Unboxing on A&E knows exactly how it feels to receive a liquidation auction lot. Then, entrepreneurs can run their businesses in a few different ways.
In most cases inspection and resale of the items as-is through online marketplaces like eBay is the most straightforward and common option. The liquidation business model requires sellers to list products for sale, describing any defects or flaws honestly. Online retailers can easily enter the market with this platform without having to meet minimum orders or invest in a brick-and-mortar presence. A savvy buyer with an entrepreneurial spirit might also use liquidations to stock a physical store. Discount stores or boutiques may use this method to round out their primary product line, for instance. Additionally, repairs and salvage buyers can purchase damaged electronics, appliances, and other goods to repair or sell for parts. Once refurbished, the items can be resold either online or locally. The practice of buying liquidation lots is good for the economy and the environment, regardless of how buyers choose to profit from them. Want more information about how your brand can be an asset to small businesses? Wanna learn more? Check out our helpful Seller’s Blog