By Jon VanZile
If you are in the flea market industry, you need to know who GENCO is. “We are America’s largest wholesaler of retailer returns,” says Jeremy Hirsch, Vice President of Marketing and Customer Support for the GENCO Marketplace. “We offer a large inventory of returned and excess products from the nation’s biggest retailers.”
“Large inventory” might be a slight understatement. According to Hirsch, GENCO liquidates more than $2.5 billion in secondary products every year from the largest brick-and-mortar and online retailers in the country. These are products that were returned by customers or did not make the retail shelves for whatever reason.
“We have a huge assortment of brands in pretty much every category, including electronics, hardware, housewares, apparel, furniture – just everything,” Hirsch says. Because so many of its customers are smaller flea market and bargain stores, GENCO has developed a very business-friendly way to purchase products through the company’s website.
Liquidated products are organized into lots that range from full truckloads of mixed merchandise, to pallets, to cartons and smaller boxes. Lots are organized by the category and source of the merchandise, and tend to have a broad mixture of products. These are offered for sale in two ways. First, there is a “fixed-price” option, so you can check out the site, navigate to your chosen product category, and then browse available lots for promising looking deals. Pictures showing the products and a basic description accompany the lots. GENCO also publishes the retail value of the goods included in the lot, and names a purchase price that is often 70 percent to 90 percent off the retail price.
The second option is an auction option. Auctions are also set up according to lot, with a minimum starting bid and timer counting down. Once again, the lots are organized by product category, such as electronics, computers and laptops, clearance, apparel, etc. “Flea markets are our second biggest category of buyers,” he says. “It is neat because we make it possible to buy in a specific category.” As for what is in each lot, that is part of the fun of buying liquidated merchandise, Hirsch says. “You never know what will be a particular lot,” he says. “Really savvy buyers begin to recognize which brands and companies have the best returns and look out for them. There is a great opportunity for profit for flea markets, online sellers, and remarketers.”
How to Become a GENCO Buyer
The GENCO Marketplace website is open to anyone, but only registered buyers can place orders or bids on lots. Prospective buyers need to show proof of business to open an account. All lot prices and shipping charges are posted on the easy-to-navigate site.
Phone: 800-224-3141, ext. 3687