Today’s consumer is looking for a bargain, making it vital for flea market vendors to find the best deals when buying merchandise. Here are some resources to help you buy lower and sell even higher:
At a trade show you can meet a potential supplier and then see, feel and buy the merchandise you like almost immediately. Another plus is that exhibitors are looking to make sales at a show, so most often there will be special discounts given. When meeting face-to-face with potential suppliers you can work out logistics and even do some negotiating to ask them if they would be willing to ship smaller quantities or offer a discount on a larger order.
Trade magazines are inexpensive and highly beneficial way for flea market vendors to find new products, as well as receive industry specific coverage in their niche. The Merchandiser Group Magazine’s pages are packed with quality suppliers to connect with. Online, you can find top products, suppliers and the digital version of the magazine by visiting www.fleamarketzone.com.
Closeout & liquidation deals
Closeout and liquidation merchandise offer vendors the opportunity to buy and sell goods at low prices to make large profits. When buying this type of merchandise it is important to ask yourself a couple of questions. First, where will you store the items purchased in bulk? Also, is there a demand for the products that you plan to purchase? It is important to look around and assess buyer demand. See what your competition is selling and at what price points. By observing and also talking to customers it can reveal a product void at your marketplace that you could fill. One way to find a supplier of closeouts and liquidations is through a directory of wholesale suppliers on the Internet. To get started, visit www.wholesalecentral.com.
A quantity discount is offered by sellers to entice buyers into purchasing more. In turn, they reduce the price, which allows businesses to stock up on more product. This can be beneficial if you find yourself placing several orders to keep a product stocked. For instance, if your hot sellers are sunglasses and you place multiple orders throughout the season, buy a pallet ahead of time to cut additional shipping costs and add more profit to your pocket. However, as important as it is to shop efficiently it is just as important for you to access your ability to carry inventory to avoid having excess product that sits.
An auction is an underutilized place to source products. Just about anything can be sold, from apparel to electronics to closeouts, overrun new merchandise and even department store returns. Do some digging for auctions in your area. To locate one to attend, a site called Auction Zip, allows you to enter your desired zip code and it will generate a calendar of auctions within a range you determine. When you arrive do not forget to fully inspect the pieces and look for damage. After you have seen the merchandise research the items you are interested in purchasing and determine your maximum price. When you set a limit, stick to it, but remember that fees and local taxes may be added to your final bid price. Check with the auction regarding their policies.
Once you have located several sources for merchandise, remember to be reasonable and seasonable. Being realistic about your business will help maintain high margins and repeat sales.