If you’ve shopped online, you have an idea of how slight details of a product can make you change your mind. So what happens when a customer no longer wants a product? They will return it. In brick-and-mortar stores, this isn’t a big issue, the staff will manage immediately on spot all the details about the product condition, refund, replace and anything else which will satisfy the customer and solve the issue while providing a positive shopping experience. When it comes to online stores, these returns pose a challenge.
Key Takeaway
Uninspected customer returns refer to products that have been returned by customers to online retailers, such as Walmart or Amazon, and have not been inspected for quality or damage before being offered for sale to other businesses. These returns can be sold through liquidation auctions or at wholesale prices to companies that are willing to take a chance on their quality in exchange for a lower price. Uninspected customer returns can be a profitable business opportunity for those who understand the process and conduct market research to ensure they are buying products that will sell. To become a professional uninspected customer returns buyer, it is important to analyze the market, check out the competition, and negotiate the best prices.
Outline
- Profitability of uninspected customer returns
- Steps to becoming a professional uninspected customer returns buyer
- Tips for reselling uninspected customer returns
Large retailer companies such as Walmart, Amazon, etc, need a system to offload all the excess unwanted products and that is where 888lots and you come in.
You’ve most likely heard the terms uninspected customer returns, but did you know you can start a business by purchasing and reselling uninspected items? Here is how.
Returns are becoming more popular in customer behavior. Customers who are unhappy with a purchased product, or have changed their minds have the option of returning the product. Unlike regular stores, online stores have to approach this problem using a completely different system.
To maintain a certain level of trust between resellers and consumers, the customer return process has to be made as stress-free as possible. Make it too difficult, and customers think you’re being unfair.
Smart sellers discovered a way around this problem. There’s nothing worse than a full store so they sell off these returned products to the highest bidders. In a market where everyone is looking for the same customers on the internet, reach is no longer the problem.
Finding the best prices for quality products is. Customers want cheaper products, and you want to know where to get these products don’t you?
Big companies have too much inventory sitting around that can cost thousands and even millions. To cut losses, the retailers start stockpiling returns, making it even harder to take further action.
How Profitable Are Uninspected Returns
The majority of companies most affected by customer return policies are big merchants. The more consumers return items, the more storage gets used up and that costs money. Because these companies are in a difficult situation, they desperately need buyers to take away the returned merchandise. The good news is that they are willing to take a fraction of the original price for these items jus to cut losses.
Uninspected returns are stored in multiple boxes and pallets for shipment. It is our mission at 888lots to connect you to what many believe to be a potential gold mine. Uninspected returns are sold to companies through liquidation auctions and wholesale pricing.
The idea here is usually to take a chance on quality for a better price. Strike a good deal and you can get a product that costs $999 for $350. The idea is that anyone can make a profit as long as they understand the process.
Hotels for example take advantage of deals like this because of their maintenance cost. By buying consumables like bleach and soap, they cut costs and quickly burn up excess products.
How To Become A Professional Buyer
Seeing an opportunity and not knowing how to utilize it isn’t the smartest way to go. Like in every market, you should know the layouts and how to get the best products at good prices.
3 easy steps to make a profit with UCR
Market analysis
A fundamental of business is knowing your customers and what they’re lacking. There are a lot of different UCR products but what your market needs may be specific.
You won’t make a profit from buying cheap products that nobody wants. Check your market and try to answer these questions: Is this brand familiar? Is the product going to sell? What is the price of this or something similar when it’s new? Is this something that has the potential to make a profit?
Another good piece of advice will be to “play the long-term game”.
Check out the competition:
A good indicator of market conditions is the people you’re most likely going up against. Study the competition online and in your block. Learn their strengths, and understand their secrets.
How do they attract customers, what’s their price range for products? Sometimes, you may choose not to compete at all and supply the competition instead.
The current state of the product on the market:
Regarding the product, there are some wise cautionary measures you should take. One easy way to do this is by looking at those products and how they are fairing in the current market.
Is this a discontinued product or is it still in production? Are spare parts available? What additional offers come with it? In some cases, you can get warranty offers which means more good news for your customers.
Who Can Profit From UCRs?
Generally speaking, anyone can make profits from UCRs. but before you start hunting, you should have a registered company. There are plenty of profits to be made by being a corporation even if you aren’t a reseller.
Who can profit from uninspected consumer returns? Anyone with a demand for consumables and products. The main types of businesses with a model that can greatly benefit from UCRs are online merchants, local stores, repair centers, and resellers.
Here is some insight as to how these businesses operate:
Repair Centers and Workshops
Repair centers and workshops are desperate for spare parts at the cheapest price. Without a doubt, these companies are most likely to have the highest profit margin.
Buying returned gadgets in pallets means you get all kinds of products. Some have slight use which can be cleaned and packaged easily. Other products come with missing parts or more technical problems which require a technical approach.
The idea here is that the shop owner gets to benefit even in worse-case scenarios where the gadget is damaged and stripped down for parts. Most repair centers are specialized in specific types like TV, laptops, or kitchen appliances so they employ staff who have technical knowledge in these areas.
They are also positioned to have an abundance of spare parts. That is why a repair shop isn’t required to purchase all the spare parts. They might have some on stock and purchase lots with the products they can repair. Or they can purchase lots with matching products and use some of the items as spare parts for the others.
Sticking to a particular brand and niche results in fewer unused products from uninspected customer returns and more profit for your business.
Online and Local Shops
Both online shops & brick-and-mortar shops can buy and sell all UCRs. everything from clothes, shoes, books, and generally a variety of non-electrical uninspected customer returns sports, home, and professional applications.
You can also get battery-powered hand tools, kitchen appliances, and other equipment. Products like vacuum cleaners are often returned only after initial test usage. Once they are cleaned, they can be repackaged and resold.
Resellers
Are you thinking of reselling in bulk? Facebook and eBay are great to start with. There you can sell secondhand or new items. A personal approach of the products like photos and descriptions along with the better price will help get in front of the competition.
Places to Buy Returned Merchandise & Liquidation Pallets Online
Here are a few big websites in the market:
888lots
888 Lots is a B2B liquidation service with top brands and a large variety of lots and items.
888 lots stand out as the most innovative and rapidly developing online liquidation and surplus-inventory B2B platform. 888lots is an excellent user-friendly marketplace to find and buy returned merchandise. Its category page has a wide range of products including clothes & apparel, cosmetics, gadget & appliances, furniture, and a lot more.
888 Lots has one of the best ratings in the Wholesale Liquidation.
B-Stock
B-Stock creates a system of business where buyers have access to returned, overstocked, and excess merchandise directly from retailers, manufacturers, or from liquidation. The B2B model of B-Stock helps clients gain a higher financial position by increasing their recovery in excess inventory.
Connecting buyers directly to the source of a product allows transparency. It is a global marketplace with dozens of liquidation companies. Its extensive catalog makes it ideal for buyers.
Via Trading
The company sells pallets to customers in the USA and around the world. They provide a wide range of products such as apparel, footwear, books, electronics, furniture, health, jewelry, and a lot more. Businesses and individuals can get these products at a fraction of their original costs, creating an opportunity for a profit.
Merchandise Liquidators
Merchandise liquidators are known to sell both named brands and non-brand items from various marketplaces including clothing, toys, electronics, cosmetics, and furniture among other things.
It is possible to get perfectly functioning products at a cut-rate price directly from the producer or wholesaler. You can purchase products in pallets or truckloads at cheaper rates. Lots can also be mixed so you get several items in each shipment.
How To Process your Uninspected Customer Returns & Inspect them
Sort and Catalog
Verify what you have got. Sort through the inventory. If you purchased a lot use the manifest to confirm everything is in order.
Check the Packaging
Check the packaging! Do you need to repackage or is the original one still usable? Can you sell without packaging? What type of packaging is best? How many boxes do you need? These questions are a key part of planning how to deliver products to the end consumer.
Consider packaging carefully as a box too big could increase shipping expenses and a box too small may not fit all the necessary parts and accessories.
Uninspected Returns Condition
Inspect the products for dust, scratches, traces of usage, wear, and malfunction. If you can check the functionality of each product, do it. Are the indicators working properly, does it do what the manufacturer claims? Check the different operating modes to see if it runs smoothly.
Check if the manufacturer offers a Warranty
This could be a nice addition for your customers, and an opportunity to improve your description and pricing. Some product manufacturers issue international and additional warranties which can be enjoyed by customers who register at the manufacturer’s website and/or pay an additional fee.
Warranties could be for many items, but mostly electronics. Items such as laptops, desktops, and cameras usually have international warranties.
Calculate Shipping Cost
Your location, the size, and the weight of your pallet will be calculated at checkout and your shipping fee will be issued. Don’t forget this and estimate costs while browsing the website.
Calculate Taxes
Always remember to factor in Tax when purchasing.
How to Minimize Risks
Purchase in bits
Ideally, the best deals accompany larger lots and containers. However, these deals should be best suited for experienced traders who understand their market. If you’re just starting, we’d advise you to start by ordering a couple of boxes at a time.
Our objective is to see your business grow because that means we grow as well. It is important you invest smartly and continue to grow.
Synchronize pallets ASIN
Checking the match ASIN module is a smart way to search and find other lots with the same products. Combine lots to find more of the same products for your market, reduce risk and increase profit.
Negotiate price
You get a chance to negotiate the price of a chosen lot by sending a reasonable offer.
What’s Next?
Now that you’ve found a secret way to get your everyday items at a far cheaper price, what next? If you sign up with us today, you stand to save more and you can start a business of your own.
