Given the troubling times that we are facing as a nation due to the Coronavirus, we'd like to share with you some practices that will help keep revenue flowing for your small business. The good news is buying & selling liquidations online is still working, ecommerce sales are up across the board.
As an online retailer and especially as a brick & mortar retailer, you're going to need to makes some changes in order to stay top of mind with your customers and ensure money keeps flowing through your business. In this blog post we will provide you with our expert advice on selling through online marketplaces (Posh, eBay etc.), through your own website, social media etc., as well as best buying tips in the wholesale liquidation market.
The Key to Overcoming this Crisis
The key to overcoming this crisis is plain and simple: keep posting on these digital platforms, and plan long term. It is so important now more than ever that you find ways to stay top of mind with buyers. People are spending more time online than ever before due to most being home from work & school, and with just a few adjustments you can maintain consistent sales.
Playing the long game is key during this crisis. As a retailer/etailer you need to be working towards longevity, not just making a quick buck.
How to Play the Long Game
Some of the most successful businesses in America have become so successful because of their ability to change, and improve during a financial crisis. If you want your business to succeed, you have to get creative in building your brand and building trust with your target market during this COVID-19 Crisis. Such as becoming a source of help/information during these troubling times, showing others contributions and actions you've taken to support progress, reducing your pricing, changing the type of product or the way that you're selling it, etc.
One more thing: if you want to weather this storm successfully, you need to cut costs where you can, make calculated investments & work more hours. It's that simple.
Sales, Sales, Sales
If you're a seller of clothing, shoes, and accessories closeouts, you need to be utilizing multiple selling avenues:
- Facebook: Utilize your Facebook Page to offer deals, special offers & promos. At the same time you can be sharing updates on COVID-19, and how you're contributing to progress. Join Facebook Groups, or create your own and become the source of savings & advice for consumers. Additionally, you can use Facebook Marketplace to sell your product to locals.
- Instagram: This is a great way to remind people visually what you have to offer, and keep your products top of mind.
- Twitter: We usually wouldn't recommend Twitter. However, if you want to be an information source during these troubling times, Twitter is an excellent opportunity.
- These online marketplaces are going to have a lot of traffic right now. If you are a brick & mortar retailer and looking to sell online, this is where we recommend you start. If you are an existing eBay/Poshmark business, spice things up! Now more than ever, you should be offering deals, people expect to pay less, and can often only afford to pay less during a crisis. It's important that you keep your cash flow moving, so even if your margins are thinner, you need those sales rolling in.
Your Own eCommerce Website:
- If you don't have experience building a website or maintaining a website, this will likely be the most challenging option. But it can still be very fruitful. If you want to take the website route, we would encourage you to use Shopify or Woocommerce. These sites specialize in product oriented businesses.
- The challenge here is getting your website infront of people, because an audience isn't already built in like it is on social media or through an online marketplace. You will need to make great leaps in SEO and likely in advertising. But if you put in the time and really apply yourself, you can create an excellent source of continuous income.
Don't forget, don't put all your eggs in one basket. If you're just utilizing eBay & not Poshmark you're doing something wrong, if you're just utilizing your website & not social media, you're doing something wrong. You have to maintain a leadership mentality and go out there and get your sales in whatever way possible.
Best Buying Tips for Liquidations
You may be thinking to yourself: "I need to hold on to every cent and be as liquid as possible during this crisis." The Fashion Bulk Team would beg to differ. There still needs to be a balance. If you're only selling what you have left in stock & not acquiring new product/listing new product, chances are you're going to tank your business in the long run.
Remember, we're playing the long game here. And in the short term you need to be listing as consistently as possible. People are shopping online like never before, and if you aren't the business that's getting product in front of them, someone else will. Make wise buying decisions to better support your sales funnels.
There is a lot we could say about how to make wise buying decisions in these times. What we are going to focus on are three key principles: #1 is continue to do what has been working for you, #2 is buy based off of expected retail value & expected margins that will keep you in business, #3 work with the most reputable suppliers that you know of. Buying from sources that have no reviews, that you've never worked with before, that aren't well established in this industry, etc. is a risk not worth taking when the necessity for wise investments is at an all time high. Liquidity is very important, but you still need to be investing in new product in order to keep the sales & cash flow moving.
We hope that you've enjoyed this article on how to sell liquidations during the COVID-19 crisis. We encourage you to take these principles and apply them to your small business. If you have any questions you can always email us at firstname.lastname@example.org. If you'd like to check out our wholesale closeouts and name brand apparel lots, feel free to browse through our website.