I didn’t, until I heard about them from Jessica Larrew. She has a new guide, Liquidation Gold, showing how she has built up her Amazon income (Huge Profits) from sourcing at liquidation stores in her area. Use Coupon Code – TFP – for discounted price
This guide is NOT about buying pallets of liquidation products (sight unseen). You’ve seen those online sites that sell electronics and other household goods buy the pallet? This is not what we are talking about here.
BUT… Jessica will buy a pallet or more of one product. Yes… and she explains why and when she does this.
Included in this guide is a document listing all the liquidation stores she knows of – by state and then by town. I found that I have one of these stores located in my local area.. and have actually shopped (once) at one in the past.
Today I headed out to source at this local store again. We actually have three of these stores in my area – all owned by the same company. I choose to head out to one I hadn’t scouted in the past – hoping to find similar deals as Jessica has found in her local stores.
It’s frustrating to shop at these liquidation stores. I’ll just state that right up front. It’s much like shopping at a thrift store, except these stores carry food, health & beauty and some other misc. stuff. They aren’t any dirtier than some of the grimy thrift stores I scout in regularly.
Most of the products are things that will have an expiration date.
Most of the products WILL be expired. Some of the expiration dates on the food products I found today were over 5 months old. Geeeesh….
Jessica speaks about this in the guide… “If you could walk right in, grab something, and make money, everyone would be doing it, right?“
One of Jessica’s great stories in her guide is about ketchup. A popular brand of ketchup with extra ingredients – I think “Sweet and Spicy”. She is selling this ketchup for huge HUGE profits.
I didn’t find any – not one bottle of ketchup in my local store. Grrrrr….
I found that it’s not really hard to look for expiration dates… you sort of get into a (boring) routine as you walk down the aisles… pick up and look, put down, pick up the next one, etc.
Jessica suggests checking expiration dates is always the first step – every time you look at any product. Don’t get excited about the potential profits before you check the expiration dates. This prevents you from doing the happy dance in the store for no reason.
Today, I grabbed a shopping cart – hoping to have it full of Great Finds... I ended up with 4 products in my cart. Two for me and Two for Amazon. I spent a whopping $20.
I did find some olive oil that wasn’t expired… but it was in a glass bottle. We all know that liquids in glass (over 4 oz) can’t be shipped in to Amazon FBA. This olive oil was not something I would merchant fulfill either.
One thing I got really jazzed about… a packaged set of “shin splints and cold pack”. These were pretty cheap, like $3 and sold for about $25 on Amazon. What stopped me for buying? The packaging was so flimsy, I knew it wouldn’t make it in to the Amazon warehouse without crushing. I would need to spend extra time/effort to protect these in separate boxes.
Jessica’s guide goes into lot’s of “what-if’s” – which I love.
- What if the box is damaged?
- What if the expiration date is coming up soon?
- Should I bother with grocery items?
- What if the rank is really high?
- What if you can’t find a listing on Amazon for a product?
- Can I ask for a discount?
- Do the stores get mad if you are buying for resale?
- Do you buy store brands? (Like Rite-Aid brand)
- Has the “Add-On” program hurt your business?
- Do you always buy in bulk?
- How often do you go shopping?
- What areas should I look at in the store?
- Do these stores carry toys?
I checked all the Health /Beauty and household supplies aisles as Jessica suggested in her guide. Yes… most of this stuff has expiration dates, even diapers. The shelves were loaded with sunscreen… which is often in spray on or meltable stick which can’t be shipped to Amazon. All the others were expired.
Jessica talks about finding pacifiers in her guide… these sold for $20 each! She explains why she almost passed these up. I looked for baby products like pacifiers (which I didn’t find) and any other baby supplies (like bottle nipples and feeding spoons). I didn’t find any today, but I could see that they did get them in (I saw open packages laying around).
I had this feeling as I was scouting the store that other sellers had already cleared the shelves of “the good stuff”. It makes sense, we have a lot of little border towns (We live within 15 minutes of the Mexico border) and they would likely buy up stuff to resell in those little stores.
Also, I found an odd brand of cake mix… that is already listed on Amazon. This cake mix wasn’t expired… and wouldn’t until the end of the year. But… I could only find ONE box. Bummer. The sales rank and profit were perfect.
Speaking of sales rank and profit... I can’t tell you how important it is to use an App on your smart phone – like Profit Bandit – in a store like this. When I do find something to scan… I can quickly see the sales rank and the profit % – almost instantly if I have a great connection.
In the past I had my settings in profit bandit, set to show me the profit in $dollars$… now I have it set to show the profit %. Why? Because, I’ve set a goal to only buy products that will give me (at least) a 30% return. My goal is to end the year with a 38% total return in profits overall.
Anyway… now, if I look at what Profit Bandit is showing me, and I see less than 30%… the product automatically goes back on the shelf. Making decisions quickly… and moving on to the next product is key when you are Sourcing Efficiently.
All was not lost on this trip… I did find a product to sell. The store only had 2 of them on the shelf… but it will pay for my time/effort and it keeps me wanting to go back and source again.
Reynolds Handi – Vacuum Starter Kit
I paid $7 each and will price them at $25 each.
The sales rank is really high on these… so they are “long tail” (slow sellers). I probably wouldn’t have purchased a bunch of these anyway.
Jessica’s guide is filled with little nuggets of great information. Of course, you can figure all this out on your own… but I love this kind of guide because it shortens the learning curve. Read all about this guide here: Liquidation Gold – Use Coupon Code – TFP – for discounted price
That’s my story… and I’m sticking to it…