Most of you might be familiar with the name Nordstrom Inc. This luxury department store has been in the States for more than a century now. It is known for high-end luxury and fashion items which include items of clothing, cosmetics, pieces of jewelry, fragrances, handbags, etc.
It has current yearly revenue of around 16 billion dollars. So, yeah every year hundreds of thousands of people are buying products from this retail powerhouse. They conduct their business through 117 stores and also have an online e-commerce shopping portal.
To cater to the needs of their huge customer base, big companies like Nordstrom keep a healthy stock of all types of products that they sell. Many times they end up overstocking the products or often many products don't sell in time.
So, to make space for new products Nordstrom decides to pull these products and restock the shelves with newer ones. What happens to these products?
We will look into it further below. In the last few decades to increase customer satisfaction and to stay above the market many bigger firms like Nordstrom have invested in customer support helping their customers to facilitate returns if they wish to do so, and believe me a lot of customers return their purchases! By a recent survey, over 10% of the products bought are returned for various reasons. What happens to these products? Are these products damaged? Let's look at the second question first.
Why Do People Return The Products?
Look, there might be several reasons as to why a customer is not satisfied with the product and one of them is that they received damaged goods. But that is only one of the several reasons as to why a customer might choose to return. Most often than not the reason is personal. Maybe the product didn't fit or there has been a misdelivery.
When it comes to apparel there are plenty of reasons to return perfectly new products maybe because the size wasn't right or the color didn't seem as lustrous or the person you bought it for already had something similar. Most of these products are returned in perfectly good condition and some even with the original packaging.
Nordstrom has a very liberal and good return policy. They handle every case specifically and try their best to give their customer the best service. So, yes thousands of products bought are being returned by the customers as the process is so streamlined.
What happens to these products?
We encountered this question and the answer is two places. Let's try to look at both scenarios. First up, what if the products don't sell for a long time and eat up shelf space or what happens to them if they are overstocked?
Nordstrom is a big company and to stay on the top of the market they have to make sure that they are in on the latest trends as most people will only be looking for those items. So, it is always a loss for them if they have overstocked their shelves.
To clear the space for such items which are in packaged and perfect condition they sell them to liquidation wholesalers like Quicklotz at a very low price. Similar is the fate for returned products. Many of the returned products find their way back to shelves but more often than not companies prefer to sell these off to Quicklotz and other similar liquidation companies at a deeply discounted price.
Liquidation companies are basically businesses that buy overstocked products, shelf-pulls, returned products, etc. from big retailers and then sell them in truckloads or pallets to online retailers at a discounted price so that they (the retailers) can make a good profit. Many times the profit is even double the amount that they paid to buy the pallet or truckload.
Quicklotz and Nordstrom:
Quicklotz is one of the longest running companies when it comes to liquidation business. They know every nook of the business and directly deal with the biggest retailing firms and you guessed it, they deal with Nordstrom directly too. They directly purchase the liquidation products in bulk from Nordstrom and put it up for sale at a discounted price. The products are generally sold in units of truckloads or pallets. Here are some features of Nordstrom liquidation truckload that is offered by Quicklotz:
- All items that you will find in the pallet are high-end name brands. So, yeah no compromise there.
- The brands that you can expect to find in each pallet are high-end brands like Michael Kors, Adidas, Nike, Made Well, ECI, Puma, Seven, ASTR, Sanctuary, London Times, etc.
- The cost you pay per item is $5.
- Still sceptical? Then how's this for you- the retail value of each item that you find in the pallet ranges from $25 to $200. No kidding!
- Most of the items that you will find in the pallet will be in New condition.
- Each pallet is hand sorted by Quicklotz's team of experts who try to put in a healthy mix of items to ensure the customers get a wide variety of brands, styles, sizes to ensure you don't have much problem retailing the products.
Why Buy In Truckloads?
The simple reason is that it will be cheaper. Yes, buying in bulk ensures you get the best discount and best price for your purchase so that you can make a good profit and don't have to cut corners. Also, you can do business from the comfort of your home and have enough products for your online retail shop.
Most wholesale companies who are in the liquidation business including Quicklotz sell their goods in units of truckloads and pallets. The simple idea that is followed is that the higher the amounts of goods being purchased, the lower the price and thus higher is the profit margin for retailers/resellers. Also, you will get a mix of items varying in brands, styles, and sizes.
Another reason is that the process is pretty uncomplicated and streamlined. The online liquidation sites offer in these units i.e. truckloads or pallets. You can check the site’s catalog and choose which pallet to buy.
Why Choose Quicklotz?
As mentioned before, Quicklotz has been in this game for a long time. They have great experience in dealing with bigger companies and buying the best stock for their liquidation lots. They have a history of high customer satisfaction and have a great customer support service. Their process is very straightforward and streamlined and once you purchase from them you will get customer support all along the way to answer your questions and help you in any situation. If you are starting out your business and want to become a reseller then you should try them out. You can even do business from the comfort of your home with Quicklotz!