If you are in business, your source of supplies is part of what will determine if you are going to stay long in the business. This is so because if you don’t have a steady supply of the items you retail in your bin store, it won’t be long before you run out of business because there will be no more goods to sell.
Interestingly, what makes most people visit bin stores apart from the affordability of the items is the variety of items they can get.
This is the reason why if you want to set up a bin store business, you must make sure you establish business relationships with companies and establishments that will guarantee that you have steady supplies of the items you retail in your bin store.
In case you are planning to open a bin store, and you are wondering where you will be getting your inventories from, here are places bin stores get their merchandise from.
Where Do Bin Stores Get Their Merchandise?
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Major Retailers
Top on our list of where bin stores get their merchandise from is from major retailers. Bin stores often purchase returned or unsold goods from major retailers like Amazon, Walmart, Target, and Kohl’s at discounted rates.
There is a wide range of items that bin stores can purchase from major retailers. These items may include customer returns, overstock, shelf-pulls, and seasonal merchandise.
If a bin store can successfully establish a business relationship with any of these major retailers, your bet is as good as mine, they will hardly run out of stock.
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Liquidation Auctions
Another place where bin stores get their merchandise is from liquidation auctions. Usually, bin stores look for places where they are carrying out liquidation auctions and acquire merchandise at a very cheap price than what they will ordinarily get.
During liquidation auctions, retailers and manufacturers sell excess inventory, discontinued items, or customer returns in bulk at highly discounted prices as against throwing them away.
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Wholesale Suppliers
Wholesale suppliers are yet another source where bin stores usually get their merchandise from. It is not uncommon for bin stores to establish partnerships with wholesale suppliers or distributors who specialize in discounted merchandise.
Of course, wholesale suppliers in most cases allow bin stores to access a wide range of products at reduced prices. They do this if they know that the products are no longer in vogue, the demand for the products has plummeted and there are newer options in the market.
Instead of allowing the products to rot away, they would rather sell them off at highly discounted prices to bin stores. With that, it will become a win-win for both parties.
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Donation Centers
Although this is not the regular place where bin stores get their merchandise from, but in some cases, bin stores receive donations or consignments of goods from individuals or organizations looking to declutter or offload surplus items.
The goods they get from this source might not be enough, but it will provide additional inventory for sale in the bin store. When receiving items from donation centers, make sure the label on the items does not state that these items are not for sale.
If they do, then it will be unethical or in some cases illegal to retail such items in your bin store. This is the reason why getting merchandise from donation centers should not be your main source for sourcing merchandise for your bin store.
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Clearance Sales
Lastly, another major source where bin stores get their merchandise is clearance sales. Bin stores usually purchase merchandise from clearance sales held by retailers, wholesalers, or manufacturers.
They take advantage of the discounted prices to stock their shelves with affordable goods. Even though they may compete with other dealers for the items, but bin stores usually have the upper hand because they usually don’t select, they make massive purchases whenever they go for clearance sales.