Product Price Good
What's the difference between product price and price today, and what does after rebates mean?
I;m getting a new phone but the vocabulary used on the at&t website is so confusing. I want to upgrade my phone, but I don't know how much exactly I am suppose to pay.
Product price is the MSRP. Manufacturer Suggested list price. Price today is what they will actually sell it for. After rebates means what you pay for it less what you have to mail in the rebate form for and get back later. For example, a phone may be $100 MSRP, actual Price $80 and after rebates would be something like $75 if there were a $5 rebate.
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A lot of online sellers tend to think that if they can buy liquidated products at pennies on the dollar, they'll make a killing reselling them on their web sites. The truth is, the seller is the one who could end up getting hurt with unanticipated costs and problems.
Buying liquidations is a very tricky business, and you need to be prepared before you jump in and swim with the sharks. Liquidated product purchases are always non-refundable!
Liquidated products, also called "secondary market goods" to make the whole thing sound a little better, come from a variety of sources. They could be factory overruns that never left the manufacturer, last year's models that were never sold at the retail store, customer returns, used products (such as computers) that a school district or a company is dumping, incomplete or damaged scratch-n-dents, etc. The point is that if something is being liquidated, it means that whoever is liquidating them could not sell them at retail themselves.
That in itself is reason to be cautious!
There are lots of web sites advertising liquidations. The web sites themselves, no matter how good their reputations, do not control the actual liquidation sales themselves. They don't even check out the legitimacy of the liquidators advertising on them. That's on your head; you're the one who has to make sure you're not getting burned when you buy. If you're not very careful, it's really easy to end up with a whole garage full of junk that you'll never be able to sell. If that's the case, why bother with liquidated products at all?
Well, it is true that you can get some really good deals at liquidation prices. Typically these are going to be one of a kind deals; you won't be able to get a steady stream of the same liquidated products over and over again. In other words, you can't base your entire web site on these products. So, most online sellers use them as "loss-leaders". A loss leader is a product that you sell at a very low price as a "special" to get people to come into your store, so you can show them the more expensive stuff that you carry all the time. Here are a few things to remember when sourcing and selling liquidations:
Stay in your product market
If you're selling small kitchen appliances on your web site, it doesn't do you any good to buy a liquidation lot of computer monitors. The liquidation products you sell on your site have to match the products you sell all the time; otherwise they look odd and out of place on your pages and in your advertising. If you're using the products as loss-leaders, which you should, they need to be as close in type and style to your regular full-price line of products as you can get.
Check out your sources
Don't just buy the first thing you see from the first liquidator you find just because the price is good. Yes, sometimes good liquidation lots sell in a hurry, but so do bad ones, and you don't want the bad ones. Make sure the seller shows complete address and phone info. Call them, and ask them about the condition of the products. If they're evasive and don't want to commit to a straight answer to a straight question, forget it. Make sure you get a statement in writing (an email is fine) about the exact condition of all of the liquidated products before you consider buying.
Expect a complete accounting
A liquidation lot should come with a manifest that details the exact count of the products, the original wholesale cost, and the discounted liquidation price. When you look at the price of the liquidation lot you're buying consider all the costs, not just the price of the products. You have to pay for shipping, you may have to pay for materials to re-pack out-of-box items, you may have to take time to clean products up, etc.
Liquidations can be a good source for generating income through loss leaders, cross selling and more, but you need to remember to approach them with extreme caution, or your plan to make money with them could turn into a financial loss very quickly.
Chris Malta has been an Entrepreneur for 35 years. He's the Founder and CEO of WorldwideBrands.com, an EBiz Radio Talk Show Host, a published EBiz Author, Contributing Editor to eBay Radio, and the creator of dozens of instructional EBiz videos and free EBooks.
His company is recognized as the best in it's field by businesses including eBay, Yahoo, Amazon, Intuit, UPS and many others.
Chris Malta personally Trains and Mentors new EBiz owners through his Personal EBiz Workshops at http://www.ChrisMalta.com/Workshops
Chris is a well-known crusader against internet business scams. Save yourself a tremendous amount of money in your online business - get Chris Malta's FREE EBiz Scam Report now at http://www.ChrisMalta.com
(c) Copyright Chris Malta 2009, all rights reserved worldwide
