Do You Sell Used Goods? Here’s How To Expand Your Business
The rising cost of commodities and the slow pace of salary increases to match them means that many people find it hard to afford luxuries like new televisions or furniture for their homes. As a result, more folks decide to buy preloved goods instead of opting for brand-new examples. Brick-and-mortar retailers that sell used products make comfortable margins on their sales. Still, there’s definitely room for improvement to boost turnover. If you sell used goods from your retail store, take a look at these exciting ways to expand your business and eventually open up similar stores in other areas:
Today’s forward-thinking used goods businesses have an omnichannel approach to sales. Their primary way of selling will always be from retail stores. Still, they can increase their revenue by offering online sales as well. Selling your used goods online is easier than you think, thanks to marketplaces like eBay, Craigslist, and Etsy, to name a few examples. You could also sell from your website, but that requires more investment than setting up an eBay account.
Offer Pawn Services
Another way to boost your business turnover is by offering pawnshop services. Your customers can get short-term loans from you and use their goods as collateral. Some customers decide not to pay their loans, leaving you free to sell their items for profit. If you already do this, switch payment processing companies, as you could be paying unnecessarily high transaction fees.
Provide Repair Services
Your primary business model is selling secondhand goods. But one exciting way you can expand on what you do is to provide repair services. For example, you could offer repair services for electronic items like game consoles or home stereo systems. You might even offer a service to repair and sell a customer’s goods on their behalf while taking a percentage of the sale profit.
Create Seasonal Promotions
One thing that attracts customers to any retail store is the mesmerizing allure of an attractive window display. You can use your windows to display seasonal promotions, such as discounted TVs during the Super Bowl or children’s toys in December before the holidays. Once you’ve enticed customers to enter your store, they can browse your other promotional items and the other things you have available for purchase.
Take Your Store On The Road
There’s no reason to limit sales of used goods to your retail store or even the Internet! Have you ever considered taking your store “on the road” and setting up a pop-up store? It’s an interesting concept that works well in locations like vintage fairs, community markets, and even festivals. You only need a sign-written van, a commercial pole tent, and simple furniture like fold-up tables.
Selling used goods is an interesting venture, especially as you often hear fascinating backstories about the items you sell. Thanks to the above tips, tricks, and inspirational ideas, it’s reasonably easy to expand what you do to boost your turnover.