Returned gifts sell at discount prices through liquidation
With millions of people returning gifts across the country this holiday season did you ever wonder where all of those unwanted products go and what happens to them?
Jim Dalm is the operation manager for Liquidity Services. Millions of dollars in unwanted gifts will be resold at a discounted rate at the 150,000-square-foot facility in Cranbury, New Jersey. Liquidity works with 7 of the 10 major retailers in the country.
This Christmas season, liquidators are anticipating $60 billion in returned items, so there are opportunities out there for buyers to save money, Dalm says.
Wendell McReynolds is one of those buyers. He picks up liquidated products for cheap and turns around and sells them online. On Friday, he bought tents and miscellaneous camping equipment for $500.
So how does all this really work? A returned product comes to the warehouse. Then each item gets screened tested and graded before being sold for 25 percent to 50 percent off on the company's website.