Amazon Bin Store
The hottest trend in retail is the Amazon Bin store. These stores sell liquidation merchandise in giant plastic or wooden bins. Every week, a merchandise liquidation truckload is sorted and arranged in these bins. Then, customers go on a treasure hunt to find surprising deals. Surprisingly, this weekly event creates many loyal and returning customers.
Starting a Bin Store
There is a big secret when starting a bin store – A surprise in product variety every week! These stores work with completely new merchandise cycling through the store every week. This weekly cycle keeps the customer entertained week in and week out. Since many are returning customers, they expect new liquidation merchandise so they can dig through bins to discover new deals.
To put it simply, the psychology behind the bin store phenomena is creating black Friday everyday. This is similar to Event Sales that retailers like Tuesday Morning made popular back in the 80’s. Have you ever seen a large tent in the parking lot selling furniture or lawnmowers? What about those pop-up Spirit Halloween stores that show up for a few months every year? Those stores are examples of an Event Sales.
Treasure Hunt Stores
When running a Bin Store, you create a new form of entertainment. This treasure hunt stores become somewhere to go every week with new and exciting products. When you see customers digging through bins of merchandise, you’ll see why it’s called a treasure hunt. This type of discount retail is addictive like playing the lottery.
Restock Bin Stores
Now, your main job when you own bin stores is figuring out which day to restock. Some Bin Store owners choose to close in the middle of the week and start Saturday with the highest pricing. Normally, owners close on Mondays every week. When it comes to restocking bin stores, we sell small, high piece count gaylords that come with general merchandise of all kinds.
Bins of Merchandise
Bins of merchandise allows price waterfalls. Price waterfall is when everything in the store is flat priced and there are daily discounts until the sale resets. Depending on the day of the week, there will be a different bin price for your bin store. Finally, the price of the merchandise changes depending on the day of the week. Then, at the end of the week, the store is cleaned and restocked and the pricing cycle starts all over again! Here is an example of a price waterfall:
Value Liquidation Bin
A bin store mainly sells liquidation merchandise at extreme value. This is truckload merchandise that contain overstock, shelf-pulls, and customer returns. Most of the time, the type of merchandise sold in these stores are hard line goods. Basically, that means anything that is not clothing or shoes. Examples of hard line categories are: Electronics, Housewares, Toys, Bedding, Hardware, Home Improvement, Office Supplies, Sporting Goods, and much more.