Definition of closeout words

  • B2B (Business-to-Business)

    B2B or Business-to-Business is a deal between two businesses, such as a retailer and a wholesaler. Sales tend to be for large quanites such as a pallet or a truckload. These transactions do no need to be taxed.

  • B2C (Business-to-Consumer)

    This is a direct transaction between seller and the consumer. You can find these transactons on ebay, costco, and other retail businesses that specilize in single unit sales. 

  • BOL (Bill of Lading)

    A BOL is the paper given to the trucking company  that has many of the  key details of the shipment . The bill of lading has information like contact information, the address of the receiver, dates of shipment and time received, names of the goods etc.

  • Cash on Delivery (COD)

    The retailer will pay for ordered goods upon delivery.

  • Consignment

    Consignment is an contract when a retailer places the product on the floor of the store and receives a percentage of the revenue when the products sell. Unsold products are returned. 

  • Customer Returns

    Products that the consumer had received but was not happy with the product. When liquidators sell this type of merchandise it tends to have a high damage rate. At least 10% is through away. 

  • Defacing

    Some of the manufacturers and retailers want to make sure the merchandise the sell at a discounted price is not traced back to them. This why some closeout customer will be required to take the time to remove identifying features

  • Dropshipping

    Drop shipping is a method in which the retailer does not keep goods in stock but instead transfers the customer orders and shipment details to either the manufacturer, another retailer, or a wholesaler, who then ships the goods directly to the customer. As in retail business, the majority of retailers make their profit on the difference between the wholesale and retail price, but some retailers earn an agreed percentage of the sales in commission, paid by the wholesaler to the retailer.

  • FOB

    The term FOB is also used in modern domestic shipping within the United States to describe the point at which a seller is no longer responsible for shipping cost.

  • LTL

    It is the shipment of small freight. The alternatives to LTL carriers are parcel carriers or full truckload carriers. Parcel carriers usually handle small packages and freight that can be broken down into units less than 150 pounds (68 kg). Full truckload carriers move freight that is loaded into a semi-trailer. Semi-trailers are typically between 26 and 53 feet (7.92 and 16.15 m) and require a substantial amount of freight to make such transportation economical.

  • Manifest

    It details all the inventory that is available.  This can include retail, wholesale, unit count, and pictures. 

  • MSRP

    Manufacturer's suggested retail price. This is the price the Manufacturer wants retailers to charge. 

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