Refurbished Electronics: The Myths and the Facts
Electronics like laptops, phones, tablets, and others have never been as accessible as they are nowadays. We all want the best quality and the newest models. And so most of us prefer to purchase new items, be it for personal use or your online sales business. However, new electronics are as costly as they are desirable. This means you might not always be able to afford brand new items. So what other options are there?
If you can’t afford new, you can buy either used or refurbished items. When it comes to electronics buying refurbished electronics in wholesale lots at liquidation auctions has become very popular nowadays, especially among those who look to resell the electronics online and make a profit.
But are you sacrificing quality for the low price? Here are a few things you should know about refurbished electronics.
A Good Business
It’s one thing to buy electronics for your personal use or as a present for someone else. Making a business out of it is a whole different story. We’re not talking about just buying one or two items, but a large number, which you will then need to market and sell to your customers. This requires research, planning, and, of course, money.
Because your goal is to make a tidy profit from this business, you need to plan and budget carefully. You will find that the main costs come from sourcing the merchandise itself. And so it would be ideal if you could find a cheap and reliable source of top-quality electronics.
If this sounds like a tall order, that’s because it is. Traditional wholesale suppliers tend to be too expensive for a small resale business to be able to make a profit in a very competitive market. But there is a better alternative: online liquidation platforms.
At an online liquidation platform like Direct Liquidation, you will find a vast selection of all sorts of electronics in a variety of conditions. You may be able to find some lots of new, or as new electronics, usually, shelf pulls or overstock. But the majority of lots will contain customer returns. Some of these are damaged, but many have barely been used, if at all. Many are then reviewed, repaired (if needed) and tested. These are what we call refurbished items, and they work just as well as new items.
The great advantage is that refurbished electronics are much cheaper than their new counterparts. That makes them ideal for your business: they work as new, but because they are used, you can resell them at a much lower price. This will attract more clients and give you a greater potential for profit.
What are the Myths and Facts about Refurbished Electronics?
The advantages of buying and reselling refurbished electronics are clear. But many people do not understand what refurbished electronics are and how to take advantage of them. There are many myths about these items that we need to dispel to show you how you can make the most of them. Here are some of those myths.
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1. Refurbished Items are of Low Quality
This might be something you’ve heard a lot and the reason why you’ve never bought refurbished electronics. However, the fact is that before being put back on the market, the items go through a strict process in which they are reviewed, repaired, and then tested. Any refurbished items have to comply with strict standards to guarantee quality.
After all, the last thing the manufacturer or the retailer wants is to have the gadget returned again and again by the customers. That’s not good for their reputation, which is something these companies care very much about.
2. You Never get a Warranty on Refurbished Items
Refurbished items go through a lot of testing to make sure they are in top condition because the manufacturers don’t want to have a product returned too many times as it costs them their reputation and money. But the retailers and manufacturers put their money where their mouth is. They don’t just assure you of the quality of these products, they actually guarantee it by offering you warranties on them.
It’s true that these warranties aren’t as long as the ones offered for new items, but if there is something wrong with the refurbished item during that time period, you can return it, just like with a brand new item.
3. Refurbished Electronics Don’t Last Long Because they are Old
This is actually another myth because the majority of refurbished items are products that have been slightly used. So most of these electronic gadgets will have a lot more hours left in them. Besides, you need to remember that these products were tested after being refurbished, and are guaranteed to be as new.
4. Refurbished Electronics have Old Specs
As said above, most refurbished items only slightly used and work as new. You may find refurbished items of slightly older models, and these, of course, will not have the most up-to-date specs. But many of these items are new or almost new, and as up-to-date as it is possible in a market that is always changing. Besides, you will find that many of your potential customers won’t mind at all having a laptop or smartphone whose specs are not state of the art and will be happy to get a slightly older model for a much lower price.
5. Refurbished Electronics are Not Good for Business
We hope that by now it is clear that this is not the case at all. In fact, refurbished electronics are quality items that sell at much lower prices than their newer counterparts. If you buy from a reputable liquidator like Direct Liquidation, you can get a steady stream of these items to keep you well supplied. Your customers will be happy not only with the price but also with the quality.
All in all, if you plan to make money by selling refurbished electronics, there is certainly a significant margin for profit, more so than from dealing with wholesalers or normal used items. This is a recipe for success.
Liquidators Are the Best Source
Liquidation auctions are the best source of refurbished items for the simple reason that reputable liquidation auctions have exclusive contracts with top retailers and manufacturers. If an electronic item is not refurbished by the manufacturer, it will be refurbished by the liquidation company and so comes with a good warranty period.
On top of that, as we have mentioned, liquidators sell these items at a considerably lower price point, meaning that you get the chance to make a real profit out of these products.
Direct Liquidation is a goTRG company.
Jordan currently works as a sales representative for Direct Liquidation, assisting businesses with product sourcing of liquidated merchandise from the largest retailers in the world. Whether you are looking for a pallet or a truckload Jordan is here to help you grow your business.
Schedule a sales callback with Jordan right now.