When it comes to reselling customer returned electronics online, there are several strategies your business should follow to increase the likelihood of keeping those profits flowing in. They are as follows:
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If you don’t purchase your customer returned electronics from the right supplier, your business will be holed below the waterline before your ship has even left port. Back in the day, that meant sourcing the stock your business requires from a wholesaler. Sadly, buying merchandise wholesale this way is a much less viable option ever since wholesale prices veered ever closer to retail prices.
Now it’s a much better idea to source discount electronics in bulk wholesale from a trusted online liquidation marketplace such as the one operated by Direct Liquidation. There you’ll find customer returned electronics available to buy from some of the giants of the retail industry such as Amazon, Walmart, and Target, all of whom sell their unwanted returns through Direct Liquidation’s online liquidation sales platform.
The big-name retailers sell their unwanted returns via liquidators in either pallets or truckloads. Most pallets and truckloads are sold via live auctions that take place on the liquidator’s website daily. It’s usually also possible to buy a pallet or truckload of customer returned electronics at a fixed price. And it’s also possible to approach the liquidator directly with your own price offer. If they agree, that’s the price you’ll pay.
When bidding on pallets or truckloads of consumer electronics in liquidation auctions, you should always set an upper spending limit that ensures you’ll still have plenty of room to make a profit when the time comes to sell the goods you buy on to your customers.
It’s possible in the excitement of an auction to go a little ‘bidding crazy’ and end up paying way over what you were prepared to spend. Don’t give in to this temptation because liquidators have new stock arriving on their site on a daily basis. If you miss out on buying one pallet of customer returns, don’t worry. Another one will appear shortly, and you can start the bidding process again.
This way, you’ll never go over your limit, and you’ll always ensure that the pallets you buy stand your business the best chance of making a decent return on your investment.
There are a lot of counterfeit goods out there, so how can you ensure you don’t fall into the trap of purchasing them by mistake? In this day and age, it’s a common problem many resellers face, thanks mainly to the explosion of wholesale suppliers on the Internet.
The answer is simple. By purchasing from a Better Business Bureau-accredited, top-tier liquidator such as Direct Liquidation, you’ll have the peace of mind of knowing the goods you buy are genuine products coming from some of the largest electronics suppliers in the world such as Samsung, Sony, Apple and Microsoft. Thanks to the unique partnerships liquidators such as Direct Liquidation enjoy with their retail partners such as Walmart, you’ll be buying goods from liquidation sales that have already been checked for authenticity. This means the chances you’ll end up with counterfeit merchandise are minimal.
If you want to avoid fake goods, buy from an online liquidation marketplace. It really is as simple as that.
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Once you’ve purchased a pallet or truckload of customer returned consumer electronics online, you’ll need to thoroughly inspect what you’ve purchased to both make sure it aligns with what was written on the manifest, and to see exactly what condition each item in each pallet or truckload is in. This will help you determine what you’ll be able to price the goods at.
For example, if you’ve bought a pallet of wholesale laptops, you’ll probably find you have a mixture of ‘as new’ items, some which will be superficially damaged or visibly damaged, and some that are not working at all. The ‘as new’ laptops can, of course, be sold for the highest prices, whereas the extent of the damage to other items will determine the price point you set.
And don’t forget – you might be able to bring some damaged items back up to spec by cannibalising two or three of the broken items in the pallet. So for example, say you have one laptop that works but has a smashed screen and one that is totally unresponsive but has an undamaged screen, swapping screens will leave you with one broken laptop and one that is now working and therefore sell-able. Do this with as many items as you can, and you’ll increase the profitability of each pallet you purchase.
Pricing to attract the widest number of customers on a variety of budgets is key to success in online retailing. When pricing your wholesale merchandise, you have several strategies available to you.
The most common strategy is competitive pricing. This means checking if your competitors are selling the same stock as you and then matching or going slightly lower than their price. Don’t be tempted to go way lower as customers are suspicious of very low prices, having grown wary of scams and counterfeit goods on the Internet long ago. Go too low and your customers will think you’re selling knock-offs and they’ll be put off.
The second strategy is keystone pricing. This means doubling the price you bought the item for from a liquidator. While that may sound counterproductive, it actually isn’t because you’ll have bought goods at such a discount that doubling their price won’t mean they’re priced too high, and you’ll still make a profit.
Finally, there’s psychological pricing. This means making your prices stand out from the crowd. So, instead of pricing something at $10.99 as others would do, try pricing at $10.97 instead. This lower number immediately looks like you’re offering a better deal, when in fact you’ve just knocked a couple of cents off the price. It won’t hurt your profits, but it will make customers think you’re offering them a better deal and make it more likely that they will buy from you.
The customer is king in online retail. Annoy them, don’t offer them a good enough price, ignore them, etc. and you’ll lose them in a heartbeat. Make sure you listen to your customers. If they ask you a question, make sure to answer it promptly. If they make a complaint, even if it’s frivolous, don’t dismiss it out of hand. Customers now have the ability to write scathing reviews of your business online, and these can do immense damage to your business’s reputation, even if the bad reviews are unjustified.
Looking after your customers, pricing competitively, pricing attractively, knowing your merchandise, keeping an eye out for fakes, bidding wisely and buying wholesale merchandise from the right supplier – these are the key strategies when reselling customer returned electronics online. By sticking to these strategies, your business should have all the stock it needs, a steady stream of happy customers and, most importantly of all, it’ll keep making a healthy profit. Profit is the lifeblood of any business, so why not check out what a top-tier liquidator such as Direct Liquidation can do for your business today?
Direct Liquidation is a goTRG company.
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Diego works as a sales representative for Direct Liquidation helping businesses to source liquidation inventory from the world’s top retailers and manufacturers. Diego works with single pallet, LTL and truckload buyers directly to ensure they stay in stock with high quality inventory year round.
Schedule a sales callback with Diego right now and find out how he can help your business profit with liquidation merchandise.
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