There's no doubt that technology has come a long way in the past few decades. One of the most notable things to happen in this time is the rise of wearable technology. While some forms of wearable technology have fared better than others, we're going to be talking about one type of tech that maintains its popularity: the smartwatch.
You can find smartwatches on the wrist of people from all walks of life. And, with all of the amazing features smartwatches offer, it's easy to see why they remain so popular.
In this article, you're going to learn the basics about smartwatches. We'll also discuss why reselling smartwatches can be such a beneficial idea. You'll also learn about the most popular smartwatches on the market. Lastly, we've got some great tips for buying and reselling smartwatches that you won't want to miss!
What is a Smartwatch?
Chances are, you know what a watch is. A watch is a device you wear on your wrist that displays the current time. If you can understand that, a smartwatch isn't that much different.
Like a watch, a smartwatch can also help you find out what time it is. But a smartwatch can do much more than that! Smartwatches can track your health and other vital information.
These devices are also capable of running many kinds of apps. Most smartwatches also feature touchscreens, like smaller versions of the one on your smartphone.
Smartwatches also run on a dedicated OS, but most people can still pair them with their smartphones and use them as second screens.
Why Should I Resell Smartwatches?
Now that you have a basic understanding of what smartwatches are, it's time to look at why reselling them can be such a smart decision! Here are the main benefits of starting a business reselling smartwatches online.
Popularity
When you're starting a company reselling products, why waste your time with items that people don't want? Fortunately, you shouldn't have to worry about that when you're buying and reselling smartwatches.
The popularity of smartwatches can be seen by looking at the sales figures for this product. According to Statista, smartwatch sales in the United States continue rising from 2016 to 2020.
And sales of this product show no signs of slowing down. In 2020, over 22.6 million smartwatches were sold throughout the United States alone!
As you can see, smartwatches are a product that people want. The popularity of this product means that you can make money reselling smartwatches to customers from all walks of life!
Longevity
While not every smartwatch is built equally, the majority of them are built to last. This is good news for those people who buy and resell smartwatches, as it means their customers are willing to spend the money it takes to have one of these items.
If you were selling electronics known for their short lifespans, it might not be as easy to entice customers to buy your products.
Plus, the longevity of smartwatches should mean that you don't have customers trying to return these items after a few weeks because they are not working properly.
Great Resell Potential
Another reason why reselling smartwatches can be such a good idea for business owners is because of their high profitability. If there's one thing that you want as a business owner, it's to have items that customers want!
When it comes to smartwatches, demand for these items is incredibly high. This means that you can sell these watches for a hefty price and still get buyers willing to pay for them.
If you resell electronics, you might find that some items you sell are more profitable than others. You won't have to worry about breaking even or only making a small amount of money when you're reselling smartwatches.
Reselling these products means you can make a sizable profit with every sale! But, before you buy the first ones you find, check out our section that breaks down the main types of smartwatches.
The Main Types of Smartwatches
If you're like most people, it might seem like there's only one type of smartwatch. However, that's not quite true. There are actually four main types of smartwatches. Learning more about these types of smartwatches will help ensure you always know what you're buying and reselling.
Smartwatch - Standalone Models
A standalone smartwatch can do just about everything. These devices are typically capable of making phone calls, sending messages, and even accessing the internet! Because they're so powerful and cool, you can rest assured that customers will spend top dollar to have these smartwatches.
Companion Smartwatches
A companion smartwatch is an electronic device that needs a smartphone tethered to it. While not quite as powerful as a standalone smartwatch, these devices can still do a lot. Most people use companion smartwatches to get notifications from tethered smartphones.
Fitness Trackers
It's also worth mentioning fitness trackers, as it's sometimes easy to confuse these devices with smartwatches. These devices can track information like your heart rate or how many calories you've burned throughout the day.
Children's Smartwatches
The name of this device is fairly self-explanatory - it's a smartwatch for children. This type of device is great for parents who want to always know where their children are. It's also possible for users of these devices to make and receive communication notifications.
What Companies Make the Most Popular Smartwatches?
Now, it's time to take a quick look at the companies behind the most popular smartwatches on the market. These smartwatches are available in lots of makes and models. By looking at the companies, you can have an easier understanding of what to look for when it's time to start buying!
Apple
It's no surprise to see Apple on a list of the most popular smartwatch companies. Apple basically put this invention on the map with its Apple Watch.
Apple's watches are very popular, but as with almost anything from Apple, they tend to be on the pricey side. If your company's customers are Apple fanatics, with the latest iPhones and iPads, you should have no problem selling the Apple Watch.
Currently, in its seventh series, the Apple Watch remains the leader of the smartwatch industry. Some of the Apple Watch's features include:
A large Retina display
Made from dust and crack-resistant crystal.
All-day battery life
Sturdy aluminum casing
Garmin
What might be surprising to see on this list is Garmin. While Garmin is traditionally a company known for its GPS and automotive-related products, this company has entered the smartwatch market with lots of acclaim from the public.
There's the Venu series of smartwatches from Garmin for customers that are looking for fully-functional and sleek devices. If your customers enjoy going for a run, they'll probably love the Forerunner series of smartwatches.
With that said, not everyone is looking for smartwatches that look like something out of a science fiction movie! For those customers, we recommend a smartwatch from Garmin's Vivimove series. These smartwatches have the classic analog watch indicators for hours and minutes and a digital display to show the customer everything else.
Samsung
It's not uncommon to see Samsung popping up wherever you see mentions of Apple show up. This list is no exception. As this company did with smartphones, Samsung now competes with Apple in the smartwatch market.
Like the Apple Watch, Samsung's Galaxy Watch is a popular electronic device. At the time of this writing, the Galaxy Watch is in its fourth generation. The Galaxy Watch is available in a wide range of stylish colors, allowing almost any customer to find a watch they love.
The Samsung Galaxy watch features the ability to provide a body composition analysis, which is great for anyone who wants to either get or stay healthy. In addition, this smartwatch also features ECG monitoring to keep you informed about your heart!
This smartwatch doesn't stop working when you're done for the day. Instead, this device contains sleep monitors. The purpose of these monitors is to track your sleep cycles, ensuring you maintain a good night's rest.
While the Galaxy Watch functions as a standalone smartwatch, it's also a great companion for your customers if they already own Samsung smartphones. With a Samsung Galaxy phone and smartwatch, these people can talk, text, and stream from just about anywhere.
Fitbit
While this company's smartwatches might not have all of the functionality of the Apple or Samsung Galaxy Watch, a smartwatch from Fitbit is still something many potential customers will spend money on.
Looking at Fitbit's line of smartwatches, there are several products in this line. If you want to offer top-of-the-line products to your customers, check out the Fitbit Sense. This smartwatch tracks the wearer's sleep and activity, giving them a complete and accurate picture of their overall health.
There's also the Fitbit Versa. This smartwatch is a little cheaper than the Sense. Plus, it includes a lot of the features that its top-of-the-line counterpart has. Available in a wide range of color combinations, the Fitbit Versa is definitely a popular line of smartwatches.
Are these four companies the only businesses that manufacture smartwatches? No. However, buying smartwatches from these four popular companies is a great way to start carrying some of the most in-demand electronics on the market.
7 Tips to Know Before Buying Smartwatches
At this point, you understand why smartwatches are popular. Before you can start carrying these smartwatches in your store, it's important to learn a few tips. Learn the tips below and you'll always get the best prices on smartwatches for sale online.
1. Know Your Profit Potential
Something that every professional reseller does before buying products is to know how much these items are worth. When you know how much you can sell products for, you also know how much money to spend on acquiring these items.
Plus, you should know how much your customer will pay for the product. Make sure you understand these important numbers before buying smartwatches. Taking care of these calculations ahead of time will save you a lot of stress in the future.
2. Have an Idea of What Your Target Customers Want
There are many different kinds of consumers out there, so it's important to know what they want from their smartwatch. Some customers are looking for a fashion item that they can show off to their friends and colleagues. Other people might be looking for a smartwatch that's capable of handling their active, outdoor lifestyles.
When you know what your customers want, you can rest assured that you're carrying smartwatches that will sell well. Understandably, not every company might be aware of what potential customers will want.
If you're unsure, start by carrying a range of smartwatches. In time, your company's sales reports should clearly show what your target audience wants to buy.
3. Check Multiple Sellers' Listings
By now, you should have an idea of how much money you want to spend on smartwatches. At this point, you don't want to make the mistake that some new and eager buyers make. This mistake is being too eager to find smartwatches and buying them from the first seller they find.
Before you buy a single smartwatch, make sure that you're checking prices from multiple sellers. If you followed the earlier step, you should be able to have a decent idea of who is charging fair prices and who isn't.
As a reseller, one of the worst feelings is rushing to buy electronics to find the same items available for cheaper right after you made your purchase. With a little patience, you’ll avoid this situation.
By checking multiple sellers' listings, you can find the best deals from different retailers. In the long run, this simple step can save your new business a lot of money!
4. Always Read Listing Descriptions
It's always good to do research before buying anything online. When you're getting ready to buy smartwatches, make sure you check listing descriptions. These listings will detail (or at least should detail) all of the information about what a seller is selling.
This part of a listing is also a good place for a seller to list any potential defects with their items. While you're checking out these listings, make sure to look closely at any pictures you might come across.
Since you're buying smartwatches online, listing descriptions and pictures are often the closest things you'll have to seeing these electronic devices in person. So, make sure that you’re getting as much information as possible from the product descriptions in online listings.
5. Find Out About Return Policies
Whether you’re buying a single smartwatch or pallets of electronics, it's good to get an idea if a seller will accept returns. Some sellers have a no-returns policy. Other sellers are a bit more lenient about returns. Keep in mind that any sellers who do accept returns will likely only do this if what they sold you was faulty.
Checking out a seller's return policy only takes a few seconds. Plus, knowing whether or not a seller will accept returns is important. This way, you can avoid wasting money on items that aren't returnable.
6. Learn About a Seller's Shipping Policies
In addition, check out shipping costs. In most cases, a seller will set shipping costs. Sometimes, they'll include free shipping and factor in shipping costs into their final prices. As you continue looking through listings, you should gain an accurate idea of what affordable and non-affordable shipping rates are.
It's also important to see how long it will take before your products arrive. Typically, the time it takes for ordered items to arrive depends on how close you are to a seller. For example, you would typically receive electronics faster if a seller lived in the same state as you did than if they lived in another country.
The further away your seller is, the longer you should expect to wait before you receive your electronics. In some cases, you could be waiting a few weeks or more if you're ordering international electronics.
Unfortunately, the majority of decisions regarding shipping will be out of the seller's hands. Instead, these rules and timelines are set by shipping providers like USPS, FedEx, UPS, and other carriers. Even so, you'll be able to get a pretty good idea of when your items will arrive just by checking out a seller's shipping policies.
7. Ask About Bulk Specials
It's often possible to get great deals on things by buying them in bulk. Generally speaking, a seller would like to move a large number of items out of their store as quickly as possible. Sometimes, sellers will entice buyers to make large purchases by offering bulk discounts.
Buying electronics in bulk can not only save you some money, but it's also a way to save time. Instead of having to go through various listings, buying in bulk gets you everything at once. Plus, you get to enjoy the convenience of only working with one seller.
Here's a quick example of a deal you could get by purchasing electronics in bulk. Let's say that you normally purchase smartwatches for $100 each. However, you find a seller that lists 20 smartwatches for a total of $1,400.
Divide $1,400 (total cost) by 20 (number of smartwatches bought) and you have 75. This means that you're buying 20 smartwatches for a total of $75 each. By buying in bulk, you would have purchased each smartwatch for $25 less than you normally would.
Mistakes to Avoid When Buying and Selling Smartwatches
We've covered the right things to do when you're getting smartwatches. With that in mind, it's also important to shine a light on what not to do when reselling these popular electronic devices.
Poorly Packing and Shipping Your Smartwatches
One of the most important but often rushed parts of the sales process involves shipping your electronics. It's understandable to get excited at the thought of making a sale. However, you shouldn't let this excitement cause you to poorly ship your smartwatches.
As you know, smartwatches are valuable items. Because of this, you don't want to save a few bucks on shipping to end up sending out a watch that gets damaged while arriving to the buyer.
How should you pack smartwatches to ship out? There's no specific answer to this question, but it mostly comes down to two factors.
First of all, you want to make sure that the box is big enough for your watch to fit in easily without too much wiggle room. The more room something has to move in a box, the more likely it can be damaged during the shipping process.
Next, you need to make sure that the box is sturdy enough to contain the watch itself. Fortunately, smartwatches aren't super heavy items. So, you shouldn't have to worry about most standard boxes collapsing.
You also want to make sure that you choose a shipping method that has insurance included. In most cases, this is the only way that you can truly protect yourself when sending out your smartwatches in the mail.
If something does happen during transit and it's not insured, then you could be out a lot of money on a missed sale.
Not Keeping Your Buyers Updated
Another mistake to avoid is not keeping your buyers updated. On your end, everything might be going perfectly and your orders may all be going out on time. But, the buyer won't know that unless you keep them in the loop.
Now, this doesn't mean you have to manually send out messages every hour or even every day. You might even use a shipping carrier that either sends you or your buyer automated shipping updates upon request.
Sending out an occasional update is also incredibly beneficial should something go wrong during the shipping process. Any seller would rather stay informed about delays or other shipping-related problems than be ignored.
By keeping buyers in the loop during the shipping process, you can also help ensure your business earns positive reviews and feedback from customers.
Neglecting the Importance of Managing Your Inventory
If you're just entering the world of reselling electronics, inventory management might not seem like a major concern. However, your new business could soon start making sales and expanding quicker than you might think. Considering that, now is the perfect time to start thinking about properly managing your company's inventory.
Keeping track of how many smartwatches you have in stock is a good place to start. If you don't do this, then it's easy for your inventory number to get off track – which could lead to problems later on.
For example, let's say that a person or business eager to buy a smartwatch from your company makes a purchase through your website. Later, you discover that the smartwatch they ordered and paid for isn't in stock! Now, you have to find a solution to this problem.
By properly managing your company's inventory, you'll avoid being overstocked or understocked!
Find Smartwatches Online at Trade-In Tech
You now know how to get the best deals on smartwatches. It's now time to find out where to buy these smartwatches and that's on Trade-In Tech. Here are the main reasons why Trade-In Tech is such a great platform for everyone from phone flippers to electronic wholesale corporations.
Popular Smartwatches From All of the Top Brands
Understandably, you don't want to waste precious time and energy on a platform that doesn't have exactly what you're looking for. You won't have this problem on Trade-In Tech. That's because this platform is all about electronics.
You won't have to waste time trying to track down a small number of listings. Plus, you also won't be bombarded by listings in categories that have nothing to do with electronics.
Our massive network of members buy and sell all sorts of electronics. Considering that, many of them regularly have smartwatches in their inventories. On Trade-In Tech, it's possible to find smartwatches from all of the most popular brands, including:
Apple
Garmin
Fitbit
Samsung
and many others!
Because our platform has such popular smartwatches, you'll be able to find exactly what you're looking for. There aren't a lot of places where you can easily buy a smartwatch from Apple, Fitbit, or Samsung on one website.
A Platform Made for People in the Electronics Industry
When you're choosing platforms to help your business grow, relevancy is one of the most important things to focus on. After all, you wouldn't want to try and sell electronics on a platform about clothing.
After joining Trade-In Tech, you'll find the exact platform you need: one devoted to electronics. This not only means that you'll find a TON of smartwatches for sale on Trade-In Tech, but we also have lots of electronics that might interest you as your resale business grows.
Our sellers typically list smartphones, tablets, video game consoles, home tech, televisions, and much more for sale on our platform. But you can only buy these electronics (including many smartwatches) on Trade-In Tech by becoming a member!
Not Paying Transaction Fees
Let's be real - no one likes paying fees. Unfortunately, it's hard to go through life without paying fees for just about everything. However, Trade-In Tech remains one of the few places where you don't have to stress out about a lot of fees.
One way we do this is by not charging our members fees whenever they make a transaction. This feature is one that's hard to find elsewhere, especially online! This isn't something that goes away when you sell a certain number of items. We'll always make sure that you or our other members don't have to pay transaction fees.
Without dealing with these burdensome fees, more money from each sale you make goes into your company's pocket.
Keeping Our Members Safe From Scammers
No matter what you're buying online, you always want to know you can trust the platform you're using. Trade-In Tech values each of our members, which is why we work hard to make sure our platform remains safe and secure.
First, we require each applicant to complete Trade-In Tech's verification process before they're allowed to use our platform. During this time, each new member will need to send us references and other information. Once we can verify your business or other venture, you can begin using Trade-In Tech!
As a member, your safety and security don't stop once you become a Trade-In Tech member. You'll also be able to rely on our 24/7 support. Trade-In Tech's support team is responsive and helpful.
The Ability to Send Customized Buyer’s Requests
Wouldn't it be great to send out a request to all of the sellers on a large website about what you wanted to buy? Unfortunately, it's nearly impossible to find this type of feature on most platforms.
Some platforms might allow you to do something similar in order to show up in your target audience's inboxes. However, most of these companies will require you to pay a hefty price for this type of reach. If you're a Trade-In Tech member, you can send out a buyer's request for free!
What is a buyer's request? It's a feature that Trade-In Tech offers all of its members. And it's incredibly simple to use. All you have to do is fill out a short form that lists what you want to buy. Do you want 10 Apple Watches? Maybe you need to find a rarer smartwatch model.
With a buyer’s request, you create and send something that goes out to all of our members. Once you've filled out your buyer's request, simply submit it and it goes out to our network of members. Don't be surprised if you get more than a few quick responses after making one of these requests.
In closing, it's possible to run a profitable business by buying and selling smartwatches. The key to success with this type of company is knowing where to find smartwatches at great prices. It's also good to use a platform like Trade-In Tech to buy and sell smartwatches. For more information about how to do well in the electronics industry, don't forget to visit Trade-In Tech's blog.