In 2020, the Lantern Festival begins on January 15th.
This is a crucial time in the electronics resellers industry as price are expected to drop quickly.
It is typically celebrated for 15 days as an official public holiday. Citizens may receive up to 7 absences from work on January 24-30th.
Some businesses in China have stopped buying products in preparation for the festivals, events, and to do their annual stock.
Most businesses will provide price updates daily until the beginning of February, while others adjust their pricing to reflect the new year price drops.
It is critical during this time to maintain strong connections and avoid losing money on future buys.
In addition to bulk buying/selling being impacted by the holidays, Apple has adjusted their trade-in values by around 20% on their site. Prior to January 2020, people were getting $550 for iPhone XS Max, and now they’re only getting $440.
How could this have been avoided? How can you recoup any losses?
While you cannot predict everything, an email was sent out today talking about Alex Arfaei saying that there are analysts in the stock market picking stocks with an 84% rate. That’s insane!
What this probably means is with enough knowledge, you can make better decisions for your business. You won’t always be right, but you can be more informed and make choices that will more often than not have positive results for you.
You can avoid being hit with surprises by learning from people that have gone through It. Whenever you’re experiencing something for the first time or you're a veteran, it’s always a good idea to ask for help.
If you didn’t connect with an experienced reseller this year, you probably took a loss because you didn’t see the signs.
Buyers have been dropping their prices slowly for the last few weeks in anticipation of their annual inventory review and holidays. As far as Apples Giftcard drops, there’s likely a pattern that exists there as well.
Next year, remember what you experienced this year. Expect the same thing to happen around similar periods next year.
As far as recouping losses, if you have a small amount of inventory, try to get as close to the end user as possible. If you have larger quantities, it may be a bit difficult to offload quickly.
Some people have already loss thousands, but losses can be mitigated by auctioning off stock to the highest bidder.
A good business owner does not take a loss and feel defeated. They view it as lessons learned.
Hope this helps provide some insight as it relates to changes in the markets!
This article was written by Feldon Richards of
www.nycphonebuyer.co
