Not all industries grow like the electronics industry does. Because technology is ever-improving, the electronics industry keeps growing. The potential growth is what makes reselling electronics a particularly lucrative venture.
The Future of Smartphones, Wearables, Computer and Home Technology
According to MarketWatch, the consumer electronics industry is expected to grow massively by 2024. This is good news for business owners who specialize in reselling electronics. Here are some things you can expect in the future...
5G Technology
New technology, like 5G, should propel the smartphone industry forward monetarily. Even though it may take some time to properly and fully implement 5G technology, the day is quickly approaching when it will likely become a nationwide network. Consumers will want to upgrade their current 4G phones for phones that can keep up with the 5G network. However, because 5G technology is very new, new phones with that capability may be awfully expensive. Expect consumers to be looking for used 5G-compatible phones soon. The new technology will help them experience quicker internet connections and better download and upload speeds.
Wearables
Wearables continue to be ever-evolving. There is always some new piece of wearable technology coming to the marketplace. People love to be able to track their workouts and keep up with updates via their smartwatches. It is a segment of technology that is not going away soon.
Computers
Computers are going to become even more important in the future as more people work and attend classes from home. Just about everyone needs a quality computer, whether it be a laptop or desktop. Those who work from home usually need computers that can handle the type of work they need to complete daily. Think about architects and engineers who may need very elaborate computers to do their work from home. Students need computers to attend online college classes. The used computer market is not faltering anytime soon.
Schools
School systems across the world need computers and other electronic devices to keep up with various educational platforms that have to be used. Although schools have usually purchased new products in the past, there is reason to speculate that they may start implementing cost-saving measures. One of these measures may include purchasing slightly used, refurbished technology for their students. With more and more schools choosing to furnish students Chromebooks or laptops, there is bound to be a market for refurbished technology in the classroom.
Gaming Industry
According to
Forbes, the gaming industry is huge and growing. Gamers increasingly need newer technology to be able to keep up with the system demands of certain games. Not every gamer can afford to spend thousands upon thousands of dollars on completely new technology. This is where refurbished technology will be of importance to gamers. They can spend less than retail to get a nice computer or other devices that will work well with the games they want to play. Gamers also need things like upgraded graphics cards to mod their current computers to suit the specifications of the games that they play. There will more than likely be a need for refurbished or used graphics cards in the future as well. Refurbished gaming keyboards and mice may also be immensely popular among consumers.
Not all gamers are adults. However, parents oftentimes cannot afford to pay full retail prices to purchase their gamer children's new computers. Adults are more likely to be able to afford refurbished computer systems for their children to use.
Technology Classes
Children who take science, technology, engineering, and mathematics courses, otherwise known as STEM courses, need newer technology in order to be able to keep up with some of the courses that their educational facilities offer. Once again, parents cannot always afford the latest and greatest technology for their children. STEM courses are not going away anytime soon, and parents are likely going to be wanting to purchase refurbished computers to help their children complete their courses.
Libraries
Libraries may switch to refurbished technology to offer the best technology they can to their patrons without investing large sums of money. Not every library can afford to offer their patrons new computer systems to use. Be prepared for librarians to be checking into the availability and prices of refurbished technology. Oftentimes, libraries need more than one computer and more than one printer to offer to patrons who need to use them. Refurbished technology can help save libraries money.
Content Creators
Online content creators and web designers will continue to increasingly need technology to make videos and websites. Oftentimes, content creators choose to use Apple products to easily create online videos for their subscribers. However, a new content creator can easily be discouraged by the cost of new technology. It is much easier for them to afford a nice, refurbished Apple computer than it would be for them to purchase a new model.
New Businesses
New companies need point-of-sale systems for their businesses. Because it sometimes costs a lot of money to start a bricks-and-mortar business, these people will be looking to cut costs wherever they can. Point-of-sale systems will not be going out of demand soon as businesses need them to record customer sales and to keep track of their inventory.
Planned Obsolescence
The phasing out of operating systems by Apple, also called planned obsolescence, helps propel customers forward in wanting to purchase newer Apple computers. However, these customers usually do not want to pay the full retail price of a completely new computer. They typically turn to slightly used machines to accomplish the goal of being able to upgrade their operating system.
Home Technology
Home technology is also continuing to evolve with many new advancements arriving in the future. Between security systems, thermostats, surveillance cameras and other devices, there is hardly a doubt that companies will be upgrading their technology to keep up with consumer demands.
Startups
Startups that cannot afford retail prices when beginning their businesses will likely be seeking out refurbished devices to purchase. This is especially true when they need to purchase multiple computer units or other devices.
Repair Kits
People who need to fix their cellphones will need to purchase cellphone repair kits, and parents who need to fix broken video game systems for their children will need to buy kits to repair such electronic devices.
Environmentally Friendly Consumers
Many who are fans of recycling in the consumer electronics industry will be seeking out used or refurbished products to purchase. Because they believe buying used products is more environmentally friendly, they will likely continue to stick with purchasing used products in the future.
Customers Like Getting Discounts
Not everyone can afford to pay retail prices for every bit of technology that they want to purchase. Savvy consumers will likely continue to look for deals on electronics whenever they possibly can.
Typically, a good price to charge for recycled electronics is 50 percent off retail. However, this price can be dependent on market demand and what cost you have put into refurbishing the products. Some refurbished products need more work done to them than others to make them work properly again. However, other products are nearly ready to resell when you receive them from a wholesaler.
Market demand will play a huge part in what you can charge for a product. During Christmastime, products tend to sell for slightly higher prices, so they can usually be marked up in price at that time of year.
Extremely popular products may sell for only a few dollars off retail prices if they are difficult to find on the market. Supply and demand generally directs you as to what prices you can charge.
Product Prices Increase and Sales Maintain Consistent Growth
As new technology continues to change and improve, companies usually start charging more money for said technology. Because they charge more for improved products, your business can also start charging more for those products when you sell them refurbished or used.
More people and businesses will be willing to sell your business their used electronics if they feel they can get a good price from them. As the cost of new electronics continues to climb, businesses that need to replace their electronics with newer models will be looking to offload their current items for money. Instead of just disposing of the electronics, they will be more than willing to sell them if they can get a decent price for them. This will help their business come up with the funding to purchase the new technology that they need.
Your sales should maintain growth if you keep a stock of the products that consumers are looking to purchase. Keeping newer refurbished products on hand is one of the keys to experiencing sales growth.
