Recouping Value for Returned Consumer Electronics
Consumer electronics boast one of the highest return rates of any product category. Relaxed return policies, the increase in online purchases, and buyer’s remorse are among the reasons that up to 20 percent of CE items are returned. Buyer frustration also plays a big role: the average person will spend 20 minutes trying to get a device to work before getting frustrated, giving up and returning it back to the store.
Though much of the merchandise will be in functionally and cosmetically perfect condition, it can’t be put back on store or virtual shelves to be sold as new. Having a plan in place to recover top dollar for these items that can’t be put back on the shelf is crucial and can mean the difference between winning and losing.
In a recent TWICE magazine article, B-Stock’s CEO addressed the trends surrounding consumer electronic returns and what retailers can do to recoup as much money as possible. Consider this:
- The most important first step is to implement a solid remarketing strategy. This may include reassessing your current plan especially if that includes selling the inventory directly to one or two liquidators.
- Just like in the primary market, consumer electronics are in high demand across the secondary market where a robust buyer base exists for CE products regardless of condition or model.
- A proven remarketing strategy is to bypass the middleman and set up a dynamic where many buyers push prices up rather than negotiating them down. A private, online auction marketplace platform, like those powered by B-Stock Solutions is one way to make this happen.
To read more of Howard’s article in TWICE, please click here. For more information on how B-Stock can build a technology based and data-driven solution for your returned, overstock or excess consumer electronics inventory, please contact us.