Trade-In Tech
by on September 25, 2020
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If you want to make profits running a business, the electronics industry has a lot to offer. With that said, it’s important to know that the electronics industry is quite competitive. Because there are so many companies competing to buy and sell electronics, it’s good to have as many advantages as possible.

 

There are a few ways to start getting the deals on electronics you’re looking for. These are by finding closeout, overstock, and return electronics. We’ll go over how to find these items and get the best deals, too! 

 

To stay competitive in the wholesale electronics industry, it’s good to know a few tips for how to get the best deals on wholesale electronics. 

 

Start Buying Overstock, Closeout, and Return Electronics

 

 

Learning how to find deals on electronics is great. But, now, it’s time to learn how you start getting your hands on closeout and overstock electronics. Here are several ways to begin buying these types of electronic devices.

 

Strike Up Direct Partnerships With Manufacturers

 

To start finding overstock, closeout, and return electronics, you might obtain them through a direct partnership with the companies that manufacture the electronics you want to buy. These types of partnerships can be great for manufacturers who don’t want to wait to start making sales.

 

With that said, direct partnerships with manufacturers aren’t the easiest for newer sellers. Unfortunately, manufacturers don’t often want to sell smaller quantities. Instead, these companies are often after electronics resellers and other companies that can buy in bulk.

 

Join Trade-In Tech

 

As we mentioned, direct partnerships are great but often hard to come by. A better solution, especially for newer sellers, is to join Trade-In Tech at tradeintech.com

 

By joining our exclusive wholesale electronics platform, you can chat, message, and potentially partner with our huge network of professional wholesalers.

 

Our network of worldwide members includes retailers, wholesalers, and partners of some of the largest electronic companies in the world. This also allows our members to carry the world’s most popular electronic brands, some of which include Apple, Samsung, and Google.

 

Checking Out Auction Websites

 

It’s also possible to find deals on wholesale electronics by checking out auction websites. These are websites like eBay as well as both Target and Amazon’s warehouse programs. Unlike buying electronics directly, auction websites require you to place bids on what you want to purchase.

 

Certain auction websites will require proof of your status as a professional buyer before you can become a member. So, expect to wait a few days to a week before you can start bidding on certain auction websites.

 

Don’t worry though, every business has to go through this process. It’s all part of becoming verified.

 

Visiting Local Retailers

 

It’s also sometimes possible to find deals on electronics by visiting local retailers. This won’t be the best way to find bulk deals. But, some retailers will place closeout, overstock, and other deeply discounted items on their sales floors.

 

With that said, this method offers the lowest success rate for finding what you need. If retailers list these sales anywhere, most items will be gone if you can’t get there fast. This creates a situation where you’re spending lots of time and money on fuel for no guaranteed deals.

 

How to Get Deals on Wholesale Electronics

 

 

When it’s time to start buying wholesale electronics, it’s absolutely possible to get great deals. With that said, just looking at the price of something might lead you to get ripped off. We can help you avoid that with these tips for getting deals by being a smart shopper.

 

1. Have a Network of Sellers

 

Throughout life, it’s always good to have options. Without having options, you would find yourself getting bored quickly.

 

It’s also good to have options when you’re looking to purchase wholesale electronics online. One of the best ways to find potential deals on wholesale electronics is by having a network of sellers to work with.

 

One reason why having a network is so great is that it helps you deal with demand issues. If you’re only partnering with one seller, a single demand issue might mean not getting the electronics you need. 

 

Even worse, this might cause you to go back on promises you made to buyers. This is something no wholesaler wants to have happen.

 

Seller networks are also great because they give you pricing options. This ensures you’re getting the electronics you want at the lowest possible price.

 

2. Look for Closeout Electronics

 

As you likely know, things move fast in the world of consumer electronics. It sometimes seems like every time you turn around a new smartphone or tablet is coming out soon. While this might seem like a barrier to being in this industry, you can use it to your advantage.

 

Closeout electronics can be a wholesaler’s best friend. These types of electronics are items that, for one reason or another, retailers or manufacturers need to get off of shelves fast.

 

An example of this would be when Apple is about to release a new iPhone. Apple Stores want to have plenty of shelf space dedicated to Apple’s newest smartphone. However, these retailers might already have space dedicated to models from a few generations back. To solve this problem, Apple might soon issue some type of closeout deal on older inventory.

 

What’s great about closeout inventory is that it’s brand new. Since retailers need these items out of their stores fast, they’re often priced far lower than if you paid retail costs. Many wholesalers use this strategy as a way to grow their businesses.

 

3. Find Overstock Electronics

 

One of the most important determinations to make as a wholesaler is whether you prefer buying new or used electronics. With that in mind, some people stay away from new electronics because of their high price tags.

 

If you’ve been avoiding buying new items because of price tag woes, you’ll love overstock electronics. 

 

With overstock electronics, you’re almost always buying brand new items. Plus, you’re not worrying about the questions and concerns over conditions that come with used items. Best of all, you can typically get overstock electronics for a fraction of their retail cost!

 

Why Do Electronics Become Overstocked?

 

Companies can deem goods as overstocked merchandise for a few reasons. One reason for this is due to poor customer demand. While a company can have huge advertising budgets and a seemingly perfect product, there’s no guarantee that the product will actually become popular.

 

Another reason items become overstocked is due to an error on the retailer’s part. Every retailer must order merchandise to ensure that shelves are fully stocked. Sometimes, mistakes happen during this process.

 

Let’s say a manager in Wal-Mart’s electronics department needs to order 20 Samsung smartphones. The manager isn’t paying attention and buys smartphones, but orders too many by accident. Now, 30 Samsung smartphones in perfect, brand new condition soon become overstock items.

 

4. Don’t Forget About Customer Returns

 

 

We also want to mention the importance of customer returns. Each day, retailers throughout the world receive returned items from customers.

 

Why customers return items can vary wildly. One study found that only 20% of returned items were either damaged or didn’t work. This means that about 80% of returned items work perfectly fine.

 

Many times, customers will return items because they either had a change of heart or they received the wrong product. When customer returns happen, it can be great news for someone wanting to buy wholesale electronics.

 

In some cases, companies will be able to take these returned items and place them back on store shelves or in warehouses. If the returned products don’t meet brand new criteria, the store needs a way to sell them to resale companies.

 

So, buying returned items is another great way of getting new or like-new merchandise at discounted prices.

 

5. Work With High-Quality Suppliers

 

It’s now easier than ever for someone to come up with a website and start their online business. This is great for someone looking to make an honest living. 

 

Unfortunately, there are lots of people with online businesses that don’t have such good intentions. Instead, these people are trying to scam others. While it would be great to instantly know what websites are legit and those that aren’t. But, this is impossible.

 

The best way you can avoid scammers is by surrounding yourself with a network of reputable suppliers. The quality of suppliers you work with all comes down to the platform. 

 

At Trade-In Tech, we know that trust is an extremely important concern. This is why we use a review system to verify every new applicant before they can become an official member. We also have a review system and social platform to help ensure everything continues running smoothly for everyone.

 

6. Read Listing Information Closely

 

It’s understandable to get excited about seeing something you need on a closeout or overstock list. Instantly, your heart starts beating faster. Within seconds, your hand is almost shaking due to excitement over making a bid. But, wait! 

 

You don’t want to rush into any listing you see without taking a closer look. Take a closer look at why these items are being listed. Are they damaged? Did the store order too many? Finding out this information can give you a better idea of how much they’re worth.

 

It’s also a good idea to read each listing’s descriptions closely. These areas are usually where retailers and sellers list out crucial details. You can find out more about the condition of the seller’s electronics.

 

Imagine you’re buying a Samsung Galaxy lot of 100 smartphones. You don’t read the description but see a low price and decide to place a $200 bid. As the auction nears its end date, you’re noticing that no one else is placing any bids.

 

Thinking you’ve got a great deal, you open your boxes of smartphones to find they’re not powering on! After scrambling to check the listing, you find out the description states all phones have an internal CPU problem. By not reading the listing, you’re now out $200 and have smartphones you can’t do anything with.

 

Making matters worse, you’ll now need to partner with a refurbisher, which now puts you out of even more money! Just remember the previously mentioned scenario the next time you think about skimming over or skipping a listing’s description.

 

7. Check If Suppliers Are Having Any Specials

 

 

Many businesses utilize the power of offering specials and deals. Fortunately, wholesalers are no different. Since they’re wanting to sell large quantities of merchandise, many have specials throughout the year. 

 

If you’re unsure, try to reach out and inquire about any current specials. With a network of sellers to talk to, you should always find some type of deal happening. If there are no good specials out there, consider giving it a day or two and coming back. Chances are, you’ll spot some specials worth your time and money.

 

8. Buy Larger Quantities

 

Sometimes, especially when buying wholesale, you’ll get discounts by buying more items. Wholesalers will do this because it helps them move more products in the fewest amount of transactions.

 

Yes, you might spend a little more than you intend by purchasing more electronics. However, this shouldn’t be a problem if you have a steady stream of buyers. If you’re used to buying smaller amounts of electronics, we’re not encouraging you to start buying truckloads of electronics or anything crazy.

 

The worst-case scenario in this situation is that you have excess inventory on your shelves for a little while. However, you could also find that buying a few too many electronics ends up being a good idea. This might be the perfect type of calculated risk you’ve been wanting to take.

 

To wrap things up, there are many ways to get deals on wholesale electronics. It’s always good to make sure you have an option of sellers you trust to work with. Finding closeout, returned, and overstocked electronics are all excellent ways to find often new merchandise at rock bottom prices.

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