Sometimes when consumers purchase electronics, it is done hastily and without considering whether they can afford it. This is one of the major reasons electronics are returned. Another major reason is just being frustrated trying to learn a new device. For these reasons, 95% of retail returns of electronics can be easily refurbished and re-sold. This is a great way to recoup some of the profits lost from retail returns.
Sometimes retailers make costly mistakes when dealing with retail returns. They might sell everything at fire-sale prices just to get rid of it. Conversely, they might spend more money fixing it than it is worth as a resale. It’s important for retailers to properly assess the condition of the returned merchandise and classify it in the proper category before refurbishing it. This ensures that the maximum profitability is recouped from each returned unit.
Young males are most likely to purchase refurbished electronics, and they can sell for 35-75% of their original value. This market is growing as the desire for more technological devices grows. Retailers who offer bundled accessory packages along with refurbished electronics stand to make the most profit.
Check out this infographic for the facts and figures of retail electronic returns. They don’t have to spell disaster for your business. Do you refurbish your retail returns? Be sure to leave us a comment below and tell us what works for your business.
This article was written for Business 2 Community by James Spillane.
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