Are Electronics The Most Common Wholesale Product? A Detailed Guide


Electronics
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The market for consumer electronics is projected to have a high demand in the coming years. The market size is expected to grow at a CAGR of 5.3% by 2027, an increase in value from $729.11 billion in 2019 to $989.37 billion by 2027.

From rising incomes to government initiatives, the growth factors driving this industry forward are plenty.

But if you’re looking to invest in an electronics wholesale business, then you’re going to need more information than that.

Well, you’re in luck!                

In this guide, we’ve explored everything about why electronics is the most common wholesale business and how you can start your own.

Let’s get started.

Why Are Electronics Popular Among Wholesalers?

If you don’t want to worry about dwindling demand for your product, then selling consumer electronics is the way to go.

High and Steady Demand

Consumer electronics are always in high demand and, as we saw earlier, have a positive growth prediction.

Also, with every new product release, consumer electronics are starting to become an integral part of everyday life. This ensures your products have a steady demand for a long time.

Large Market Size

There is also a large market for both new and used consumer electronics. This gives you a great opportunity to earn a steady income.

Large Selection of Items

There is a long list of products that constitute consumer electronics. From smartphones to cameras and television sets, you can choose to sell what is most in demand at the moment.

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Low Overhead

The costs of maintaining electronics are fewer than manufacturing and developing electronics products. That means more profit from small investments.

Constantly Evolving Products

Electronics are constantly being developed and improved upon. So rest assured, you’ll always have a product to sell and a buyer looking for it.

Discounts and Lower Shipping Costs

When you buy electronics in wholesale quantities, you’ll often find attractive discounts on the units. This is because it is cost-effective for sellers to ship these products off at once and in bulk.

What’s more?

The units also attract a smaller shipping fee when transported in bulk.

If all these benefits interest you, then here’s a guide on purchasing wholesale electronics and selling them for profit.

Purchasing Wholesale Electronics

Start With Research

Thankfully, you don’t need to do research for product development here. Although, you might need to do a different kind of research involving:

  • Type of products (popular and niche)
  • Demand
  • Pricing (retail, listing, wholesale, etc.)
  • The profit potential of different types of products
  • Competitors
  • Suppliers
  • Platforms for selling

Prepare a Business Plan

Drawing up a suitable business model will help you buy and sell your inventory and also make a profit meanwhile.

Make Space for Your Inventory

Before you go ahead and start buying electronics in bulk make sure you have enough space to hold your inventory. You’ll need to find a space that will accommodate the goods during sorting, repackaging, storage, and order fulfillment.

Get the Required Licenses

Hire or consult a lawyer to understand what licenses and permits your business needs to file for.

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Figure Out Your Organization Strategy

While you’re making space for the items, try preparing an organization strategy to label, track, and identify products. You can use various tools like Google spreadsheets or inventory management software to automate things.

Buying Wholesale Electronics

You can shortlist suppliers from online and offline directories. You can also visit tradeshows to get in touch with manufacturers and distributors directly.

When narrowing down suppliers make sure to check reliability, positive reviews, ready-to-ship inventory, and good deals. You should also inquire about minimum order requirements and any trial period offers.

Refurbished Wholesale Electronics

Refurbished electronics are another lucrative electronics wholesale option. These are customer returned or used goods that are repaired to be sold as new.

The repair might involve anything from repackaging to a simple tweak or nothing at all. The bottom line is that refurbished goods can be bought at a much lower price. However, these goods need not necessarily be in poor condition. Therefore, helping you repair and sell them at a markup makes you a higher profit.

And since the demand for electronics is high so long as the devices function, you’ll always have a consumer base.

Selling Your Wholesale Electronics Inventory

There are two ways to sell your wholesale electronics inventory: Online and offline.

Set up Shop Offline

If you’re interested in reducing shipping costs, then renting a store and selling your products locally works best. You can also advertise your products or business in the local classifieds.

However, the demand might not be consistent or large in a local community.

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Set up Shop Online

Whereas setting up shop online and selling to a wider audience can give you a larger market.

But you’ll have to consider the shipping costs. While you can push them onto the customers, this increases the price of your inventory and cuts your profit.

You can also sell your products online while keeping your consumer base local. Many social media platforms allow you to do just that. It will reduce the shipping costs by a good margin and also reduce the need to rent a store and hire employees to manage it.

Then comes the advertising. And although consumer electronics practically sell themselves without any advertising, pushing your brand will help you get a portion of the market. It will also increase consumer awareness of your product and make your business appear reliable.

Things to Remember When Buying Wholesale Electronics

  • You will need to have a high turnover to make a substantial profit
  • Make sure you have scope for profits after accounting for expenses like advertising and shipping
  • Delicate electronics products will need special handling

List of Wholesale Suppliers of Electronics in the US

  • Go Wholesale
  • Petra Industries
  • Reiko Wireless
  • Mighty Wireless
  • DollarDays
  • Kole Imports

Final Thoughts

From taking an interest in wholesale consumer electronics to getting your business off the ground, this guide should see you through it all. We hope with this knowledge you will be able to make a rational decision.


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Michelle Gram Smith
Michelle Gram Smith is an owner of www.parentsmaster.com and loves to create informational content masterpieces to spread awareness among the people related to different topics. Also provide creating premium backlinks on different sites such as Heatcaster.com, Sthint.com, Techbigis.com, Filmdaily.co and many more. To avail all sites mail us at [email protected].