1. Know the current retail price
First, determine the selling price of the new product. Take time to browse the inventory of multiple retailers to determine market value.
Make sure you are looking for the correct model or design! In today’s world, products are constantly adjusted or updated. If your second-hand products are no longer produced or issued in limited quantities, their value may soar.
Seriously, if your second-hand goods have unique features or use different materials from the current model, you will be surprised that their value will change so dramatically.
2. Mark it down mentally
After the initial purchase, almost all items lose value. For some items, especially automobiles or electronic products, once they are no longer fresh, their market value will drop sharply.
Depreciation is used to determine how much the value used is less than the value in use compared to when it is not used.
Usually, resale experts suggest that if the price is still very new, the price is half of the original price, which was 25% a few years ago and 10% for other prices.
of course, there are exceptions. Designer products, antique jewelry, and antique pieces all tend to increase in value over time, so consider the category of second-hand items before determining the price tag!
3. Add a sentimental draw card
When second-hand products are accompanied by interesting or emotional stories, their value inevitably increases. Whether it is the property of a celebrity or the props of a popular movie, second-hand items with unforgettable or lovely stories may appeal to a large number of people.
Add some emotional value to the product. Sometimes, some kind of evidence is needed to support a statement along with a strong story to tell, especially when it involves celebrities or important events!
However, please consider whether the goods you sell have “soul and history” and let your customers know.
4. Check out your competition
Assuming that something is still worth the money because you spent a lot of money in the beginning, this is a rookie’s mistake. Looking back at the best-selling items on the second-hand market today, you will understand what shoppers are currently interested in.
Expert tip: The true value of things is just the price people are willing to pay for it.
5. Factor in postage costs
- Not charging enough postage will eat up your profits-but asking too much will discourage buyers.
- There are two ways to enable buyers to reduce costs.
- If the order is large or the customer has purchased multiple items from you, you can enjoy free postage. Or, offer postage discounts to returning buyers. This will encourage people to continue shopping with you and may lead to other sales that might otherwise have been lost.
- Make it clear that only the actual postage has been applied. This transparency makes buyers feel that they can trust you, and you don’t want to secretly make some money.
- Allow buyers to choose the type of postage they want. This gives them greater control and may make prices seem more acceptable. Always add a tracking number so they can view the delivery progress in real time.