Selling second-hand goods such as second-hand clothes may be an excellent way to earn extra cash or to streamline small side businesses to achieve unexpected success.
It does not require a lot of investment too, and there are chances of getting items that you might need right now or in the future. Here are some tips on pricing second-hand goods effectively.
Know the current retail price
Your first task should always be to 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 increase. 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.
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. Usually, resale experts recommend that if the item is still new then set the price at half the original price, which was 25% a few years ago and 10% for other prices.
And of course, there are exceptions. 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.
Add a sentimental drawcard
When second-hand products are accompanied by interesting or emotional stories, their value increases. Whether it is the property of a celebrity or a property from a popular movie, second-hand items with unforgettable or cute stories may appeal to a large number of people.
One point should also be taken into consideration that a great story is not always enough. Sometimes, some kind of evidence is needed to support a statement, especially when it involves celebrities or important events.
Check out your competition
This is important because it gives you valuable clues about the people if they are actually willing to pay. Remember the old 90s toys that were so popular and costly at that point of time where some stores were required to make pre reservations. However, today’s sales have slowed down, and many of these toys with labels cost less than $1.
Looking back at the best-selling items on the second-hand market today, you will gain insight into the items that shoppers are currently interested in. It is rightly said that the true value of things is just the price that people are willing to pay for it.
Factor in postage costs
Not charging enough for postage will eat up your profits but asking too much for the same will discourage the buyers. It should be done like this: If the order is large or the customer has purchased multiple items from you then you should offer postage discounts to them. This will encourage people to continue shopping.
Make it clear to your buyers 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. Also, you should allow the 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.