Tuesday, February 16, 2016

Turnover Tuesdays - Don't be Afraid to Recall Your Inventory

For those who are not familiar, I started a series a while back called Turnover Tuesdays. Every Tuesday I like to highlight one item that I have resold. This will include profitable and non profitable sales. I hope that there is always something to learn.

The Item - LG Oled SmartWatch International Version

I bought an LG smartwatch on eBay for $150.  I bought 10 of them over two account because they were selling for about $350 at the time on Amazon

Here is the listing

The problem was that after I purchased, it was pointed to me that it was an international version with no warranty at all.  That can be a big problem to sell as new.  Oh well, so I figured I would sell as like new as $290ish.  No big deal.  Still a great purchase.

I sent them in as like new with a note saying that there is no warranty.

We do not advertise our items with factory warranty because:
  • We sell to almost anyone, anywhere in the world; most of the brands do not honor warranty if the item was not purchase from their store in that country.
  • Most of our items are unbranded items and that means they don't have any service carrier logo on them and therefore they are considered as International version which the factory doesn't honor warranty.
  • Some items are very old models and they are discontinued models, we buy them as liquidation lot and they don't come with factory warranty.

The First Sale

I sold the first one on December 4th for $289.  Great!  That's a return of close to 70% after fees.  I was super happy.

There's a Better Listing Out There!

Then I found out that there is another listing!  This listing on Amazon is for the same watch but it is billed as the international version without a warranty.  Now I can sell it as new.

I recalled all my watches and sent them back in.  It took until December 13th before I sold my first one but it sold for $399!  That's a big difference obviously.  I sold the rest between then and this past week.  I sold my last one yesterday for $399

Fees at $399 came out to $39 and about $1 shipping so takehome is about $360.  Not too shabby for a $150 purchase!

Had I kept it $249, I probably would have sold them eventually but maybe even more slowly.  Things just don't sell quickly as like new.  I also would have made far less money as well.

My takehome at the like new price was close to 70%, that's really great but my takehome at the $400 price was about 140%.  Obviously much better.

Lesson learned.  If you find a better listing, recall your stuff from Amazon - it only costs $0.50 per item - and resell it under the better listing.  It can be well worth it.