As recent survey done by onbuy investigating the most profitable area of tech according to consumers, discovered the following:
- 48% of consumers believe home tech products will be the most profitable to sell in years to
- 57% of these consumers believe they could make between 51 and 75% profit at resale.
- Almost 3/4 (74%) are swayed by potential profits – they will change their buying habits to acquire more profit, regardless of the product or how much they may have to fork out.
The technology buying-and-selling sector, the research states, can yield impressive profits. Gaming and recreational tech have led for many years, with the likes of retro consoles and Polaroids dominating the cashback limelight.
But with the increase in smart home technology, perhaps collectors’ interest could shift towards a new area of investment?
Online marketplace OnBuy.com survey to discover which area of tech, investigated 1,784 consumers about what these thought would become the most profitable if they were to resell in the future. Not only that, but how much profit they anticipate to benefit from.
What are the results?
Of the four sectors considered in this survey, 48% (856) believe home technologies will increase the most in value in the future. That is, home tech products such Amazon’s Alexa, Google Home, Smart thermostats etc. will be
the most profitable when trying to resell. In second place is gaming tech (VR and AR, portable consoles, wireless headphones for example), with 29% (518) predicting this area will hold many of the most profitable products.
Personal tech such as Fitbits, smart watches and smartphones takes third place with 13% (232) of consumers believing they’ll be able to resell for the most profit.
And finally, in fourth place, the tech area consumers anticipate growing in value the least over time is recreational tech such as drones, instant cameras and more – only 10% chose this.
How much profit do consumers think they could make?
Following consumers’ choice of tech with the highest potential profit, respondents were asked to predict how much profit* they thought they could
Onbuy research discovered that the percentage profit that most consumers think they can reach is an optimistic 51-75% – 57% (1,017) of respondents chose this. The next most popular answer was 26-50% profit (20% – 357 chose this), followed by 76%; with 15% (268) of respondents opting for this amount.
Finally, the profit margin the least number of people thought they could achieve was 0-25% – 8% of respondents, that’s 143 people, chose this option.
Does this affect consumer buying habits?
OnBuy also wanted to discover whether the possibility of profit navigates people’s buying decisions. The respondents were next asked “Would you change what/how you buy if it meant a higher profit on resale?”
And as expected, 74% (1,320) chose ‘yes’. 17% (303) chose ‘no’, and 9% (161) of the respondents said it depended on what the product was/how much they may have to spend initially.
OnBuy’s managing director Cas Paton said:
“As technology and its demands are continuously developing, it makes predicting future trends difficult. This is why OnBuy believes in the importance of the consumer’s opinion – as the targets for businesses, they will tailor their products around them. This survey is particularly interesting in regard to this. Will we see brands change based on these alternative consumer thoughts? Or will they stick to what they think they know?”
Products from which of the following tech areas do you think will increase the most in value in the future?
– Gaming tech: 518 (29%)
– Home tech: 856 (48%)
– Personal tech: 232 (13%)
– Recreational tech: 178 (10%)
Thinking about the tech area you chose to be the most profitable, how much profit do you think you could
achieve when reselling?
– 0-25%: 143 (8%)
– 26-50%: 357 (20%)
– 51-75%: 1,017 (57%)
– 76%<: 268 (15%)
Would you change what/how you buy if it meant a higher profit on resale?
– Yes: 1,320 (74%)
– No: 303 (17%)
– Depends on the product/how much I would have to spend initially: 161 (9%)
Profit’ in this survey is defined as ‘profit on sale’.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.