Electronics is the fastest-growing sector in both retail and B2B eCommerce space. Whether it is a laptop, fitness bands, simple calculators, or electrical appliances, electronics play a centric role in our daily lives.
With the new technologies evolving, the electronics industry has seen a significant increase in both production and sales. So, if you are looking to sell electronics online, this is the right time, as there is an ever-increasing demand and need for local production.
Now, the question arises, how to sell electronics online? Here are some online selling ideas that you can consider to create a successful electronics eCommerce business. But, before moving straight into it, let’s weigh the potentiality of the business on the scale of pros and cons.
Pros and Cons of Selling Electronics Online
Following are some of the advantages and limitations of selling electronics online:
Pros:
Selling electronics online offers the following benefits:
- With the constant production of electronic devices, there will be no shortage of product offerings.
- Since there is a tremendous demand for trendy gadgets and models, common consumer electronic products still hold a great place in the market. According to Statista, 60 percent of the respondents say that they could not live without smartphones.
- The advanced level of technical complexity and the availability of options and alternatives provides you with an opportunity to sell more in the form of technical services.
Cons:
Despite certain advantages, selling electronics online also suffers from some limitations:
- The electronics industry is fast-paced and highly competitive due to the ever-increasing demand for electronic goods, with high obsolescence rates.
- There will be low-profit margins, particularly for market-leading electronic items.
- Fragile electronics that require handling and shipping add to the sales cost. The consumers may not be careful enough in handling the electronic products while returning, and products may become damaged.
How to Sell Electronics Online
Here is an ultimate step-by-step guide to selling electronics online. So, keep exploring!
Step 1: Source your Electronics
Before you start selling online, the first thing that you need to do is source them. There are countless options to choose from, each having both the positive and negative aspects of suiting your objectives and solutions. Consider the following options to source the electronic products:
Dropshipping
Dropshipping is one of the best options if you don’t want to invest in sourcing electronic goods. In dropshipping, marketing and selling goods garner the maximum concentration. When an order is placed, it automatically goes to another business that fulfills the requirement. Hence, you don’t have to keep ready stocks for sale, and it also removes the need to make intricate arrangements for shipping the products.
Needless to say, less effort gives way to less profit. When leveraging dropshipping services, it becomes difficult to generate profit on each item. Therefore, it is advisable to focus on volumes when using dropshipping services.
Wholesale
Many B2B resellers consider electronics wholesalers to source the products for their business. They generally offer competitive rates on new electronic items. They are also equipped with sufficient stocks at all times. You can source products whenever you require them. The only thing that you need to keep in mind is the minimum order quantity and the storage space for your products.
Second-Hand
The second-hand electronic items market is also growing considerably each year. Second-hand electronic items can either be sourced from wholesalers and sold to customers or directly dropshipped. But, it takes more time to sell than purchasing stock from a wholesaler or a dropshipping company. This may lead to uncertainty over future stock levels and meeting customers’ demands. If you have the skills and expertise to grow this business, it can turn out to be very profitable. Facebook, Amazon, and eBay are some of the great places to sell second-hand electronics online.
Step 2: Determine Where to Sell Electronics Online
The next step to selling electronics online is finding the location. Let’s have a look at some of the best options:
eCommerce Store
An eCommerce store is one of the best places to start selling online. It gives definite control over your electronic business. Several market-leading eCommerce platforms like WorksLeader offer some of the best tools to build an electronics store online. These online selling platforms enhance your chances of scaling your electronics business.
WorksLeader is yet another great platform that offers exciting eCommerce templates to sell electronics online. It provides a complete white label solution with 100 percent responsive stores and limitless marketing capabilities. You also get a chance to integrate other software applications like CRM, ERP, and accounting.
Marketplaces
Amazon and eBay also serve as great options to sell electronics online. Through these marketplaces, you don’t have to invest in driving traffic and set tools for uploading the products. This makes selling easier to a wider audience. However, the only limitation is that you don’t have much control over the platform, unlike a website.
Step 3: Display your Electronics
The display of the electronics plays a significant role in persuading the customers to make a purchase. Numerous online stores use high-quality images and product descriptions to showcase their products. However, videos are also a great form of product display feature. It allows the consumers to look at the electronics from every angle. Additionally, they can see the features and specifications of the electronic goods through the videos.
Images
The appearance of the electronic item is a major factor in the B2B decision-making process. Using high-resolution images with white background in the electronics product catalog allows the resellers to highlight the key features of the product. With these images, the consumers can understand what the products may look like in real life. Images also enhance the quotations, thereby resulting in a better conversion rate.
Descriptions
Product descriptions communicate the fundamental information about electronic items. Hence, it becomes necessary to write great product descriptions in the electronics product catalog so that they can serve you with better returns. Descriptions with keywords also have a high chance of ranking on the search engine result page.
Videos
Videos have become more popular these days. Adding a product video to your online store offers a better insight into the details of the electronics. Since B2B businesses work on multiple interfaces, you can highlight the features of the products and showcase the ease of using them in the videos.
Step 4: Set Appropriate Pricing for your Electronics
Here comes the biggest question, what should be the price for your electronics?
Setting appropriate pricing for your electronics competitively is the key to generating maximum profits in the electronics business. Following are the factors that you should consider while setting pricing for your electronics:
- The demand for electronic items
- Competitive pricing strategies
- Cost of acquisition of the products
- Overhead costs like website hosting and storage space
Remember, selling cheap products doesn’t always guarantee success. Hence, you should think wisely before deciding on the price of your electronics. WorksLeader allows you to leverage the functionality of adding prices from several electronic suppliers for the same product in the catalog.
Step 5: Packaging and Shipping
Packaging and shipping are often ignored facets of the online electronics business. However, both these factors can add considerably to the overall selling costs. Thus, you should consider packaging and shipping as an integral part of the electronic business.
Delicate electronic products should be carefully packed using protective material like airbags to ensure that it does not get damaged during transit. Similarly, partnering with good shipping companies will allow you to deliver the products intact and on time.
Step 6: Invest in Marketing
Lastly, marketing electronic products will create awareness in the market. If you skip this vital step, you will end up making little to no sales.
There are endless ways to market the products in the market. Investing in digital marketing practices provide the resellers to market the products effectively. Some of the ways of marketing your electronics are search engine optimization (SEO), social media, email marketing, and paid ads.
Additional Ideas for Increasing Sale of Electronics Online in 2021
Now that you have understood how to sell electronics online, here are some additional ideas to implement in your electronic supplies business:
- While building an eCommerce electronic store, you can use Punchout integrations with multiple third-party procurement platforms. This will authorize your B2B consumers to directly reach your website and access your product catalog and prices in real-time, and place orders.
- Use Reports and Analytics software to generate comprehensive reports to get better insight into your electronics business.
- Have a clear return policy and state warranty details.
- Invest in great eCommerce platforms like WorkLeader to make the customization requests easier and ensure a quicker turnaround time.
Key Takeaway
The electronics industry is gaining immense traction these days. It is an excellent opportunity to build an electronics store online and sell efficiently to several B2B organizations. If you get it right, you will not only increase sales but also generate higher profits in the long run.
