Revealed: The Most Profitable Area Of Tech According To Consumers

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Revealed: The Most Profitable Area Of Tech According To Consumers
Revealed: The Most Profitable Area Of Tech According To Consumers
  • 48% of consumers believe home tech products will be the most profitable to sell in years to come.
  • 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 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 conducted a survey to discover which area of tech 1,784 consumers 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 personal tech (Fitbits, smart watches and smartphones for example), with 29% (518) predicting this area will hold many of the most profitable products.

Gaming tech such as VR/AR, portable consoles and wireless headphones 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.

The tech consumers believe will be the most profitable. Source: OneBuy
The tech consumers believe will be the most profitable. Source: OnBuy

SURVEY RESULTS:

Products from which of the following tech areas do you think will increase the most in value in the future?

  • Gaming tech: 232 (13%)
  • Home tech: 856 (48%)
  • Personal tech: 518 (29%)
  • 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%)

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 attain.

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?”

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Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.