What is the most profitable area of tech?
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.com 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 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 attain.
The percentage profit that most consumers think they can reach is an optimistic 51 to 75% - 57% (1,017) of respondents chose this.
The next most popular answer was 26 to 50% profit (20% - 357 chose this), followed by over 76% with 15% (268) of respondents opting for this amount.
Finally, the profit margin the least number of people thought they could achieve was zero to 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 nine percent (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?
- From zero to 25%: 143 (8%)
- From 26 to 50%: 357 (20%)
- From 51-75%: 1,017 (57%)
- From 76% and over: 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 (nine percent).