More Consumers Are Choosing To Buy Refurbished Products To Be Environmentally Responsible And Save Money, According To Liquidity Services Survey (Apr. 2014). (Graphic: Business Wire)
Liquidity Services, Inc. (NASDAQ:LQDT), a global solutions provider in the reverse supply chain with leading online marketplaces for surplus assets, today announced the results of a recent survey. According to the survey, 94% of those polled have purchased a refurbished product in the past three years. Additionally, 41% of respondents buy refurbished because they consider themselves to be sustainable consumers.
The survey, administered by Liquidity Services in March 2014, received 1,407 responses from consumers who shop in its B2C marketplaces and channels, including Secondipity.com, representing a large market of consumers who shop online regularly for products. This is one of the first surveys conducted to understand consumer perspectives on shopping for refurbished products online.
“We have found that consumers are overwhelmingly receptive to purchasing refurbished products,” said Rob Caskey, Vice President of Marketing, Retail Supply Chain Group, Liquidity Services. “Our research also indicated that consumers understand that buying refurbished is environmentally friendly. By buying refurbished or surplus products, consumers are able to extend the life of those products, keep them out of landfills, and save money in the process.”
Additional consumer findings from the survey include:
- 21% shop online for electronics two to three times a month
- 80% consider price important when choosing electronics
- 96% believe that buying refurbished products will save them money
- 66% of those likely to purchase refurbished electronics believe that refurbished electronics work as well as new products
- 74% of those likely to purchase refurbished products feel that they meet their needs without paying more
- 84% who have purchased refurbished products have been satisfied with product functionality and with the price paid for the value received
- 81% would recommend buying refurbished products to their family and friends
- Detailed product information should be included – Consumers can be clear on what they are buying by understanding the condition of the product and the features and accessories included.
- Listing should have product photos – Visuals of the product can expand upon the product description and help customers ensure they are purchasing the right item.
- Variety of shipping options should be available – Consumers typically want to save money in secondary markets; it’s important to ensure affordable shipping options.
- Look for a warranty – Warranties can be available on certain types of refurbished goods and help ensure that consumers receive a quality product.
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