In early February 2011, Apple ended its exclusivity with AT&T and made the iPhone available to Verizon subscribers. Big crowds will form in response to a product launch of this magnitude.
Even while Apple is capable of generating such excitement, other companies may as well. Customers wait in lines that stretch for what looks like miles to get their hands on the latest and greatest from Microsoft, Sony, Nintendo, and other retailers. There will always be some who can’t wait to get their hands on the newest and greatest item, and sometimes the waiting in line begins days before the product is even available to the general public.
I can’t say I blame people for waiting in line, but I also can’t help but see the business potential created by the high demand. The following are some strategies for capitalizing on new product releases and high sales volumes.
- Aim for a New Product Launch
When new items are launched to the market, the producer only provides each distributor with a limited quantity in order to generate a high level of demand. Because things are offered on a first-come, first-served basis, this demand generates the lines we observe.
- Arrive in advance and get your seat.
At a product introduction, get a front-of-the-line place and, as the line builds behind you, offer it for a little charge. People are often eager to pay for the assurance of receiving a thing.
- Enjoy the Fruits of Your Labor
While it may appear simple to be first in line, the first slots are highly coveted. Waiting in line for several days requires commitment and a generally open or very flexible schedule. Up to $500 has been mentioned as the incentive for a front-row seat (i.e. XBox 360). If a large payout is worth it to you, set up camp immediately.
Arbitrage in Sales
- Plan the Route of a Neighborhood Discount
Search for more than just new product releases in these times. Large-scale sales may also generate a lot of buzz. To create a place, for instance, when a new product is introduced, the existing goods are discounted. Another day where wild discounts and promotions are common is Black Friday. This is another chance you have to create some money rather than spend it.
- Pick Your Pricey Option
Even though shoppers know nothing about the big deal until the last minute, they nevertheless wait in line. The high-priced products are in low supply and each customer may only buy so many. Select a high-priced item (video game consoles, plasma or LCD TVs, major appliances) in advance and stock up on as many as you can afford. Do not forget to carry sleeping gear if you intend to spend the night waiting in line.
- Immediately Post Your Items for Sale
When you get home, you may resell your loot on websites like eBay, Amazon, and even Craigslist. Although eBay is best recognized as an auction marketplace, it also has several features that are similar to those of an online retail store, including regularly updated stock and low pricing. There’s a strong probability that the site will feature the very item you’re trying to sell. The prices of competing products might serve as a benchmark for setting your own selling prices. The greatest tactic is to price your goods just slightly below what the competition is charging, but yet high enough to ensure a profit.
- Work Together to Achieve More
To get the most out of price matching, purchase at a chain with several stores participating in the event. If you and a friend go shopping together, you can buy more than the store limit without having to make multiple trips. Select the identical item if at all feasible; doing so will streamline the process of reselling. You should also try to perform some eBay study before you start selling there so that you can estimate your possible earnings and, in turn, value your time.
The one exception is that you need to have enough money to buy the items directly as an initial investment. However, if you do it right, you may repay your expenditures by selling the items online, making the investment worthwhile.
Once upon a time, William James stated, “He who declines to accept a rare opportunity loses the prize as certainly as if he had failed.” The chances are one-of-a-kind yet keep coming up. Why not wait in line for people to pay you their money instead of handing it to them?