E-COMMERCE REVERBERATIONS I BY JAMIE MAJOR Reaching the Price-Conscious
T he summer months are notoriously slow for MI businesses, as well as many other retail sectors. As consum- ers spend more time outdoors and use their discretionary dollars on concerts, travel and other experi- ences, there’s a natural pull back of spending on products. This summer was no different. In fact, with continued inflation of everyday items putting pressure on people’s wallets, consumers are making even more trade-offs when considering where to spend their money. Let’s talk about a few things businesses can do to meet buyers where they’re at. Help musicians save by offering like-new music gear. It’s no secret that musi- cians are money conscious. For gear that isn’t vintage or unique, we’ve been trained to look for the lowest price we can. If you happen to carry any common, used gear, take a look at what that item has sold for or what it’s currently being listed at online and make sure you’re pricing ac- cordingly. Customers will look far and wide to find the one piece of gear they want at the lowest available price-point, so why not be their final search? This whole concept also ap- plies to refunded inventory. When a customer returns an item, it can no longer be listed as a new item, right? Well, this type of inventory is now among the most sought after type of gear on Reverb: like-new music gear sold at a discounted price. There are plenty of different names for this type of gear — floor model, open box, mint, outlet — and they
all generally mean a great-sounding piece of gear sold for a frac- tion of the price. Reverb even recently launched a new destination called “The Reverb Outlet” to make it as easy as possible for eager customers to find the like-new music gear they’re looking for at an affordable price. Outlet gear is a great way to capitalize on any returns you may have or anything that was used as a display model on your floor. Hey, sometimes we’ll take the butterscotch Tele even if it doesn’t come in the original packaging. Don’t be afraid to re-list this inventory
at a price that’s comparable to similar items online. If you’re concerned about pricing a piece of gear too low, you can always enable the ability for a cus- tomer to send an offer on an item you’re carrying. Getting the like-new item listed online can at least start the conversation and with so many reasonable buyers out there, it’s always worth a shot. Even if the item has a blemish or two, it can be a great option for price-conscious buyers — just be sure to be up front about any dents or scratches in your listing. Make new gear attractive with free shipping and a good return policy. And yes, there’s of course new gear. We obviously can’t adjust the price of new inventory — those prices are set. But we can add on different features to make that gear more attractive to the customer when they’re scrolling through page after page of the same thing wondering, “What’s the difference?”
“Outlet gear is a great way to capitalize on any returns you may have or anything that was used as a display model on your floor.”
Customers, just like us, get excited at the prospect of getting that new guitar in their hands as soon as possible. To help accom- modate, take a look at enabling free two-day shipping on your new gear. In a sea of similar inventory, having expedited shipping can re- ally help your new listings stand out. As we know, purchasing a musical instrument can be anxiety-inducing, especially if that item is a high-priced, brand new guitar and you’re just
not sure if it’s the right one for you. For that reason, a generous return policy helps put buyers at ease, allowing them to hit the purchase button without being worried about any headaches down the road. Whether it’s the holidays when customers are buying gifts for loved ones or a period where everyone’s just a bit more cautious to spend, making your gear as attractive as possible goes a long way. Price used gear appropriately, list any returns you might have and add on features to make your new gear stand out to help push through slower periods. MI
Jamie Major is a seller engagement manager at Reverb.
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