Making a profit due to supply and demand... (non essential item) thoughts?

yatta wrote: ↑ I am not talking about necessity items etc like the whole wipes and hand sanitizer during a pandemic.

Question is, for example when the Nintendo switch was sold out everywhere, and people were selling it from $600+ to make a profit.
or still ongoing now, The logitech c920 webcam. sells usually under $100 people are selling it for 250$ because the demand.

Now for this item, Is the Shure Sm7b Microphone, SOLD out everywhere, back ordered, sells for 579 + tax ($654) I waited 6 weeks to get this Mic. but I notice on kijiji people looking and all over the net it's not in stock
some places online and marketplace amazon selling for $1200
what would be a reasonable asking price during this time?

Please keep it respectful even if you disagree with it.

I guess you are thinking of selling your new mic and are looking for advice on how much you can ask over retail for it?

Starting the bidding at $1, no reserve.

tew wrote: ↑ I guess you are thinking of selling your new mic and are looking for advice on how much you can ask over retail for it?

pretty much, this isn't something I do. I could keep it. but if it was worth my while and someone was willing to pay more for it, I would sell it and wondering what is fair in this situation.

snip*
Price gouging
Description
Price gouging occurs when a seller increases the prices of goods, services or commodities to a level much higher than is considered reasonable or fair. Usually, this event occurs after a demand or supply shock. Common examples include price increases of basic necessities after natural disasters
snip* from Wikipedia

I am wonder what level is fair profit and what is greedy guts price gouging.

edit:
So for example is it a percentage of what the item is currently worth.

example convince store sold lysol wipes for 12 dollars when then can be had for 6 at grocery store. (double the cost)
the Logitech webcams retail 97$ people selling for 200-250$ again, doubling the retail

Nintendo Switch was $450 after tax and sellers asked from $600-800

and so on.

I feel doubling the cost is a bit unfair so I wouldn't ask for $1200 + for the Mic.
I guess I turned this into an RFD approval thread. or the RFD way, how much would you ask for the Shure Sm7b mic. if demand is there.

I have no problem with price increases of non-essential items. That's how the market is supposed to work. High prices motives producers to increase production and ensures that only the people that really need it will buy it. However, it does disadvantage the poor. But they're disadvantaged for everything. If we cared about them we'd increase taxes on the super rich and decrease on the poor.

What isn't really cool is buying up any product with the sole purpose to hoard and resell, providing no benefit to the consumer or producer. Like with ticketmaster/scalpers, most of the stock market big guys with better access to the market than individual investors, etc.

You bought something, it's in great demand and you want to sell it and make a profit...Go for it! Don't over analyze what is a fair markup, pick a price that you think it'll sell for and you'll be happy making a profit on. If the price is too high, people will offer less or not at all.
If you were sitting on a box of N95 masks then this would be a different conversation but a mic...Ask for the moon, let someone else pay for it if it means that much to them.

Lol, it’s it’s NOT sold out everywhere, it took me 2 minutes to find some in stock for shipping or in store.

Horsey2345 wrote: ↑ Lol, it’s it’s NOT sold out everywhere, it took me 2 minutes to find some in stock for shipping or in store.

ok, share the link? I wasn't able to find any.
edit: a few sites will say in stock but mean they need to order it in.

I came to my conclusion because of this. The way you replied to me as if I am trying to lie about the current status of this mic. Which is not my intention.

no one is going to die because they dont have a webcam or mic, i dont see what the issue is flipping non-essential items. Theres a whole industry of people who line up for shoes and then flip them for double/triple or even more profit.

kangarooz wrote: ↑ no one is going to die because they dont have a webcam or mic, i dont see what the issue is flipping non-essential items. Theres a whole industry of people who line up for shoes and then flip them for double/triple or even more profit.

Yep, it's called capitalism lol. It's pretty much every business is doing. Buy from manufacturers and add profits for wholesale. Get from wholesale and add profits to retailers

Let's face it, even some RFDers flip in kijiji . Simply example is those Seiko warehouse sale stuff

Damn already got trashed on kijiji lol ya it's not worth the stress for me. some people don't give a sh** and can handle the heat. But I get stressed or something so, I will just hold on or return it. Thanks for your opinions and comments.

Horsey2345 wrote: ↑ https://imgur.com/a/f0L2hpX

.... I get it you did a search for your area and found Henry's claims they have it in stock, that is fine. But the majority of places are out. I was selling from Toronto in case you didn't see my location.

yatta wrote: ↑ .... I get it you did a search for your area and found Henry's claims they have it in stock, that is fine. But the majority of places are out. I was selling from Toronto in case you didn't see my location.

Free shipping to Toronto

Horsey2345 wrote: ↑ Free shipping to Toronto

ok They have 1in stock there.. But sure cool you made your point.

It's YOUR item. You're free to do what you like with it. Just sell it, make your money, and buy yourself something nice like a professional microphone.

Weird. Why is there suddenly a demand for the C920 webcam? I mean I guess if more people are video conferencing now it makes sense, but it's not like it's the only web camera out there.
Looks like I got lucky. I purchased this exact camera from Amazon back in January for $68.99. Now people want $250+ for it? Geez.

yatta wrote: ↑ Now for this item, Is the Shure Sm7b Microphone, SOLD out everywhere, back ordered, sells for 579 + tax ($654) I waited 6 weeks to get this Mic. but I notice on kijiji people looking and all over the net it's not in stock

what would be a reasonable asking price during this time?

+1 for eBay, $1 no reserve. Let the market decide how much it wants to pay for this in demand item. If you get $1200 for it, awesome!

@yatta

Ignore the idiots on Kijiji

Follow the golden rule

He who has the gold, makes the rules

You don’t need anyone’s approval, it is not about fair, you know what it is worth, you know what you paid, you should know how much you want or what you consider a reasonable profit.

If people don’t like your price, they can move on and try to find a better price.

No matter what the price, someone will be willing to pay for it. Just have to be patient and find the right person.

Capitalism is only for the rich - - supply and demand doesn't apply to some poor schlub who lucked into having a product in low supply with high demand.