Because most consumers are always looking to get more for their money, sticking a “Sale” tag on an item is a tried-and-true way to generate traffic and sales. One of the things that makes outlet stores so popular is that everything is on sale, all the time.
Best Buy Co. Inc. (NYSE: BBY) has its own online outlet store where it sells products in four categories: clearance items; open-box items; refurbished items; and pre-owned items. The differences among these items’ condition is ultimately reflected in their prices.
Clearance items are new, but typically end-of-life products and their discounts are typically less than for open-box items that have been returned to the store and are discounted based on signs of wear or “cosmetic damage.”
Refurbished products, according to Best Buy, “have been repaired and restored to like-new condition,” including all parts and accessories that ship with the original product. Pre-owned items have been used and returned, sometimes as trade-ins, and usually don’t include original packaging or all the parts and accessories that may have shipped with the original product.
It’s worth noting that Best Buy also accepts returns on products sold at the outlet store exactly as it does for new items. The standard return period for most products is 15 days, 14 days for cell phones and other devices with a carrier contract, and 60 days from date of purchase for wedding registry products. Loyalty cardholders get additional time.
A pre-owned Microsoft Xbox One 500GB console (Model: XBOX ONE PRE-OWNED) sells for $249.99 and standard shipping is free. According to Best Buy, the release date on this console is April 26, 2015.
A refurbished Xbox One 500GB console (Model: 5CM-00001) sells for $199.99, a savings of $100 from the list price. Standard shipping is also free with this item, and the release date is given as March 6, 2016. A similar refurbished item sells for $249 at Microsoft’s own store. Microsoft defines refurbished as returning the product “to its original specifications for electrical performance … [and the] Unit may contain some cosmetic imperfections.”
A refurbished 16GB iPhone 6 in space gray (Model: MG5W2LL/A) that requires a Verizon Wireless contract sells for $399.99, a savings of $200 from the list price. Standard shipping is free.
A pre-owned 16GB iPhone 6 in space gray (Model: IPHONE 6 16GB GRAY CRB) sells for $499.99. The difference here is that this phone is unlocked and can be used with any carrier. Standard shipping is free.
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