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Join the conversation in the forum>> Our Store Week May 3-9, 2020 Total Items in Store: 8159 Items Sold: 60 Gross Sales: $1869.61 Cost of Item
[See the full post at: Scavenger Life Episode 462: What We’re Working Towards] -
05/03/20 – 05/09/20
Total Items In Store: 3455
Items Sold: 32
Cost of Items Sold: $ 100
Total Sales: $ 998.05
Highest Price Sold: $ 85 (Vintage Jacket)
Average Price Sold: $ 31.19
Money Spent on New Inventory: $ 0
Number of items listed: 20Gut Sales Report for the week: Again, it felt like the busy season and sometimes the shipping got annoying. Now I have my shipping supplies stocked up to busy season levels.
Challenge of the week: Still trying to take pictures of about 10 items everyday Mon-Sat.
Scavenge of the week: Nothing.
Trends of the week:
1. VCR’s seem to be selling well now.
2. USPS is still slow. I sent a First Class package on April 22nd to the Pittsburg area, and
it is still in transit. And Pittsburg is not that far away.Mark S
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About the grocery talk, I shop at krogers for my groceries and see employees with a little cart and scanner, shopping for customers. It’s safer for them, as I see people in the store not following rules (no mask, not staying 6ft apart, going wrong way in aisles, etc). I would sign up for it but we don’t have a car. I have used instacart but you pay for the convenience, with a delivery fee and tip.
As for the slow shipping, I have had a couple of buyers message me with complaints, even though I had changed my handling time to 5 days to make up for the shipping time. But it’s still been an issue. I feel like if you buy something with free shipping, you don’t have a right to complain if it takes more than 2 days to get there.
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Couple things about managed payments. I have 3 stores on ebay. 1 of them is managed payments and 2 are note. It’s been seamless for me. Only problem I’ve had is that you can’t sell any type of currency or anything else that falls under the same ebay category for whatever reason. Hope they clear that up before this becomes mandatory.
In reference to using paypal to spend; you can link your card to a bank account so you can spend with it.
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My eBay Sales (No Store) Week May 3 – May 9, 2020
Total Items For Sale (No Store):
Items Sold: 1
Gross Sales: $13.80
Cost of Items Sold: $0
Highest Price Sold: $13.80 (Lot of 2 Grade School Books)
Average Price Sold: $13.80
Returns: 0
Money Spent on New Inventory This Week: $0
Number Of Items Listed This Week: 7 -
I’m really looking forward to Managed Payments. I haven’t received an email to join yet but I have the Payments tab and I can “express interest.” I wish they would just let me join. I do need to start a new bank account for it though. I remember when I first signed up to Ebay coming from Amazon I was really disappointed in the fact that I had to pay Ebay its fees at the end of the month, I was like, “for real?” I guess people on ebay just really accepted that this was the way it is, not that they could do anything. I’m so happy ebay is catching up to 2020.
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If you play your cards right, you make money by paying those fees on invoice.
If you have a points credit card for your business and you pay it off monthly, you get free money.
Example, year to date I’ve had $3100 in ebay fees and $2650 in shipping costs.
Then it just depends on your points rewards how much it is worth. At worst, it is 1% cash back.
In my case, I get 9x points for shipping purchases so just that shipping alone is good for a rewards points hotel night stay, which is worth at least $100. -
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Items in Store 1523
Items Sold 52
Total Sales $1,749.00
COGS $168.00
Total Profit $1,581.00
Average profit $30.40
Average sales price $33.63
New Listings 14So this weekend I completed my reorganizing trilogy- I tackled my garage office. Now I have three dedicated stations – listing, shipping, and photography. It hurt my listing numbers this week destroying my workspace for a few days, but it was worth it. Now instead of surviving chaos, I’ve set myself up for long term success with clear systems to crank through my backlog of unlisted inventory.
Sales volume slowed down this weekend, but I have several big sales to make up the difference. Today it has already picked back up though, so let’s keep on selling!
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Retro,
I think this is the first step toward the next step.
I am doing the same thing. I can see the future with my forecast spreadsheet. The problem is that I do not have sufficient storage to get there.
So, I have started to get my garage ready for growth. However, I didn’t finish like you. It is a work in progress for me.
Mark
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Total Items in Store: 571
Items Sold: 25
Total Gross Sales includes s/h: $504
Highest Price: $40 Brazilian Hammock Chair by Hammock Sky – Multicolor
Lowest Price: $7.90 TV Remote Control
Average Price: $20
Cost of Goods Sold: $20
Returns: 0
Costs of Goods Purchased this Week: 0
Number of New Items Listed this Week: 48A solid week. Sold the same number of items as the previous week, but only about 40% gross. I wonder if the spike in sales over the past month is coming back to earth. Spent the past week listing my lot of 220 remote controls I bought a few weeks ago. Probably 4 out of 10 are junk – no-names that aren’t worth the bother to list. The ones I’ve listed are selling well. This week I’m turning to my pile of car owners manuals from the 70s and 80s. I’ll get my money back ($120) but don’t see making very much for the effort involved.
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Thanks again for your shows! I’ve had 3 buyers recently contact me for ‘lost packages’ that were just horribly delayed by 2+ weeks. These were all USPS First Class and all 3 ended up sitting in different hubs for about a week not moving, Detroit, Grand Rapids and Chicago, then finally got delivered. I’m also seeing my local initial PO tracking scans not occurring until 25 -36 hours later even after mailbox pickup notifications. A few recent Priority packages never had tracking scans for days after getting halfway across the country. Anyway, I’m grateful to my PO carriers especially during this risky busy time for them. My mom was a 30+year postal carrier who worked her way up to PostMaster. My husband was a FedEx carrier for 30 years and newly retired (thankfully). Their stories of dog bites, falling on ice, crazy naked people opening doors, women locked out with newborns, the sweet regular customers, the stories are endless. Remember to thank your carriers!
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My numbers for April:
Amount of Items sold 56
Gross sales $1,027.55
Shipping charge to customers $393.90
My shipping cost $(341.18)
Cost of goods sold $(177.25)
eBay fees (including my eBay store subscription) $(181.00)
Paypal fees $(61.86)
Additional business expenses $(12.72)
Returns $(77.77)
Total net profit $569.67
Average profit per item $11.47
Amount spent on new inventory $(388.04)
Active listings at the end of the month 606
New items listed 71To see what I sold, check out my blog post.
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Total Items In Store: 279 Ebay, about 70 Mercari
Items Sold: 8 Ebay, 2 Mercari
Cost of Items Sold: $109 Ebay, Mercari items ours
Total Sales: $377 Ebay, $18 Mercari
Highest Price Sold: $95 (Small painting, paid $7.99)
Average Price Sold: $47
Money Spent on New Inventory: About $60 RA
Number of items listed: 27I hope all of my fellow mom scavengers had a good mother’s day yesterday. I had a couple of lazy days Ebay and workwise this week, including yesterday. Intend to tackle a couple of good weekday listing days in while the kids are still involved with school. I just finished listing my single annual self-permitted rummage sale haul and now I’m back into the piles and excited to list. I’ve been working on a what sold video to share this Wednesday. Things slowed up a bit this week but still good sales for my little store in May.
I got the managed payments email a few days after most of you. I’m still inclined to wait until July for any bug fixes and will read all of the posts so I can charge my expenses to a cash back card. Thank you to the forum member who posted that Easy Auction Tracker is able to handle managed payment info.
Re grocery shopping, I’m at it once or twice a week. You are so lucky to have free trunk delivery service at Walmart! I’m volunteering once a week with my son to shop and deliver groceries to the elderly. I can make it two weeks for our stuff then I need to get my dad’s prescriptions. We have some stores that are doing things very well at this point but you still need to pass by others in the isles, it’s unavoidable. Masks are required and enforced here luckily at the stores we are using.
Your future coffee shop sounds like a nice place to hang out. I’m starting to get email travel deal offers and feel wistful about going somewhere but it doesn’t seem likely to be this year.
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Thanks for the podcast. Perhaps I will go and sign up for MP as well.
I just packaged up all my sales from the weekend, and I found that eBay has fixed two GSP issues. One is that my buyer (from Malta) was able to combine two items into one purchase. The other is that I was able to buy a label along side all my others in the Bulk Shipping page. Happy days!
Week of May 3-9
* Total Items in Store: 1365 eBay, 33 Etsy
* Items Sold: 33 eBay
* Cost of Items Sold: $41.69 + $132.70 Commission
* Total Sales: $688.35 eBay
* Highest Price Sold: $150 White gold ring (commission)
* Average price: 20.85
* Returns: 0 (1 NPB)
* Money Spent on New Inventory This Week: $0
* Number of items listed this week: 2Lots of sales this week. Except for my one big sale, all the others were mostly lower prices. A few in the $25 to $40 range.
I sold four technical books (one listing) for $10. I looked through my inventory four or five times and could not find them. I think I had decided to donate those books with some old textbooks, and somehow they got relisted. I contacted the buyer and offered a refund or anything in my store $25 or less. She was very understanding and picked an item for $19. I ended the item, and I’m shipping it out today.
On Saturday, I relisted all my auctions. I list items I want out of inventory in an auction until they sell or I donate. I almost relisted the item that my buyer chose instead of her books. So, now I think I know how the books were accidentally relisted. User error for sure!
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I’ve been tearing through my death piles. If I keep it up, all will be listed by mid to late June. For a few years I’d think to myself, one day I’m going to get through all of those bins and now is that time. I’ve been listing almost entirely clothing which is a grind but once I’m death-pile free I’m taking a clothing break! It’s too time consuming & there are too many instances where I did not see a flaw to the item until after I bought it.
To stay motivated I’ve been posting the # of items listed to the weekly Listing Challenge forum. It really has helped, even times when I’ve only listed 2 items – it was 2 more than I would have listed that week if not for the accountability of posting to the forum. I also get an endorphin kick seeing an item sell that had until recently been wasting away unlisted in a bin.
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Oh yeah, the clothing death piles…ugh!!! They were worth sooooo much more when I bought them! Mens dress shirts…the worst! Can’t even hardly give them away now.
I’ve been mainly hitting the high dollar unique items in my death piles for the double bonus – high selling price and they take up the most space.
I want to reduce and compartmentalize as much and as quickly as possible. I dont want to avoid sourcing forever, so I have to be prepared when the time comes again.
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Thanks for interesting podcast.
Here are my numbers for the week:
Total Items in Store: 3858
Items Sold: 60
Total Sales: $1154.22
Cost of Items Sold: $143
Average Price Sold: $19.24
Average Cost of Item: $2.39
Highest Price Item Sold: $62.97 Odyssey White Hot Golf Putter
Number of items listed this week: 67 worth approx. $1395
YTD sales compared to this time last year: +19%
Average number of days between listing and selling this week: 349
Median age of sales (in days, between listing and selling): 222
Sell-through rate (for the week): 1.56%My sales numbers came down this week to approximately where they were 5 or 6 weeks ago. As others have said, this might be an indication of things starting to return to normal.
Regarding the podcast, You’ve given me something to think about with Managed Payments. It feels like it’s going to safe to switch. Despite what they ebay said in the beginning though, it doesn’t seem like it will actually save us any money in the end does it. From a fee perspective it sounds like it’s much the same.
I was interested to hear about Jay’s ideal retirement (hanging out in his own coffee shop). Did Ryanne say what her equivalent is? If it was said, I might have missed it.
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We just had someone send us an offer with the message: “My stimulus check is about gone. I despise Walmart.” So looks like the free money is almost gone so sales might level out.
Ryanne didnt say what her dream life as an old person is. I’m waiting to hear as well 🙂
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May 3 – 9
Total Items in Store: 3,972
Items Sold: 48
Total Sales : $1,432
* Above yearly average of $945
Highest Price: $152 (Chanel Antaeus Pour Homme 100ml Eau de Toilette Fragrance)
Average Price: $32
Returns: 2
Cost of Goods Sold: $114
Costs of Goods Purchased this Week: $0
Number of New Items Listed this Week: 48I had a fantastic week of sales. I’ve been packing like crazy this whole week. I think our mail carrier hates us for all of the package pickups, but that’s okay. She can cuss all she wants as long as she doesn’t damage our boxes
I finally got my GoDaddy Bookeeping issue resolved. I received an email from tech support explaining that I would need to de-list my PayPal account and re-add it so that the changes they’ve made on the backend can update. Essentially, the problem was that GoDaddy was pulling in sales tax into my sales numbers when it shouldn’t have been. If anyone wants me to post the email explaining in more detail how to fix this, let me know.
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Yes, doubly, please post the instructions! I also emailed them about the issue a few weeks ago, but I did not get anything about it being resolved. I get annoyed each week having to add up all my sales rather than just pulling it down from GoDaddy. Thanks!
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No problem! Here’s what was emailed to me:
Thanks for your patience. As of May 6th the PayPal transactions for eBay sales should be importing with the Sales Tax Collected and Shipping Income split properly again.
We suggest hiding/excluding your existing PayPal connection and adding your PayPal account again as if for the first time to re-import the transactions that imported without being split properly. The new PayPal connection should import all transactions back to the beginning of 2019. In the future, to view 2018 transactions or older, you would need to re-check the box for the older account.
To exclude an account:
1) Navigate to the “MANAGE” page and the “Linked Accounts” tab.
2) Uncheck the box under the “Show in Reports?” column for the account you want to exclude.Excluding or ‘hiding’ an account means that it will not show up on your OVERVIEW, INCOME, EXPENSES or REPORTS pages, or in tax calculations. For more information and for a screenshots of this process, please refer to the article linked here: http://help.bookkeeping.godaddy.com/entries/404622-How-do-I-hide-accounts-I-don-t-want-displayed-
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05/03/20 – 05/09/20
Total Items In Store: 803
Items Sold: 11
Cost of Items Sold: $ 39
Total Sales: $ 366.13
Highest Price Sold: $ 85 (Mayan Ocarina)
Average Price Sold: $ 33.28
Money Spent on New Inventory: $0
Number of items listed: 8This week was a blur. Nothing fun to report. No big scavenges and no real listing. Boo!
I did finally get around to painting 4 wooden mail sorters I have had sitting around. I painted them pink! Not usually my style, but I figured that’s a color you can’t find many places and good for baby rooms and they look fab with some vintage wallpaper I’m trying to sell. So hopefully will sell them for more than the $5 each I have invested. I had to give one to my grandmother for Mother’s Day though so there goes my profit margin 🙂
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I liked hearing about what your long term goals are, the imagine of Jay just hanging around a coffee shop and watching the town go by was great.
I think it’s really important to always keep the long term goals in the front of your mind, time goes by so quick that it seems like in the blink of an eye age will become a factor for doing some of mine. My main goal is to be more diversified, some property buying and selling which I have done well at over the years here, some property holding like a storage place, and some passive banking investments, and of course buying and selling online to keep the lunch money coming in. All of these have to be self sustaining and kick off money to get the next thing going.Decent week here, on mercadolibre I sold a barbie gymnastics doll for $50, a pocket knife for about $30, a set of ten cigarette cases for $85.
On ebay I sold a decent lot of 11 corded barcode scanners for $159 plus shipping.
Overall decent week, nothing crazy but seeing as we are basically stuck home we aren’t spending much either… -
Total Items In Store: 2876
Items Sold: 93
Total Sales: $2472
Selling costs: $812
Highest Price Sold: $115 Hemmingray insulators
Average Price Sold: $ 26.58
Money Spent on New Inventory: $1170
Number of items listed: 99I’m looking forward to managed payments due to the number of 0 feedback buyers I get. I think this will make ebay less of a barrier for google search purchases. Also really want to get every penny on CC for the rewards as you mentioned. I cannot for the life of me find my EIN and the IRS is closed…so I cannot get a separate checking account set up right now. That’s really the only reason I haven’t already made the switch.
Struggling to source used inventory. Bought designer purse overstock for $1170. Recouped half the investment in 4 days. Decided to try List Perfectly for myself. Got 100 items cross posted to Mercari and about 150 to Poshmark. Made 3 sales the same day. Discovered extreme low balling is rampant there and decided I have to list higher than eBay pricing.
Sold nothing this week with free FB shipping labels, but also cross posted the Poshmark inventory there. Had several flagged and deleted for violating policies..I think it is due to keyword spam in the ebay titles I am copying so I toned that down.
I like the idea of buying a coffee shop so I have a fun place to sit that won’t kick me out for loiterring!
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Total Items In Store: 14,820
Total # of orders – 134
Total # of items sold – 149
Gross sales – $3,319.80
COG – ~$20 maybe? I dunno, it’s super late and I’m beat. I’m pretty sure most of my brain functions shut down like two hours ago and I’ve just been listing on autopilot.Some cool sales, Weekly World News with everyone’s favorite murdering cannibal, Jeffery Dahmer on the cover – $75
Birth of Venus engraved proof, basically a large single page print – $75. Interesting thing about that piece is that it came from a book that people sell for a few hundred bucks. The book is full of these engraved proofs. So I just pulled the proofs out and listed them individually for $75-125 bucks, this is the third or 4th one I’ve sold over the last two-ish years. There are several books in the set, but not all of them have the proofs.
More interesting is that just typing that out reminded me I should check Ebay out to see if anyone has one of the engraving books listed for cheap and they did, for $14.95, sweet.
Anyways outside of that, my favorite thing in the world, combined orders. Several over $200. So all in all busy week.
I seriously have no idea how you guys manage all your other businesses on top of Ebay. Every day is just a blur to me, working from when I wake up until insane hours like this. All to be back up again in 5 hours to pull yesterdays orders. Just over and over again, until infinity. The thought of spending my older days at my own local coffee shop sounds freakin’ great. Besides the daily grind packing/picturing/listing on Ebay, I’ve met way too many people who don’t think this is a real business.
I also just think there’s a different level of satisfaction in owning an actually brick and mortar business, helping revitalize your old town, over just selling dead peoples stuff online.
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I tried doing the same as you over the past few weeks and realized I couldn’t with the current level of sales. I am still getting listings up most days, but I don’t beat myself up over it if I can only get max 5 items up each day. When I was trying to get 20-40 items up a day along with packing 20-40 items each day, I realized it wasn’t sustainable without burning myself out.
That’s just me, personally. I’ve also long been against the “hustle hard” Gary V. type philosophy that permeates a lot of the reseller community. More slack, please.
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Well, I got 2 of my wisdom teeth yanked out last Tuesday and have to go back once the pandemic is over (whenever the heck that will be) to get my other 2 out. In case you’re wondering what the new normal will look like when it comes to medical procedures, I can give you an idea – I had to sit outside of the office for an hour while I waited for my appointment (they were running late) because they weren’t allowing anyone to sit in the waiting room. Other people waiting waited in their cars. Since I don’t have a car, I just sat on the grass and watched people walk by. It would’ve sucked if it was raining out, but it was a bright sunny day. It would’ve been nice if I hadn’t had to go in the midst of a pandemic and watch people walk by in masks. Ugh.
When they finally called me into the office, I had both my temperature taken and had to use an oximeter. I was fine. It was an easy procedure. I just slept on and off from Tuesday evening through Thursday afternoon. I think I was legit exhausted from both the extraction and the workload of Ebay/Amazon over the past few weeks.
We got restaurant delivery for the first time in two months on Thursday when I was finally feeling better. I just couldn’t eat pudding or mashed potatoes anymore, and I couldn’t deal with quarantine food that day. It was totally worth it and tasted so good because I hadn’t eaten anything outside of my house for what seemed so long, haha.
With the decline in cases here and leaving the house for the extraction, we’re feeling more comfortable with venturing out a little more if necessary. My husband went out to the pharmacy to pick up my prescriptions and then later in the week went to our local corner stores to pick up groceries. He said the bodegas now have plastic shields up and the people behind the counters are wearing face masks and gloves. After waiting weeks for grocery delivery time slots, it was weird to be able to go out the same day to get food. At least the stores were relatively empty of people because everyone is too fearful here. They used to be so crowded pre-pandemic that people had to wait outside the door to get in during certain times.
Sales are still brisk here. We only did ship-outs last Monday, Tuesday and Saturday. We shipped out 107 packages for all 3 days. For sales this week so far, we’re at 88 orders sent out for yesterday and today. I already have another 20+ prepared to go out tomorrow.
I’ve been thinking more about how this pandemic is going to shake out my ability to source this year and next. Since I don’t drive, I had to take an Uber both ways to get to my appointment last week. The drivers were nice, wore masks and had exceptionally clean vehicles. Since I have been using them over the past few years to haul my buys home, I’m thinking that they’re NOT going to be comfortable if I choose to fill their trunks with boxes of random stuff during the pandemic. I feel like even if I want to source out in person (which I don’t), I won’t be able to. I’ve been taking cabs to haul my buys around for the past 16 years, but I don’t think I’ll be able to until some point in 2021 at the very earliest.
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Glad you’re okay and that the pros are keeping people safe. Life must go on.
My opinion is that life will get back to some kind of normalcy. We’re all learning and things will change, but human life wont go into a shell forever. An even bigger pandemic happened in 1918. We all forgot.
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I’m listening to the podcast now. My 2nd Ebay store with 350 items in it got the email about being forced into managed payments by July. However, my main Ebay store with nearly 14,000 items in it is NOT being forced into managed payments by July. I suspect this is because I have inventory in the “prohibited” categories that are not accepted under managed payments. So no, not everyone is being forced into managed payments by July.
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I haven’t got an invite either. I saw that one of the many categories that are going to be prohibited are adult items and I have several hundred adult mags up. I called Ebay and a rep told me that sellers who have a lot of these items listed, aren’t getting invites as of yet. They cs rep told me their working on figuring out how adult sellers or vehicle part sellers can still keep their inventory on Ebay. We shall see.
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Yep, I’ve also got hundreds of items up in the adults only section. I figured that’s what was keeping me out of managed payments. 😀
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From what I have gathered from the YouTubers, Coins and Money, Adult Material, automotive and things that individual countries prohibit.
I have had trouble in the past saying steak knives because the use of the word knife is prohibited and since Ayden [the managed payment company] is a foreign company [think England], they will be forcing a more strict, sensitive and respectful list of items. At least so say some of the YouTubers.
Those same YouTubers are posting that they are already moving those category items to other platforms in anticipation of the transition to managed payment issues on Ebay.
mike at MDCGFA
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Interesting. Did they say where they’re moving adult only materials to? I looked into getting a shopify store specifically for them, but they prohibit that material. I don’t know what online storefront/payment provider specifically allows for that material outside of Ebay’s Adult Only. Well, sometimes you can get away with it on Amazon or Abebooks. Also Etsy if you’re careful, but otherwise I don’t know where a 100% safe spot for that sort of material would be?
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@Almasty: I think you one of the guys did. Let me find that video and re-listen and see if he mentioned where he was moving some of his items to. The one guy I was listening too has a large store with a big variety of items. Think his store is over 10k items +/-.
I’ll get back with you later after I re-listen.
Mike at MDCGFA
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I re-listened to one of the guys again. He didn’t name specific places, he says other platform in this one. BUT.. He does go over some interesting opinions on what his take on this is and we don’t want to go down opinionated rabbit holes or dig into personal rants but the auction professor has been around almost since Ebay opened, has large, multiple stores and his YouTube Subscribers are in the 20K range, so I have attached the link to this video. About 10 minutes in total.
He is saying it is because of ApplePay not Ayden. And as Jay says, we don’t know where his sources are but very interesting listen.
Of course we are mostly Home Goods / Hard Goods / Home Decor / Artwork.
the link: https://www.youtube.com/watch?v=1cyCIvWj2yc
Take care,
mike at MDCGFA in Atlanta
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Thanks for the link, I’m listening to it now. This youtube personality is actually one of the ones that greatly annoys me. I’m not surprised he didn’t have anything useful to say in this regard – it’s just shouty ranting that isn’t helpful in this video. He is quick to panic and stir up the pot with opinions – he has done this in the past with search issues. Very Chicken Little about every aspect of Ebay, yet still makes his youtube $$$ telling people how to sell on the site. Go figure. I’m going to guess with the “I’ll get rid of everything” comment that he has no alternate venue set up to transition his listings to. That’s fine. He could just plainly state that in the video.
I believe I read a few years ago that it was an Ayden issue, but they were supposedly in talks to get payment processing (by them or someone else? IDK) sorted for these other categories. I don’t know why it has taken them years to figure something out.
Adult material has always been an issue with other countries – Adult’s Only only allows for sales to the US and Canada. If your “global shipping” program is checked by accident in the listing, it will alert you prior to listing with an error message. I’ve always only just shipped to the US to be safe.
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Well as we all know, we all come across various YouTubers and I listen for the entertainment value more than anything and we all know that most of it is as you say just opinions without facts to back it up. But thought it was interesting that one opinion floating is that Ayden may be the culprit, and some say Apple Pay. So who knows, but one thing for certain, by the end of 2020, we all will be in managed payments up to our eye balls regardless of who said what, who is mad or not and who likes or dislikes it or not. We will all be “All In”, good, bad, or indifferent.
I have very few sales from other countries. Maybe a dozen or less per year, so over the next few weeks, I will go ahead and just start creating my early registration.
But I did find a small amount of data in Ebay’s printed material that supports my earlier post about extra work to reconcile if a seller wants to have a complete breakout of all things they pre-subtract to keep an accurate and complete P&L statement and know what percentages every expense is as part of his gross income.
Here’s that info.: Fees updates and your reconciliations. You’ll pay one final value fee for items you sell on eBay, and you won’t have to worry about third party payment processing fees. Your final value fees will be automatically deducted from your sales, and the balance paid out to your bank account.
This may require updates to your reconciliation processesSo as I posted last week, yep, if I want a full financial accounting to be in our Quicken Account register, I am still assuming, I will have to print out an Ebay statement, enter the gross amounts [Sales Deposits all totaled together of course, not line item separate like PayPal does] manually, then manually enter the expenses [fees, shipping, etc., again as a lump total amount per category] and then the final net amount should match what Ebay is depositing as their net amount is they deposited.
Ebay will deposit say $600 in my checking. That’s all that’s going to show just like Etsy now. But my example from last week: $1,000 in gross sales deposited a plus in the account, then $200 in shipping costs subtracted, then $200 in fees will equal the $600 BUT-BUT those $400 in expenses will not be shown in our checking account which links to Quicken which in turn produces our P&L. So, all our P&L will show is a $600 deposit [but broken down by several deposits depending on how often we won’t them to do a deposit].
We want to show on our P&L we had $200 in shipping cost or 20% of our Gross Sales, and Fees of 20% of our Gross Sales.
BTW one of the things a P&L is good for is to quickly see where your expenses are going to show the bznz owner where he needs to maybe cut expenses quickly to increase his bottom line profitability.
But in any cases, sellers will have to make some manual calculations to be able to separate out expenses for their online businesses. If not then all you will see is multiple deposits of small amounts that at the end of the month total up to $600 with no indication of where the other $400 went unless you make a manual entry into your Quicken program.
UNLESS Ebay will allow us to import in all of the detailed numbers into our Quicken account like PayPal does now. OR, OR … we can link up our credit card as some have said on here, and then we can import in our credit card statement into Quicken and the details can be pre-categorized there and in turn would fit just fine into the same categories in Quicken.
I know I am off topic of the Auction Professor rant on what Ebay is doing, but it does tie into, does Ebay have everything worked out yet. What categories will or will not be allowed, will they not care as Auction Professor says if they lose some portions of their business. I just don’t know, but damn the defiant, we will all be in this together in just a few weeks on down the road.
What do you bet we have a thousand questions here on SL about a ton of topics after the end of July?
TTFN …
mike – MDCGFA -
Almasty … I re-listened to one of the guys again. He didn’t name specific places, he says other platform in this one. BUT.. He does go over some interesting opinions on what his take on this is and we don’t want to go down opinionated rabbit holes or dig into personal rants but the auction professor has been around almost since Ebay opened, has large, multiple stores and his YouTube Subscribers are in the 20K range, so I have attached the link to this video. About 10 minutes in total.
He is saying it is because of ApplePay not Ayden. And as Jay says, we don’t know where his sources are but very interesting listen.
Of course we are mostly Home Goods / Hard Goods / Home Decor / Artwork.
the link: https://www.youtube.com/watch?v=1cyCIvWj2yc
Take care,
mike at MDCGFA in Atlanta
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Adyen’s a Dutch company: it’s a “global fintech unicorn“, been going since 2006. Has an office in Manchester, England, where it’s intending to take on 160 extra staff. Does (apparently) the payments in some countries for Netflix, Uber and Facebook. Adyen accepts payments in more different types of wonga, mooli, wedge, kapusta and cash than any other comparable one-horned beast.
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Are you doing all the packing? My wife does most of the packing, I do spend a few hours pulling items each morning for her though. My listing amount has actually dropped the past few weeks, as I have been listing less daily and doing other things with the business. I think like any other business, there are times when you ‘hustle’ and times when you take it easy. We have a goal we’re trying to meet, so right now we’re just going full gear. When we reach it, I’ll be able to relax and take it a bit easier.
Also, screw Gary V.. Anyone who’s legit trying to push the dead 2014 reseller meme of “Mug Life!” is full of it. He doesn’t make much money at all reselling, he’s in it for most of the reasons other youtube resellers are, marketing.
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I pull all of the Ebay sales for both stores, the Etsy sales and usually half of the other sales from the normal bookselling sites (I’ve got a lot of different inventories). I do the majority of the Ebay packing for the main store, none of the packing for the 2nd ebay store (random general store type stuff), and hardly any of the packing for normal book sales. Then, I do all of the Endicia shipping and the majority of tracking # uploading. I also do the majority of carrying of everything from here and there, which is good because I really need exercise somehow at this point. I do the majority of packaging for the main Ebay store because ephemera/collectible/rare book buyers are so finicky with their demands for packing that I just like to pack the packages up like Ft. Knox on a cloud to appease them so they don’t complain that I’ve wronged them somehow.
Heh, the Gary V. type youtube resellers. I have gone on many a rant about those swindlers.
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While I’m guessing some prohibited categories will remain prohibited, I’m pretty sure ebay has been clear that sellers of coins and Adult Material will be accommodated….the issue is Adyen, not ebay, and ebay has been working on it with them. I really don’t think ebay is going to throw away the money to be made in those categories.
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Hi folks.
Another good week on ebay. Like you said, it won’t last forever but let’s make hay while the sun shines.
Sales c/w shipping: CAD$3146, 22 sales, COGS: $663, Fees: ~$435, Postage: $441 –> Gross profit: $1608
Expenditures: $0 –> Cashflow: $2270
Sold an icemaker for $400 locally, very glad to get that out of storage. Also a surveying instrument for $700.Didn’t really scavenge… again.
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Ah, that explains why I haven’t had the managed payments invite yet. I sell some used auto parts that my partner finds. Never tried selling adult magazines tho I used to see them at yard sales.
I think most of the youtubers (scavenger life, excluded) are all about selling their program or course. “I can tell you what to do for $500”. It’s ridiculous.
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An ecommercebytes post:
https://www.ecommercebytes.com/C/blog/blog.pl?/pl/2020/5/1589343646.htmlPartially explains why some sellers haven’t received the eBay Managed Payments email:
– In her Monday Seller Check-in video, Marnie Levine did address why some sellers had not yet been notified they would be enrolled in the program in July: eBay continues to build certain capabilities such as the charity program, she said.
I have one item that has a percentage going to charity, and two 8mm films listed in the everything else/adult section.
I’ll have to wait and see what happens.
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5/2/20-5/8/20
Total Items In Store: 2039
Items Sold: 40
Gross Sales: $1121
Highest Price Sold: $90 (Allen Bradley Industrial Switch)
Average Price Sold: $28.04
Returns: 0 $0
Money Spent on New Inventory: $0
Number of items listed: 11• Pretty steady sales all week, back over $1000 after a small drop last week.
• I’m still struggling to find new inventory to list, although I didn’t work too hard at it this week. My teenage son (who also has an eBay store) did buy $300 of inventory from an online auction that was 2 ½ hours away. He underestimated the size of some of the lots he bought and had to make 2 trips to get it all.
• After hearing the info on this week’s podcast, I am also considering pulling the trigger on managed payments. I need to call the bank this week and add a separate checking account to my accounts, though. The nice thing about PayPal was having the business account separate from my normal checking accounts. -
Hey Guys… Just some personal FYI news.
Some of you know that my wife Susan was diagnosed with endometrial cancer April of last year. She has had to go through 36 weekly treatments of Chemo, 2 operations before radiation and then 36 daily treatments of Radiation and finally 3 last treatments of targeted, intense internal radiation.
Well I would like to announce she finished her complete treatment plan this Monday and graduation from the Cancer Center and got to “Ring the Graduation” bell as she left.
Now it is going to be a CT scan to establish a base line, then follow up doctor visit every 90 days for another year, then every 6 months for the next two or three years.
God willing, she will make the targeted survival goal of 5 years at which time, they will make the declaration of Cancer Free. The ratio they gave her was a 75% chance of making that goal.
So we will see. The many side effects of all types has been tough for the past year and all 4 of the doctors say it will be another year before most of the side effects will subside to a point of feeling normal again.
Susan has been mostly bed ridden for the past year and not involved with the online stores at all except for a little sourcing when she was feeling up to it. I, along with our helper Lisa have been maintaining the Ebay and Etsy stores and almost completed our third store which will be our own Shopify Store.
So here is looking forward and hoping the country and heal itself along with Susan and maybe in a year or so we all will be doing much better.
Take Care all and “Keep on Truckin”
P.S. Jay and Ryanne, how about getting a recipe or formula for roasting something close to a Southern Pecan Flavor!!!
The team at MDC Concepts, Inc.
MDC Galleries and Fine Art
Michael, Lisa, Susan-
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Thanks Jay. I showed her ya’alls good wishes and it made her smile. We have decided since she can’t climb the stairs up to the office very well and we don’t want her to fall, that I am going to start pulling out all of the art prints I have printed for other artist that I have in my portfolios plus my own work and start listing those mostly instead of hard goods for Home Decor.
Home Decor was her focus and I tagged along just to be with her. So we are going to try to do our favorite source once a month and I will start pulling and listing all the loose silkscreen limited editions that I got as partial payment from all the artists that I used to print their artwork when back in the printing company.
Then also start to list my original artwork, which can be a unlimited source since I can create what I need to sell, so sourcing outside is not needed which will keep her safe from possible Covid exposure. Certainly live auctions, garage sales and tight inside estate sales is not where she needs to be.
The good thing, it will get me back into the art studio, get me back to creating My Own Pipeline, having to list less volume and the prices will certainly be 10 times more than what we sell Home decor Hard Goods at. I should have done this years ago, but kept putting it off so I could be with her and doing what she liked to do.
Little late for an art career but at least I can create objects to sell without having to go by somebody’s else’s stuff. And while the Sales on Ebay may not be the best, it will be better over in the Etsy Shop and hopefully in our new Shopify Store.
So to clone your “Find Yourself a Pipeline” phrase, I will add to that “Create My Own Pipeline” along with the once a month hard goods acquisitions.
She said she appreciates the Good Wishes and hopes everybody keeps doing well during the crisis.
Check ‘ya later…
Mike – MDCGFA
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That is such good news! Hoping for a continued successful recovery and a return to normalcy as quickly as possible.
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I personally have not taken any of the courses, but I also don’t see anything wrong with paying to learn from someone else’s experience. I never even heard of those youtubers before this post! I’ve looked around, but all I ever seem to come across is very basic info or haul videos which are generally a waste of time IMO. I would love to have another podcast type that was worth listening to, but I have yet to find anyone besides Jay and Ryanne that has not felt like a total waste of time. I like to listen while driving, I cannot see myself sitting down at a computer watching hours of pointless videos.
Onto the topic of P&L: I know this is not completely ideal, but you could certainly go into the to Performance Metrics > Selling costs and copy/paste right onto a spreadsheet. That would get you shipping/ebay fees. You can list 200 items per page, so for most of us that would be 1-2 pages per month. Again, not ideal but a possible solution that would not take a ton of effort like manually entering each item.
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Thanks for the feedback. Oh, I know how to do it, several ways as a matter of fact. It is that now I don’t have to do anything. except for Etsy. Now with Ebay MP I will have to do it for Ebay also.
Also I was not advocating manually doing every item. For a good P&L you only need the total dollars spent on shipping, fees, refunds, charge backs, insurance claims and gross sales all totaled up by those categories.
We used QuickBooks for years but after retirement we went to using a smaller less robust program called Quicken but works mostly the same. Stopped using spread sheets and Easy Auction tracker years ago.
Having ran a 10 million dollar company with hundreds of employees, I can certainly do it several ways, but with direct NET deposits and no way to capture the 5 or 6 categories we track directly via direct download we will just have to work on coming up with a way of grabbing that data via a one or two key stroke download.
We will figure it out but thanks for the help and insite, but I was more of making a statement that we all will have to figure something out and it will be different and a little more work reconcilling monthly.
Heck no, don’t want details on each idividual item, just the totals of those several categories.
But good thinking on your part and I assure you there will a whole lot more of suggestions and help from everyone here on SL once we all get fully switched to managed payments.
Bet this will drive Troy crazy. 🙂
Kindest Regards,
Mike – MDCGFA
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Mike- I wasn’t going to jump back on this thread, but I realized I took so long to click submit that I completely missed the post about Susan’s good news. I am sure that is a huge relief. Hopefully life can return more normal for the both of you soon. Ebay is such an afterthought compared to all of that. Reminds me why many of us choose this lifestyle–to spend as much time as we can with those we love.
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Thanks TopNotch.. We are hoping for returning to working together again like we used to. Susan has come up to the office only twice in the past year where she used to be up here almost every day. The stairs are too much for her. Not much leg strength left due to side effects and not being able to feel her feet. She calls it “Hobbit Feet” coupled with her Arthritis on top of everything else.
She likes the replies here on SL and I am showing them to her as they come in. Makes her smile.
Thanks again,
Mike at MDC Galleries and Fine Art -
Mike – Such good news about Susan! Just awesome. My wife has had cancer 3x so I have small understanding of what you were dealing with. But she didn’t have as serious recovery period as your wife. Anyway, glad to hear things are looking up for her.
Greg
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Mike, glad to hear that chemo is over for Susan. Will be keeping her in my thoughts as she recovers! Glad to hear you are making changes to the business that should be good for both of you.
About this past week for me: Work has been busy, busy, busy since mid-March, not leaving me much energy for my reselling side-hustle. But I got a burst of energy about a week-and-a-half ago, and listed about a dozen items. It was a good jump start, and at least half of those sold. I’m working to tackle the death piles, and am accepting offers that I would normally turn up my nose at.
Some of my sales that have been exciting for me are:
– Cans of dented but new Epoxy
– Six dozen vintage pencils (sold for $75, literally scavenged)
– Book about Sitting Bull from 1891, sold for $60
It seems that collectibles, clothing and hardware store type items are all in demand.I also decided to start selling some of my elastic, which is in demand due to people making masks. It’s not an item I would normally bother with, but I’ve figured out how to at least keep it affordable and efficient to ship. Once I run out of shipping supplies, I’ll have to figure out something else. But for now, it’s a good way to keep eyes on my store. I’ve made multiple sales on eBay and Mercari since listing this weekend.
My goal is just to keep listing what I can. My sourcing in the last week (and the only sourcing for the last two months) has included an auction for new-with-tags swimwear. We’ll see if I wasted my time and money. I’ve listed about 25% of it. It’s not a high-dollar items, but there are several items that are multiples, and therefore easy to list. I also scavenged some curbside electronics items in the neighborhood.
As always, thanks for the podcast. I’m re-evaluating “what we’re working towards” these days. The 9-to-5 seems less stable, but even the relative stability is very valuable. And I really wish we had invested in a “place in the country” where we could escape what has become a very mundane stay-at-home existence. It’s important to keep the short-term goals and the long-term goals in view.
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Hi everyone! Postal worker here. We have been hit hard by the virus. Plenty of us have been sick or off for virus related stuff. Add in the EXTRA amount of things being sold online and we couldn’t even move around in my facility for the last 6 weeks or so. I have had several things I mailed out the beginning of April just sitting… I came in Tuesday and things looked a little better at work and my things that were sitting started getting scans again. We are still swamped but headed in the right direction. Thanks for all the patience and support! We deliver for you!
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I second what Jay just said. Our carrier is an intrical part of our business. An extension of our shipping dept. Daily pick ups, scans on the spot, if more than 1 or 2 packages I load into a blue Ikea bag for her. We swpped phone numbers and if she is still in our neighborhood and I get a late sale and can package quick enough I can text her and she will do a second pick-up on her way out of the neighborhood. She delivers our shipping boxes, brings us the thin long Priority decals we use on our plain vanilla brown boxes, AND MORE.
She and the USPS is just super. Only had 4 or 5 damages since 2002 and only 2 non-delivered pkgs. Just great service.
Thanks to her and you too.
Mike at MDC Concepts, Inc.
MDC Galleries and Fine Art
SmartParts
and soon to be added “Collins Creek Collections” which eventually will become intergrated into our 5 selling platforms once everything is settled with Shopify, FaceBook Shops and Instragram
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