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Thanks, Jay!
Average COGS: If I am being honest, probably $3-8/ item depending on my return. I bought some copper pots for $12 / each but they sold for $120 very fast. So those things happen.
July was probably my highest sourcing month ever at $600 which almost gave me a heart attack. However, it did give me 200 listings.
I mostly source Womens & Mens Apparel across all categories ($25+ higher ASP only)
Home Decor (vintage or new, Linens, blankets, tablecloths, fabric), cookware
Collectibles: When I can find it folk art, vintage smalls, china.
And of course, every random goodie I know I can make 5-10X on.
i dont do an RA unless I come across a crazy deal. But I do seek out bulk buys when I can usually at the thrift when a store drops off a bunch of stuff.MONTHLY report: July 1-31
Sales: $1600*
Cogs: $160
Amount items in store: 600 (just upgraded to Premium store)
sales: 35
Highest item: Copper Pots/Pans $120/each.
Returns: 1 (did not fit)July Poshmark:
$310 after fees
14 items sold, 120 in store “Closet”
Returns: 0Scale Goals: I want to be to 1,000 items by Xmas. Which means buying stuff. I don’t have death piles, but I source daily (!) as I live by so many options. I need to figure out a sourcing budget for real aka how much to reinvest. If anyone has any strategies around this I am all ears.
I have retail marketing background, so i decided to finally put it to work this month for eBay. I used to “set and forget” it. At season’s end I would run a 20% off sale seasonal clothing I wanted gone.
My new strategy is start researching the comps and not blindly lower or keeping same prices. To be honest, I haven’t researched some of these items since I LISTED them. That is not good business for me (or any business really). There have been identical items that have came and went in the time mine has sat unsold aka stale. 🙂 Ack.
It’s a slow process but so far I’ve made some sales. I am only doing this on items I am “unsure” on or are old. Some I still believe are the right fair price. Some are not in-demand anymore, or now there are 20 listed, or sometimes I am the ONLY one listed now so maybe I raise the price!
Process:
Pick an older item at least 6 months (I am starting with items $50+).
Check it on Worthpoint, Etsy, eBay, Poshmark if relevant, Amazon, and google shopping.
Check solds on ebay and sell through rates. Check similar items if rare/ weird.
Adjust if needed!New Orleans Girl: You have some COOL stuff. I like how you have your Store Categories done as well. Makes me want to switch mine up a bit to themes like yours.
You have some very high end bags, I would suggest taking those pics again on a white background or outdoors even on a white sheet. There are some cheap light kits on AZ you can try (get brighter bulbs though). Since you have so many high end items, I would suggest this. Your Armani, Balenciagia, especially. You are competing with The Real Real and high end consignment sellers for someone who wants a $1,000 purse, ya know? The Solid Black Quilted Coat would be stunning on a white background. Also don’t forget measurements. 🙂
I would suggest taking your trendier “brand name” pieces to Poshmark as well if you are interested.
You have amazing taste! I love your items and I am sure you see stunning pieces in NOLA!
OK, I think I have it figured out. Had to roll it up better to get the dim- weight down. Sorry for the post!
I just did a run of searching SOLDS for S&P shakers. Some of them make no sense to me – no brand name or maker and they are going for lots of money. Subject matter being key here as well.
I love that moment when I search Solds and I go “Jeez, look at all this crap! Oh wait, that one’s cool, and that one’s cool…” and now I’ve become a S&P shaker buyer. HA
I would lot them together to get more bang for buck and also someone may want them for a bar/ home entertaining/ a set ,whatever.
I have a ton of Jade green / Jadeite dishes I was looking forward to selling from my collection, but there is so much in same pattern listed I’m like “eh.”
I love selling dining plates, I need to get picky. It’s like you get a few wins and you can’t stop yourself. They are heavy, but easy to store (for me). Teacups are same and I have a stash of those too.
My husband keeps picking up snack size sliverplated bowls of all sizes, they are worth nothing and are taking over our house. See also Julep Cups.It is hard for me to judge where I am in sales right now re: not opting into Free Returns as July is hard for clothing. I will re-evaluate in September if I want to participate.
Nice video! I LOVE Christopher Lowell, too! I see his book at the thrift often, so you will find one again. I re-watch his shows on YouTube
I have heard some complaints that they felt this years ebay Open was very much geared toward Seller 101 and less inside track/ depth/ access?
Thoughts?Thank you for sharing this. I just turned on free returns for 5% of my items as an experiment. I assume your sales didn’t go up to balance the costs?
I have not heard anyone say that sales increased b/c they have switched it on?Poshmark Returns Experience:
I bought 2 sweaters and they arrived with holes not disclosed in pics or description. When you get your item, you have a choice within 72 hours of delivery (they use USPS delivery confirmation like ebay) to ACCEPT or REPORT. Basically, you have 72 hours to do a return. If you click ACCEPT and then change your mind later, too bad.
I clicked “report problem with item” and uploaded pics which go to Poshmark not to the seller (but can be shown to seller I am sure).24 hours later, they approved both returns and sent label. From then I had another 3 days to mail item back or forfeit return if not showing tracking by then.
TLDR: Poshmark does accept INADs with evidence but has a fairly fast turn time on declaring returns. No seller interaction in returns, all is done with Posh Customer Service.
Yes, I am using this strategy with hit and miss results. I agree, focus on reliable brands and you’re golden. I have sourced a couple items that were damaged so I got to try out the Posh return policy which I am going to post in the Poshmark thread.
No huge wins yet, but we will see. 🙂 I think it’s amateur sellers honestly. Kids looking for quick college money on items they didn’t purchase in the first place, ya know?
I also think people get “over it” and then dump inventory. It’s def focused on the occasional seller.I am holding off to post my weekly and do a July report!
I’ve made a decision I need to buy a BUNCH OF STUFF at once. Went thrifting at 4 stores, 4 hours, and got about 12 items. Even if I did this daily I would only have 360 items at end of month. Estate sale season has been good to me, and I seem to do good bulk buys at those. I have reached out Craigslist people asking for bulk items as well. Comfort zone be damned.
Anecdotal annoyances: I bought a NWT designer gown (buy high, sell very higher) at a ritzy thrift. Did comps in the store, and it looked good. Got to car, and instead of looking fast at eBay, I looked via Google shopping. OMG, that darn dress was like 99% off on the retail site, lower than the thrift store price. I went back into return it which was a whole ordeal, but I was happy I did. I told them too, which I am sure nobody cares. Esp when they tell me ” we research our things.” Anyway, same ole story 🙂
