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Yeah.. one thing we figured out in the home decor / hard goods sector when pricing. If one uses the highest price solds to go by and everyone is always lowering their price be even a small amount, then on Ebay the highest price sold is always going down.
example: Take that $40 item above, if it now sells for $39, then $38, then $37, eventually after 36 more sales, hypothetically that item will be selling at a dollar. Since Ebay only shows 90 days of sold prices, then Ebay is only showing the declining prices. When you then cross reference with a site like Worth point you will see the $40 higher price still showing.
So our thought is why not take the highest price of Ebay and price even higher still and then try not to sell below the highest price. If everybody would do this then the Sold prices would start to climb not decline. And as Jay & Ryanne have said many times, sooner or later your item will be the only one showing on any particular day. In other words we try to create a situation whereby the highest price sold is ours and we try to target bringing the rpices up on the unique, eclectic items, not drag the prices lower and lower.
But this is not the way to go on mass prodcued, commodity items. Millions of cell phone cases brought in from China at pennies each will only probably sell on the lowest price, but a 65 year old, Plueguer Fishing lure, made in the USA and in good condition, will sell pricing it our way.
But again, just an opinion on our methodology.
Mike at MDCG in Atl.
That is what we do, only higher. This gets back to my old question of How High is High?
On items more than $39.99, We find the highest price an item has sold for both on Ebay Solds and on WorthPoint. Then we multiply that times 1.40. Then we run Sales every week starting on either Wed. or Thursday morning and ending on Sunday midnight EST. Our Sales are either 15%-20% Off and we also take Offers. By using the 1.4 markup over the highest prices we could find allows for us to do as low as 40% Off between both the Sale and the Offer and still end up at the highest point we found of all the “solds”.
This way it gives the customer the perception of the Dbl Deal. It is on Sale and they get to “haggle that down” on top of it. When we offer Free Shipping on some of these we also take the weight and throw the zone eight shipping on top of that.
Some times we get buyers purchase when we are between sales for those couple of days and we smaile all the way to the bank. Other times, we sell at the sale price and we still smile all the way to the bank. When we sell at a Sales Price and take an offer on top of that we still end up at the point of being at what our research showed as the highest prices being sold at.
Example: An item shows the highes amounts +/- of Solds was $40 for an item. We multiply that $40 x 1.40 and arrive at $56 that we list at. Then we have a 15%% Off Sale and it Shows at $47.60. Then we get an Offer of 15% less than that at $40. well that brings us back to what we wanted to sell it for anyway that matches our highest price sold research.
We sell about $1,700 to $2,000 a month this way with about 900 + items in the store. This method was derived from a slew of statements by J&R and other SL members over the past few years in various episodes and posts.
As Jay says, it’s all in the “perception” of the bargain first, then getting a deal on top of that. And insome cases, of “winning” the item at your lower offering price. two perceptions rolles into one.
If we have Free Shipping on a say, 3 lb. item we then throw $15 to zone 8 on top of the $56 for a total of $71 and if it ships closer, we again, smile all the way to the bank.
Just our method, not for everybody or everything of course. We ship and sell less but make more per item. Grossed $17,000 last year on 470 items sold = $36 per item sold and shipping of approx. 9 items per week.
So the target is to continue this method and double the store items to approx. 2,000 items and see what happens in another year.
We don’t look at numbers weekly as you have guessed. I prefer pulling a P&L statment once a month and looking at the percenatge of expenses and doing our analysis that way.
Focusing on the numbers weekly, in my opinion, is like buying into the stock market and then sitting there and watching the DJIA and the market tape every day. That would drive me bonkers.
But just an opinion on a methodology.
Mike at MDC Galleries in Atlanta
Marjean: I would like for you to do a double check on something. What I am outlining may have changed since I last checked out the multi-user platforms of both WonderLister and sixbit, but check out the following before you get in very deep on these platforms.
First, there is a learning curve and the more one knows about a “relational database” the easier it is, but still needs understanding. Next is that these programs allow for some flexibility, but that flexibility comes from knowing how to write rules and set up folders within it’s heirarhical structure. It can get tricky, sort of like writing code. It will not be just a “open up the form and start listing away” scenarion. But with that said, their is something I would like to stress as the real reason for a double check and that is the multi user facite.
Yes, we are a long time user of WonderLister and also used SixBit for a good while also. T-Satt and others also use SixBit and other 3rd party listing software. BUT and it is a big BUT when thinking about using it via having an assistant list. Unless you have sprung for the “Enterprise” version of both of these softwares, the use of an assistant on a second or “remote” computer can only be done within the limitations of a “wireless” network. Our assistant can use the office laptop any where in our office or home [say approx. 50 feet] from our main desktop. further than that and it doesn’t work UNLESS!! you have the “Enterprise” version which tie into the cloud.
The less expensive version [plans] rely on the fact that the main database resides on our main office rig and utilizes MS-SQL as the connector to the database. Then WonderLister is also loaded onto the laptop but only as a “slave unit”. It is in reality, tying into the main computers database which is residing on the main hard drive. We can both create separate listings, both work within WL at the same time BUT she can’t go home and do it from her house, which is only less than a mile away, at least on our monthly plan.
Now some SL members [I think T-Satt] use SixBit and they went ahead and sprung for the “Enterprise” version of Sixbit and for that extra cost that he pays, he can have assistants use the database remotely. I believe the cost of the Enterprise version can run $70 per month and up and roughly a $150 set-up charge at least for WL.
So please double check if you are planning on having an assistant from far away access your version of WL and make sure you can do this with the plan you have. Also SB can limit what an assistant has access too, like the financials but WL didn’t have those limitations in place when I last checked, so an assistant will have access to the full compliment of data. Your customers, what items sold for, your customers addresses and phone numbers, your profit picture, etc., etc.
So don’t want to be an alarmist or throw ice water but please make sure you just double check me on this.
Respectfully submitted…
Mike at MDC Galleries and Fine Art in Atlanta
Before u go and recreate the wheel on a bunch of spread sheets you may wish to take a look at “easy Auction Tracker”. we used it years ago before we moved onto more robust programs. But EAT let’s you put in your purchases, line item by line item and then it does everything else for you automatically [it is a very robust and well built spreadsheet program that utilizes Macros]. You give it your Ebay credentials and it will down load all of the Ebay data that Ebay provides and create P&L sheets for you, has an expenses tab, inventory list, tracks COGS based on the Sale of each item, again automatically from the one Tab you maintain and that’s your new, existing unsold item tab.
Very good starting point for someone not ready for WonderLister, SixBit or even QuickBooks [which is a different animal anyway].
here is the link to the Easy Auction Tracker.. and I suggest you watch some of the free video tutorials.
http://www.easyauctionstracker.com/
One thing to note, since Ebay only keeps 90 days of these figures, then EAT will only go back and pull all that data from 90 days ago. Not the first of the year. But every year they do an update and you will have almost a full year and come Jan. 2019, you will then get a whole years worth of data. The price is very reasonable for what all it does and especially the work it will save you in building all of these spread sheets by yourself.
Good Luck…
Michael, Susan and Lisa, the team at MDC Galleries and Fine Art in Atlanta
I know. It is crazy. we get those at times and they are so far off.
I love it when they give me comparisons for how to price our items better or do a better description and it is our own listing which we ended and then relisted again a week later. They tell me my price either needs to be higher or lower and it is compared to our own old listing.
So of these things just get ridiculous.
But then again, wife Susan just reminded me, we do get emails from people informing us about details we have incorrect on a listing we may have details included in. some lady was telling us in a long email where she was the president of an orgnization of a certain glass company and even used to work for the company and that we had our decsription all wrong and that it was not even produced by the company in question. She tore into our listing line by line, word by word. We just thanked her for the details, edited the listing down to a short description and went dark of course.
But point is, and many of us have seen it, is some buyers or better said Ebay Lurkers read every little thing and then let the seller know about it.
From a lot of the almost weekly if not daily questions we get a whole lot of buyers don’t look at much more than the title and price and a1 photo. Many don’t even know what blue links are, the words “more info.” or the blue arrows on their phones.
we get what color is this, what size, what is the material, where is it made, what is the size, everything that is in the item specifics, conditions are and the description. They just don’t see it or take the time to maneuver to any other data field.
So I doubt if a large majority of buyers click on a separate tab, and then look through multiple options.
One of the stated support reasons behind some sellers pushing free shipping, [like Danni Ackerman in her videos] is that buyers don’t want to do the math to even figure out what the items total cost is [object plus shipping]. They just want one, big total number, in one place and they are happy.
We have a quick cut and paste reply to any question that is asked about information we already have in the listing, as to how for them to use their cell phone app or computer to see their answer. Many times we get a second reply, oh, didn’t see that, or Oh, see it now, or cool didn’t know that, thanks that helps. DduuhhOHhh!
04/17/2018 at 5:00 pm in reply to: New Tax law and it's effects on your business (Politics free please!) #37868Hey Retreo.. One of the benefits of using WonderLister or SixBit is all T-Satt or we have to do is click on all states that has this law and the tax for that state will be charged and the collecting tax part is done automatically and we can generate a financial report for whatever period we want, monthly, quarterly, annually, etc. and just pay the total amount shown.
I also believe Ebay also already has a list of all the states and all a seller that uses Ebay listing will have to do is set all the states that has the law and Ebay will charge customers accordingly and properly give a report also.
Until it becomes a Federal law I doubt if Ebay will collect the charges and pay for us. We will just have to pay per state, like the “in state” sales works now. For example if 16 states do this, then I would guess write sixteen checks and send out. But the funds will already be in our paypal account because Ebay will add it to every state we have checked off to collect it for.
04/17/2018 at 12:09 pm in reply to: New Tax law and it's effects on your business (Politics free please!) #37859The petition we signed was to try to get our representatives to drop this issue altogether. It is on the news [radio as we are working today]. The bill passed the House of Reps. some weeks ago. It is up for Senate vote shortly. Wondering if it will make National News tonight?
Anxious to see what the outcome is. They say it is like Interstate vs, Intrastate laws. Truckers have to have licenses to carry goods to various stores across state lines and they seem to want to tax items coming in across state borders; or something like that. Not sure, but you mention Federal, it is because the Feds keep arguing about it that the state decided to lay the local groundwork in hopes that it will serve as a model or food for thought to the reps on the national level.
Boy we sure hope not.
mdc at mdc in Atl.
04/17/2018 at 12:03 pm in reply to: New Tax law and it's effects on your business (Politics free please!) #37858Good catch… Yep..We have had a good friend helping us since last fall. She does about 10 hours per week on Fri. Sat. Sundays. I start the drafts in WL, log in new inventory and tag all new items, then wife does the cleaning, inspection and photography, Lisa then opens the WL draft and fills in the middle apart of the listing such as description, item specifics and checking off standard areas within WL and then it is saved to our Ready for Review folder. I then open the listing later and do the pricing and add keywords, attach photos and upload. All in all maybe 10 min. each. per listing.
Also Lisa takes our Ebay listings and does the copy and paste cross listings on Etsy. Though we have that process on hold, while we wait on WonderLister to get it’s Etsy module up and going.
But yep.. 3 of us on weekends. Also this allows Susan and I to spend more time in procurement.
04/17/2018 at 11:16 am in reply to: New Tax law and it's effects on your business (Politics free please!) #37849Here is one to watch out for.. Georgia’s New Retail Sales Tax for Online Seller’s. This may set a precedent that rolls over to other states. But as it stands now and if it passes the Senate, [I think today], then Online Sellers will have to collect and pay Sales Tax on items sold to customers in Georgia when they live and operate from other states.
The catch is in the two numbers they use. The first says if you sell $250,000 to Georgia residents, but the other number of interest says OR 200 ITEMS sold to residents of Georgia. If we are reading all of this correctly if you live and operate your online business and sell online and sell 200 items or more to buyers who live in Georgia, then the Georgia dept. of Revenue wants you to collect Sales tax and send it to GA. even if you don’t have a physical office, warehouse or store within the state.
In the past we only collected state sales tax for buyers who lived within the state where we lived and operated. So no big deal for us. But what about all of you guys? Have any of you sold more than 200 items to Georgia residents? I would think that some of you guys who have thousands of items in your stores and sell a high volume of items, may possibly have accumulated over 200 items sold to residents of GA. Don’t know?
We signed a petition several times over the last year about this and Ebay sent us a bolier plate letter to sign. We got answers from all of our state representatives and they said they were watching the situation closely, whatever that meant.
The word is, if this passes in Georgia, then a domino effect might start to happen on the state level in other states. The GA representatives also say they are just echoing what they are seeing and hearing at the National level.
But in any case we really hope we are not understanding this and the implications, so any comments would be interesting. Here is the link….
the team Michael, Susan, Lisa at MDC Galleries and Fine Art in Atlanta
Agree with above, but if you ever do get a negative for color, search this forum for color and color deficiency and color blindness and use what you find as your argument. Many humans do not see color correctly especially men.
There is lot of details in a reply we posted one time here on SL and you can find it here someplace if you search. Don’t think any rep will be able to combat the scientific facts on color deficiency and would probably reverse any complaint about color. MAYBE! :-). But worth a shot to be armed with the details and then see if you can maybe even get the “neutral” removed if you have the time. Otherwise save your argument for the move serious negative feed backs on color. Also may be neat to have a saved blurb on color to send to a customer.
COLOR BLINDNESS DEFICIENCY TEST!! If you are interested, male or female.. take this test and then see how your color vision stacks up. If you are deficient you may want to have someone else confirm-double check your color observations stated in your descriptions.
the team at MDC Galleries and Fine Art
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This reply was modified 3 years, 4 months ago by
MDC Galleries & Fine Art.
That is the best thing to do and agree with all who replied.
We never know where any item has come from. It could have stayed in several homes before you aquired it.
Think about every time you go into an Antique Mall, Thrfit Store and how that environment smells. That Antique Mall smell is a combination of all of the items environments out gasing into that one environment. They all smell about the same no matter what state you visit them in. That is a combination of musty oils, polish, smoke, mold, mildew and god only knows what else. Those odors are also absorbed by all of the products placed in those environments.
so agree whole heartedly do not put anything into the Description area / listing that states about not having odors, smells, stains, etc. If anything state that it probably does, but that is wasting space. It is a description area, so describe the item and insert Product specifications / Item specifics.
As a last reminder, also wash your hands after handling your merchandise, before you pick up any food or eat and keep your hands out of your mouth until you do. Some of our old antique mall buddies wore gloves while handling their inventory. We just wash up after handling our stuff all day.
the team at MDC Galleries and Fine Art
Ryanne.. Saw your post this am but had to run to a doctors appointment and did not have time to reply. But before I do to save some time, did you get a solution for this issue yet?
Oh no.. It’s got to be the Phantom of the Opera!!
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