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Totally agree Jay. We all have the three T’s (Time, Talent, Treasure), but we can’t get more time.
That is where I want to eventually experiment. If I can crosslist to Poshmark at a rate of 30 items per hour, then what STR do I need to ensure that it is a better use of my time to do that vs. list during that hour? Also though is the risk mitigation, by not being 100% on one platform.
Like investing. Don’t put all your money on one stock. Or even just in stocks. If you have solid knowledge of multiple ways to invest, then when one item is down, the others are up. You smooth out your returns, and are less affected by one loss.
Trust me…you know I will have the numbers when I do this…If you aren’t measuring it, you don’t really want to improve…
Nice. I have noticed this as well, both on eBay and Etsy. Just a little sweetener seems to spark the sales.
I’m with you on that point Jay, but I like the idea of spreading out and not having the income on just one site. Multiple pipelines. Like how you have your eBay income, your rental income, and your video work. Multiple streams, so you are not 100% on one area. So a similar diversification for eCommerce.
The question to me is how much time it takes to crosslist/manage listings for the sales that you will reap? Is that generating a good cost/hr? If so, you get a higher velocity of sales and less dependency on any one site. If SixBit already had a link for Poshmark (something I’m asking for), then I think we would already be there. I know that Cyndi has been putting some serious time there, and it is working well for her. The key is the efficiency of crosslisting and managing those listings.
Poshmark is becoming interesting to me, and I’m thinking we will start later this year. I just need a good process around it to make the $/hr work.
Retro: If she is successful, send her our way!
Funny side note. I have a family member that is a ‘cooler’ at the gaming tables. Every time I was doing well at a roulette or craps table, when they came around, my luck flipped and I was losing. They hated all gambling (and generally I do, which is why I stick to Poker), so they just exuded that vibe, and losses would mount. When I would send them away, my luck would come back.
Mike: Tread carefully here. You can’t take a business deduction for inventory for resale AND take a personal deduction for donating that item.
When you calculate your COGS for Taxes, the formula is:
Beginning Inventory + Purchases – Ending Inventory = COGS
If you purchased the item for resale and included that purchase in either Beginning Inventory or Purchases, but it is not in Ending Inventory (because you donated it), your COGS is higher by that cost. You are reducing your Net Profit, and reducing your taxes.
If you then list the item as a Charitable Donation on your personal taxes…you double dipped.
If the item is a personal item, no problem. But if the item was in your Inventory, you can’t donate.
ChristineR: +1 on the sales. I have started using 10% sales to kickstart sales. Works well.
Mike: Very good point. Gotta have butts in the seats…
How did you get the buyer traffic data for both sites?
PS – This is the allure of Amazon…lots of buyers…but gotta have the right items at the right price and get them in the right place to be seen there… Big ocean, but how to get seen?
HomeDecorGuy: No. Tell all sellers it is bad. Then tell all the buyers it is good. Keeps out your competition… 🙂
Something I’m starting to research more: Blue Ocean Strategies…
ChristineR: Good idea.
I have tried auctions on clothing in the past, but they just don’t seem to work. For us, running a sale gets more sales. Works on Etsy too…
Wow. Words can’t express what I feel when I read that. There is so much that you had to slog through, so much pain and anguish, but ultimately, I see so much to be proud of now that you are on the other side.
Just…wow.
To answer your question: When we have the “bad buy”, we just discount it deeply and get it out the door. Sales beget sales, so selling one low item will help get other sales, you get some money back for the work you did to list, you make a buyer happy with a discounted item, and you hopefully get great feedback.
If that doesn’t work, just donate back. I REALLY hate that, but sometimes you just have to…
Amazing how you “need” to do laundry, clean house, or get groceries (cause the stores are empty at 10am on a Tuesday) when you have a lot of listing to do…
I love our photographer for that. We have a schedule with him, and we need to keep him fed with items. We list before we give to him, so we HAVE to stay on track!
Just remember, everything sells…eventually.
I swear, just seeing things in inventory (or tweaking a listing) is like making sure it sells. I have heard of a seller that talks to her inventory when it hasn’t sold. She tells it to find it’s new home.
She swears by it. I can’t confirm it…but I can’t deny it either… 🙂
I don’t miss that time in traffic. Always feels so unproductive (even when listening to podcasts).
That is the way to do it when you go full time. Keep to a schedule. You can take time for other things when you need to, but you don’t get paid if you ain’t listing. Something I have to get my family to remember.
I don’t get a paid vacation anymore…
