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@Doubly: Congrats on the $100k club!
@millionaredojo: Great article!
@call_me_raoul: What types of items do you sell?
Good job on refining the process. So important to make small changes and improve!
Week of 04/14-04/20
Total Items in Store: 3,143 (Up 55% YOY)
Number of Items Listed: 136
Number of Items Sold: 91 (Up 28% YOY)
(Includes 3 Etsy, 7 Poshmark, 0 Bonanza, 0 TrueGether)
Weekly STR: 13% (Down 3% YOY)Total Product Sales: $2,715 (Up 58% YOY)
Sales Volume Variance to Prior Year: Up $484
Sales Price Variance to Prior Year: Down $511
Cost of Items Sold: $503
Cost of Labor: $130
Highest Item Sold: $95 – VTG Cast Iron Dutch Oven
Competition: Highest Priced Sale: Veronica wins the week and Veronica leads for the year 10-7.Clothing
# Listed: 1,866
# Sold: 60
STR: 14%
ASP: $27Shoes
# Listed: 695
# Sold: 24
STR: 15%
ASP: $34.16Hard Goods
# Listed: 582
# Sold: 7
STR: 5%
ASP: $39.21EBay
# Listed: 3,143
# Sold: 81
STR: 11%
ASP: $28.27Etsy
# Listed: 233
# Sold: 3
STR: 6%
ASP: $26.50Poshmark
# Listed: 723
# Sold: 7
STR: 4%
ASP: $49.29Love the conversation about it being Deferred Income. It is 100% accurate. When you are buying inventory, and putting work into that inventory to get it listed, you are creating future income. Coming from my accounting background, this is how I view assets, as future income. This is why if we were all on Accrual Accounting, then the work that we do today (or pay for today), would actually attach to the inventory we have on hand. Then our Inventory Value would represent both the cost to purchase as well as the labor to list it. When it sells, our COGS would reflect a more accurate picture of our “costs”. But I feel it is important to look at your inventory as future revenue.
So, a good thing to look at for everyone. Look on your total Active listings page, where it shows your number of listings and the total dollar value that you have listed. Imagine that in a pinch, if times were tough, how much you would discount your entire store (for us, that would be 50%). Then that is the minimum about of future income you have coming to you. Maybe not all at once, as just discounting doesn’t mean a sale, but you get my drift. You can look at what you have listed, and think about the amount of money you can have come back to you.
Makes me smile when I need it sometimes… 🙂
04/22/2019 at 11:56 am in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60639@call_me_raoul: Sorry for the late response, been busy!
In a way, you have to do both. You have to get more listings up, period. The best way to have growing sales is to have growing listings. At some point, you will find your stasis point (where the amount you sell per week is equal to what you are listing per week.) And for us, it is important to know that that goal level of sales per week is. For us, that is in the 150-175 level. At the ASP that we are running at, we want to sell 150+ items per week. That means we need to list 150 items per week. So we do that. The sales will come later, but we have to do the number of listings NOW to get the number of sales LATER. (Deferred Income…loved that in this weeks podcast).
But…you have to stay up on the market on the items you are selling. We have best offer on all our items, and we routinely look at what the market price is on some items and adjust prices accordingly. This is one reason that I love SixBit. I can quickly drill into the listings by brand, by type, etc., and change those prices (either in bulk or individually) very fast. Well worth the money for us now that we are at 3000+ listings (and growing).
04/17/2019 at 1:16 pm in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60406@Almasty: “It just takes hard work.”
Amen. So many things that are worthwhile do.
Anything that is attained easily will have little value to the recipient.
04/17/2019 at 1:13 pm in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60405Amen Mike!
Downside is that I am being pulled in two directions at once right now. One is my drive to work hard, and now work even harder to prep for the hike of the Colorado Trail (looking to head out on August 4).
But, the other side is that I need to get more time AWAY from work so that I’m ensuring my body is ready for a month of walking 20-25 miles per day with a 40lb pack.
So…I need to work hard, and spend more time away from work…
Yeah…good times!
04/17/2019 at 1:10 pm in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60403@Marie in Florida: We just crank! We make our listing process as efficient as possible, use templates to prefill a lot of data, and then move.
Now, to be honest, most of these are clothes, so it lends itself to higher volume. We are waaaay slower on hard goods… 🙂
04/16/2019 at 7:26 pm in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60353@call_me_raoul: That is one think I like about SixBit…Auto Accept/Decline can be set using % or in $. Nice to pick your poison!
04/16/2019 at 7:24 pm in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60352@SEAM: Glad you are felling better!
04/16/2019 at 11:30 am in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60298@AtomicStar: Amen on the Mexican Sister!
I grew up in New Mexico, Veronica has ties to Phoenix. We like GOOD mexican…mostly our own.
I love how the gringa blonde white girl I married makes the BEST enchiladas. AMAZING. Now we have to learn how to make the mexican cream cheese we buy at a restaurant (they make the most amazing cream cheese on their enchiladas, and you can buy it from them too). That cheese makes those enchiladas NEXT LEVEL!
04/16/2019 at 11:26 am in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60296@AtomicStar: Love that!
As I tell our boys…”Mom and I have money…you are poor.”
04/16/2019 at 11:15 am in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60293Didn’t really talk much about our week (we are really in a crank mode right now!), but thought I would pass on a Poshmark story.
We had an item marked as delivered, but the buyer said that they couldn’t locate it. Funds were on hold for a couple of days, then they were released with the following message:
“We are reaching out to you regarding your recent sale, “Allen Edmonds Burton Derby Oxford Dress Shoes”. Although USPS tracked this order as delivered, the buyer is unable to locate it. Therefore, we have processed this as a lost package and will be compensating both sides. We have added your earnings to your account, while also refunding your buyer as part of the protection we provide each of our users.”
Money received today. Solid customer service on their end.
Now to see what happens on the Poshmark INAD we have open for the shade of blue on a sport coat…
04/16/2019 at 11:12 am in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60291@AtomicStar: Yep, this is Troy!
We are loving the Applebee’s deal right now, with 1/2 price appetizers, when we visit our son and his girlfriend in Nebraska. Great treat for hungry college kids and at a much lower price!
PS – It is Taco Tuesday at Fuzzy’s Tacos if you have one in your area!!! 🙂
04/16/2019 at 11:03 am in reply to: Scavenger Life Episode 406: Disposable Income, WTF is that? #60288I love that phrase: You can afford anything, you just can’t afford everything.
That should be mandatory learning as well. Boy do I wish schools were better these days, but I guess that is what parenting is for: teaching philosophy, psychology, and mental training for the next generation.
This is why I am STILL in school today…just not the one that requires classes. Between books and YouTube, you can get a HELL of an education in these arts at no cost…should we only use them…
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