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Amatino, it isn’t new, it has been there for a while. You could send an email to Griff and ask what that section is for, but if you are already using EAT, I wouldn’t worry about it.
We experience this sometimes as well, where we get the PayPal notification before the eBay notification. It usually syncs up in about an hour or so, so we just wait it out. It always bothers me when that happens though, as when we sell something on Bonanza or TruGether, the PayPal notification is the only one that we receive, so I need to know if I need to update SixBit with the order from those other platforms (so that SixBit doesn’t relist the item).
More often than not, the PayPal system will get 1-12 hours BEHIND ebay, and those notifications are way AFTER the sale on eBay.
No problem, and completely understandable.
Any time you are looking at a calculation of velocity, or rate in this case, you have to define over what time period the rate is used. I could say that my STR is .6% for the day, or 5% for a week, or 20% for a month. All are correct, but doing comparisons gets tougher. Most businesses will look at Inventory Turnover (a similar calculation) over a month, quarter, and year. The ones that I worked for always used these metrics based on a yearly rate (so a 4.0 Annual Turnover Rate was our target, regardless of if the period mentioned was over a month, quarter, or year).
So bringing that thought process to this business, I used STR instead of Inventory Turnover since STR is used more in the reselling community. Wanting to look at the rate weekly, but compare to what my monthly goals are, I convert the weekly rate into a monthly rate, so I’m always dealing with a similar number. That way, if my goal is a 20% STR, and the weekly rate converts to a 19% Monthly STR, I know that I was lower than expected that week. It would be harder to relate if my weekly rates were 4%, 5%, 4%, etc, to see how they roll up for the month.
I have seen an Inventory section on the site, but I have never used it. All our inventory was tracked in Excel, then the Easy Auction Tracker, and now SixBit.
You can play around in there and see if it does anything for you.
I LOVE “The Princess Bride”, and still one of the most quoted movies in my repertoire. My wife likes it but not as much.
But when I told her about “My Name Is Inigo Montoya, You Found My Estate Sale, Prepare To Buy”, she LOVED that!
“You keep using that word. I do not think it means what you think it means”
Weird. I’m not getting them at all in my email, and I don’t see them incoming into my spam folder. Is there any way that it could have been turned off on the SL site? I always click the box to send me emails, but I haven’t received any messages in weeks.
I have never had to use that code, but I asked Dr. G and found this link
Hope that helps if you need it again!
Your only good option is to contact the buyer and let them know that you missed this flaw, and see if they still want the item (you could give a partial refund as well).
Otherwise, you would have to have the buyer cancel the purchase.
LOL
Men’s clothes are the same. I had to learn the brands (and within them, the styles, colors, cuts, etc) to make the sourcing worth the time. When I first started, it would take over 1 hour to get through one average rack of clothes. Now I am out of the whole store in less than 1 hour, and only buying around 3% or less of what I see.
Ahh…fun with numbers!
You are correct in the basic math. STR is the number of items sold divided by the number of items in inventory.
The only tricky part is over what time period? If you watch Rockstar Flipper or 10k on the Bay on YouTube, you hear them talk about striving for a 1% STR. That is per day.
I like to keep things in a monthly STR rate. So when I look at my monthly sales numbers, I divide them by the beginning inventory for the month. To be 100% accurate, you would divide your sales for the month by the average inventory level for the month (but this is why I’m not a 100% accountant…it isn’t worth my time to get that accurate at this point.)
Because I like to keep things on a monthly STR rate, when I look at my weekly sales numbers, I divide them by 7 and then multiply them by 30, THEN I divide that number by the inventory. What I’m doing is taking my weekly sales, dividing by 7 to get a sales rate by day, then multiplying by 30 to get a monthly sales total at that weeks sales rate.
By doing this, I’m always dealing with an STR that has some relevance, regardless of the timeframe.
You can see why I was an accountant in my former life…because I’m still one now!
I rechecked again, and it is not in my spam folder. Are you seeing the messages being sent out?
“Be like the squirrels hiding their nuts.”
Thanks for the coffee through the nose this morning Jay…
PS – I’m no longer getting the emails when people reply on the blog. Did that get turned off? I always check the box, and I checked my spam filter and they aren’t there.
Double check your price through research and if you feel it is worth the higher price, hold out.
But remember, if October is your best month to sell it, buyers slow down purchasing their items about 2 weeks from when they want it. If you are prepared to hold out until after October, even until next year, hold out.
Explain during offers why your price is set, and show that you are willing to come down some (good faith).
This is the Art of the Deal… 🙂
We haven’t seen any issues with Promoted Listings either. We have sold 60 items in the past 31 days through Promoted Listings.
Week of 9/24-9/30
Total Items in Store: 1,806
Number of Items Listed: 104
Number of Items Sold: 77
Weekly STR: 18%
Total Product Sales: $2,007.52
Cost of Items Sold: $450.99
Gross Profit for Week: $1,323.85
Highest Item Sold: $155 – New UGG Emilie Black Leather Shearling Wedge Heel Boots
Competition: Highest Priced Sale: Veronica wins the week and Veronica leads for the year 23-15.September 2017
Number of Items Listed: 373 (Forecast: 400)
Number of Items Sold: 302 (Forecast: 349)
Monthly STR: 18% (Forecast: 20%)
Total Product Sales: $7,684 (Forecast: $7,590) – Increase of 43% YOY
Cost of Items Sold: $1,642 (Forecast: $1,897)
Gross Profit $5,072 (Forecast: $4,263)As an accountant, I have done forecasts for 20+ years. Love it when you miss forecast on a lot of your metrics, but the most important ones are up! We had a much better Average Selling Price and much better ROI than forecast, so I’ll take it! Also, at $9,607 Total Revenue, that is our best month ever. Solid going into Q4.
We opted into eBay Guaranteed Delivery (EGD) while we were at eBay Open, and it went live this week. Unfortunately, our items are not showing under the program. We called Concierge on Friday, and they initially said it was because we were using Best Offer. After I explained that you CAN have Best Offer and still be part of EGD, the rep said she had to do some more research and call me back. She called later and said that I was right, and that was not the issue. She then said that the rollout had been pushed back, and that was why are items were not showing.
Later in the day on Friday, there was a webinar on EGD that I sat in on that was the same basic info I had heard before, but they had a chat session. I asked why our items were not showing, and gave them my user ID. They sent me a link that I can use that will have the Buyer View of EGD (it has the toggle on the screen to filter on items that just offer EGD). I used that and sure enough, our items were not showing as offering Guaranteed Delivery. They had a technical team look at it, and they were not sure why they were not showing. They are supposed to call me on Monday and let me know the progress. Overall, I’m not worried, as I know that they will get the bugs worked out. I have done too many software implementations to get too worried. I just find the bugs, report on them and work on short term solutions while they get them fixed.
