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— Improve and streamline our sourcing. Goal is to only have to source on a Saturday 2 times per month by Q4. We will do this by exploring more online sources of inventory that we can buy and pickup locally or have shipped to us. The side benefit to this should be that we are increasing our ASP and Net Profit per item as well. ROI may go down (to 3X) but Profit/Hour will increase.
— Hike the Colorado Trail in August
bcfo: Yeah, this week made it feel more worth it to list the men’s stuff. I also did our first Mercari listings today as well.
I’m with Jay, great job and a ton of shipping!
Yeah, if you can get that ASP up, it is much more worth your time. When we have done some consignments in the past, we have had items we said we wouldn’t do since it was too low of a value and not worth our time. Now, we wouldn’t list for someone else unless it is $100 sales price item.
We checked out PirateShip and it is really a nice program. We are going to stay with ShipRush at this point, since it is a little faster for us to ship at this point, but I’m going to keep my eye on it.
Does PirateShip do well with GSP shipments? I read somewhere that when shipments go through GSP, that PirateShip has problems with that and you have to manually enter the address in Kentucky.
Ok, got good JuJu on Poshmark! Second men’s item sale in a row, and two days in a row.
Maybe it is worth it to keep men’s stuff there…
Amen on sorting by type. Today was shirt day…
Next is pants day, then suits…
Much faster.
Totally agree, but to get it, it ties us down to sourcing every Saturday (50% off days) and is not increasing the $/hr. Our goal for 2019 is to take at least 1 Saturday off each month and still maintain our listing activity, with the goal of being able to remove Saturday sourcing to only when we want to.
I like hard goals…they make me use the noggin a whole lot more…
🙂
Yep. It is a weird changing world in eCommerce…
Funny timing…just sold a sports coat on Poshmark last night. Second men’s item that has sold there.
I know the STR will be slower there right now, as I’m working from the top down on value when crossposting. But so far so good.
I wish that Poshmark had an API so that SixBit could consider adding them to the program. But they don’t, so Poshmark will HAVE to be manually handled on the backend.
Welcome! What part of Nebraska? Our son goes to college in York.
Where do you source? Estate sales, garage sales, thrift stores?
Welcome!
I’ll also double down on what Jay said. Do research first before you buy. As in all businesses, you buy your profit. If you overpay, thin margins. You won’t be perfect at first, and you may have a few misses as you get started, but that is just paying for the education on HOW to list. Just don’t blow a big wad of cash up front unless you are 100% CERTAIN you will get the return you want.
When I first started in clothes, it took me over an hour in to go through just one side of one rack of shirts, cause I was looking up just about every one. Now, I’m through that rack in about 5 minutes as I built up the knowledge of what sells.
“I think maybe we are selling weird vintage/collectibles to an older group of people. But do younger people buy all that stuff?”
A big question that we have on the vintage hard goods. We are watching to see how the younger kids tastes change. I know that we have a harder time sourcing the good vintage stuff sometimes. Older neighborhoods will have the stuff, as long as it isn’t overpriced. Newer couples and new neighborhoods sometimes just have cheap Wal-Mart Made in China stuff. Are the younger folks going to appreciate the older stuff, or just move to disposable stuff?
“I think there’s just more committed people selling online too. Estate Sale companies, thrift stores, and auction houses are now confidently selling online.”
Yep. I see that A LOT on the clothes. Harder to find, and prices are down in certain categories. Hence my move to look to pivot the type of clothes I’m going after (and just accept that some items we sell will only be a $7-$10 net, and make sure that the process on them is quick to keep up the $/hr.)
Yep Retro, it is amazing the feeling you get when you can go your own way. Either having a second income (like eBay) that you can develop, being out of debt, or just having FU money. You become very liberated at that time.
I remember when Veronica and I first got together, both had debt (her from Student Loans and me from Credit Cards from my previous relationship), car loans, and hard to see out from that mountain. I then remember that we took second jobs (one of which was at 1:30 am) so that we could pay this all off. And most joyously when we paid off our last debt besides our house. Very freeing! And when the house is paid off, even more.
Very cool Inglewood! I will love seeing your journey and how it progresses…
Tags are like your Prime Keywords you want on your item. We also use these in Item Specifics in eBay.
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