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10/29/2018 at 11:25 am in reply to: Scavenger Life Episode 382: Treasure Hunting with a Fishnet #50864
Christine and Jay: Love this discussion. Thanks for the information on Mercari. I might have to consider it, and I know that one of our boys purchased some shoes on Mercari (really cheap, so adding to your discussion of lower price points.)
At this point, we cross-post to Etsy through SixBit, then manually to Poshmark. Poshmark seems like a good outlet for our women’s items, so I will keep the focus on Poshmark with our women’s items. I think I will dabble with Grailed for men’s items in a couple of weeks. Mercari would be next, but with Q4 hitting solid, that may be too much!
Welcome to the forum! Love your thoughts on focusing on the High End.
My guess would be that by focusing your time, you are a very discriminating buyer. Do you also focus your time on WHERE you are sourcing at the same time? And how are you doing that and where are you shopping?
Week of 10/21-10/27
Total Items in Store: 2,801 (Up 68% YOY)
Number of Items Listed: 110
Number of Items Sold: 97 (Up 49% YOY)
(Includes 2 Etsy, 0 Bonanza, 0 TrueGether, 1 Poshmark)
Weekly STR: 15% (Down 2% YOY)Total Product Sales: $3,269 (Up 100% YOY)
Cost of Items Sold: $548
Highest Item Sold: $125 – Gathered Traditions Joe Spencer Pauline Pumpkin Witch Figure
Competition: Highest Priced Sale: Veronica wins the week (this one hurt…I had the top 5 items and in the lead, go hunting, and lose the week by $5…) and Veronica leads for the year 26-17Clothing
# Listed: 1,758
# Sold: 67
STR: 16%
ASP: $31.38Shoes
# Listed: 440
# Sold: 16
STR: 16%
ASP: $34.31Hard Goods
# Listed: 603
# Sold: 12
STR: 8%
ASP: $44.13Etsy
# Listed: 170
# Sold: 2
STR: 5%
ASP: $23.85Poshmark
# Listed: 100
# Sold: 1
STR: 5%
ASP: $25Sales for Q4 are still staying very strong. Lots of shipping going on around here! Veronica is doing great holding down the fort again while I leave later this week to go on my family elk hunt. Hope to fill the freezers for the winter.
Loved the conversation about work on the plane. I remember being a financial consultant back in the 90s, and travel day was like a day off (from the office). No cell phone, no internet, so just peace and quiet. Now you feel like you HAVE to work on the plane.
I’m interested in your ability to get photos via InkFrog. One nice thing about having everything on our hard drive with SixBit, is that when we go to crosslist manually to Poshmark (and probably Grailed when I get back from hunting), is that we already have the photos grouped by listing, so VERY easy to find and crosspost.
Funny thing happened this week. Looks like some things find their way to the Internet. Our oldest son found the episode of the game show LINGO that Veronica and I were on in 2006. Funny…you can see and hear how many times Veronica either gets the word or tells me the word. You can see why she kills me at Scrabble…
Ahh! Thanks Nancy!
Thanks. I think you are right, that the second level is fixed as well.
The majority of the items that I’m crossposting now are heavier (shoes, boots, suits, and jackets), so we could crack 5 lbs with just 2 items pretty quickly.
Thanks for the heads up!
Love the analogy…
Plus, Bread and Butter items are a MUST. They are your regenerating Cash Cow that you build on, with the occasional high end to help pop the profit.
I’m a baseball guy, so I look at it this way. The $15-$20 items (that you are looking for at least a 4x-8x ROI) are your singles. You get 4 singles, you score a run.
Now, I LOVE the Home Runs…but they are harder to find and more finicky to sell. So get enough singles and doubles, and you have a viable business.
Funny thing is, the best sourcing strategy is the reverse. Look for the Home Runs first. BUT, and VERY IMPORTANT…pick up the singles while you are there…
10/25/2018 at 3:12 pm in reply to: Scavenger Life Episode 382: Treasure Hunting with a Fishnet #50764Glad to help Winchester!
Hit me up directly anytime you have any questions about going full time, especially if you want to talk numbers.
Thanks Antarestar.
One of my “superpowers” is exactly that…being a project manager. I was a bird dog to the nth degree on projects, making sure things are done, done right, and on time. VERY hard to do without being a micromanager, but I was usually able to do that.
Once, we had 159mph winds at our warehouse, lost a LOT of inventory, and the inventory that wasn’t damaged we had to insure wasn’t contaminated. The rest had to be scrapped, and since we were Just In Time inventory to our customers, we had to make sure not to shut them down (and we incur penalties).
No lost time, and $3.1M in recovery from the insurance company…and I worked my second SMonday (I went in to work on Sunday morning and went home on Monday afternoon, no sleep).
Bird dog…it’s in my blood… 🙂
Hi Tom!
My name is Troy, and I’m a crazy reseller…
Working on my 30 day chip…
10/25/2018 at 2:24 pm in reply to: Scavenger Life Episode 382: Treasure Hunting with a Fishnet #50756Thanks! Veronica is great, isn’t she?!
I married well above my weight class… 🙂
10/25/2018 at 2:22 pm in reply to: Scavenger Life Episode 382: Treasure Hunting with a Fishnet #50754Jay/Inglewood: Agree with both of you. What we are selling now is different than it was in the past. Some things change in value and aren’t worth it any more (hence my constant vigil to look at “stale” inventory to make sure it isn’t past it’s selling window).
So what sells now may or may not sell tomorrow. And even if it does, is it worth your time ore have you Leveled Up and are past that now? I stopped on t-shirts that I have found because while I may find one worth it, I generally don’t, so I don’t waste the sourcing time on it. Shirts are now last on my list to look for, as I can do better $/hr on higher end items.
As Jay says, the secret sauce is being flexible on what you buy. Yes, there are riches in the niches, but you HAVE to love the niche and be able to bob and weave as it changes. That includes where you source those niches as well…
Yeah…but I was trained in my old job for this. LOTS of things that I THOUGHT…but never SAID… 🙂
Resale Support Group…I like that idea in general!
Our basic breakdown is similar to yours.
Less than 1 lb: First Class/Padded Flat Rate (if it fits). We don’t do calculated, we do a Flat Rate $4/$6.99
1-3lb: Calculated Parcel/Priority
> 3 lb: If smaller but heavy, use FedEx Smartpost/Parcel/Priority
> 3 lb: If larger in dimensions, Parcel/PriorityFedEx uses Dimensional Weight based on the size of the box, while the USPS uses primarily weight.
PS – Look into getting Priority Regional A and Regional B boxes online and keep on hand. Sometimes if you can get them to fit, you get better rates and the buyer get it faster.
Yeah…
We thought about doing an offer to buy this outright and list individually, but man, that would be a lot of work and he would have had to accept a $1000 offer (and he would NEVER do that).
We still list and sell these items when we can, but it is sometimes hard to get the good price. Most garage sellers want the eBay price for them, so we walk away…
Thanks BCFO: that was my question on the shipping as well. So, if you go over the 5lb limit, you have to cover it.
So, is it a flat rate that you eat? So the buyer ALWAYS only pays for $6.49 for shipping, even if it is 3 pairs of boots? And we just eat the overage on our margins on our end?
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