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09/26/2018 at 2:11 pm in reply to: Karen originally from Long Island now living in Pennsylvannia #49203
Nice store and nice items. You seem to be a lot like us, some really high end items that offset the low end items.
Where do you source primarily? Thrift Stores? Bins?
I have seen a decline in pricing on clothing over the last 12 months. Have you seen this as well?
Also, I have seen that the market on eBay is down on Men’s Casual Shirts and Jeans over 5% this year vs last year (on our Seller Hub graph). I had this confirmed by Griff at eBay. Are you seeing a similar market downturn YOY in your area (you are more women’s clothing it seems)? If so, what do you think is driving that downturn?
I would not do anything until you get some pictures of the damage so that you can assess the proper response. No photos, no refund.
Inglewood: For me, it would be to break down your profit/hour for each of these items.
Look at your total time to source at that location (door to door), the number of items you purchased on that trip, and get the number of items you find per hour at that location. At this point, I would assume that your time to list, photo, and research is the same across all locations. If not, add the extra time to the items at that location to your number of items you find per hour at that location. Then multiply by your net profit for items at that location.
I did a similar analysis earlier in our business building, looking at the time for us to source our products. We find something every 5 minutes, including travel time. So, if I can source something every 5 minutes, and I net $10/item, I’m making $120/item in my sourcing.
PS – You may have some locations that you can bundle with other locations. I have one good location that is unfortunately not close to other locations, but I keep it on our rotation. There is another location that is really hit or miss, but it is close to 2 other locations that are solid, so we put it on on the route. There is profit in chunking…
Welcome and we are all glad to have you. Feel free to ask any questions you have. This is a great forum for gaining knowledge.
Still, great ROI though! Spending $26 to make $605 for a 23X return? Good times!
totommyto: Completely agree. When I start to do the extra time (even if it is small), I want good return for my extra time. I’ll start on PM with the higher dollar items, as that is what can absorb the extra time spent to sell, and that is what I want the most eyes on.
It is funny, we had the one experience you had, where someone bought an item on eBay and the SAME item on TrueGether. They wanted 2, thought that they had found a pair. We sold them the one on eBay, and after contacting them, cancelled the sale on TrueGether.
But we have not had that happen since. I think that double selling MAY happen, but is so rare that it really isn’t an issue (until you are at a HUGE scale maybe). So, when I start the crossposting to PM, that will be the one place I have to manage it manually, but I should be able to do that. Everything will be on eBay first, so any PM sale will be removed from eBay (via SixBit). Any sale on eBay that has “-PM” in the SKU will be removed from Poshmark.
Now, if I can just get SixBit to add Poshmark… 🙂
Now, as to crossposting, I think for me the key is that you are getting different people. Just because we as resellers know about all the platforms, buyers don’t necessarily. Nor do they look for everything everywhere. Some like to stay on Etsy, some stay on Poshmark, others stay on eBay. I think that you are getting new eyes on your items.
As a numbers geek, I’m getting into other metrics now. $/Impression and $/Page View. How much money are we making on each Impression, and how much money are we getting for each Page View. When you think about it, that is what we are looking for. So more more views mean more sales. I’m tracking (and have been tracking) our traffic numbers for quite a while. By adding in our daily sales numbers, I can now see that we earn between $.60 and $.80 for each 100 impressions, and about $.40 per Page View. So every “click” we get on a listing is worth $.40 in Sales. More clicks, more revenue. The key is making a process to expand the clicks very efficient.
totommyto: Thanks, and I look forward to talking numbers again at some point. I have some ideas already to discuss!
Thanks on the Etsy side. We list everything on eBay, and then select what to crosslist to Etsy. I’m thinking to bite the bullet shortly and crosslist to PM for Q4. I get very single track minded sometimes, when I should just chunk my schedule and run on multiple tracks during the week, one track at a time (if that makes any sense).
Do you not crosslist just because of the logistics of doing so (having to pull down on one site when something sells on another)?
Love that!!!
Week of 9/16-9/22
Total Items in Store: 2,695 (Up 52% YOY)
Number of Items Listed: 121
Number of Items Sold: 89 (Up 35% YOY)
(Includes 1 Etsy, 0 Bonanza, 0 TrueGether)
Weekly STR: 14% (Down 2% YOY)Total Product Sales: $2,339 (Up 37% YOY)
Cost of Items Sold: $503
Highest Item Sold: $136 – Vintage Converse All Star Chuck Taylor Red Low Top Canvas Sneakers
Competition: Highest Priced Sale: Veronica wins the week and Veronica leads for the year 22-16eBay Clothing
# Listed: 1,678
# Sold: 71
STR: 18%
ASP: $23.94eBay Shoes
# Listed: 417
# Sold: 9
STR: 9%
ASP: $50.58eBay Hard Goods
# Listed: 600
# Sold: 8
STR: 6%
ASP: $20.48Etsy Hard Goods
# Listed: 161
# Sold: 1
STR: 3%
ASP: $14.88Business Improvement for the Week – Start new purchasing streams. Veronica has a lead on a few new online auctions, and I have a couple of liquidation sites that may prove fruitful. Going to start pulling some triggers this week.
We are also heading to Nebraska on Thursday for the annual Nebraska Junk Jaunt, a statewide garage sale. Hoping this year is better, as last year was a lot of overpriced items and not a lot of meat on the bone to resell. Good news is that we get to visit our oldest son at the same time.
Veronica did great on the Converse Chuck Taylor’s, now we just need the guy to pay. Good news is that we had a lot of auction activity, so if we have to, we will look to move those to a second chance offer.
totommyto: I would love to keep seeing your STR on Etsy. You are selling about 1% each week there, and we are similar lately. It would be interesting for us (and anyone else on Etsy) to show our STR on Etsy for comparison to each other as well as compared to eBay.
09/23/2018 at 10:51 pm in reply to: Scavenger Life Episode 377: Talking Numbers with TSatt (Troy) #49061aperture: “I have not been retired long enough to find out what pickleball is”
Ok…that was FUNNY!!!
09/23/2018 at 10:49 pm in reply to: Scavenger Life Episode 377: Talking Numbers with TSatt (Troy) #49060Itemsfromthesouth: I have not done any Poshmark at this point. We shifted our focus to studying new sourcing methods, as I’m more concerned with efficient and high ROI sourcing that we can do while I’m gone (preparing for my 5 week hike of the Colorado Trail next year).
Poshmark is like a thorn right now. I may just have to bite the bullet and try to start crossposting there after the Junk Jaunt. If it doesn’t have good results in Q4, then it isn’t worth it, but I really want to invest time into other sourcing avenues as well.
09/23/2018 at 10:45 pm in reply to: Scavenger Life Episode 377: Talking Numbers with TSatt (Troy) #49059Paulo: Glad you liked the podcast!
I love your mindset in what you laid out, looking for different long and short term ways to have your money work for you, finding investments as well as wealth preservation methods. There is too much to unpack in what you laid out, but by rereading a lot of what you laid out, and the thoughts behind why you are doing this, from a high-level perspective, there is a lot to learn there.
09/23/2018 at 10:40 pm in reply to: Scavenger Life Episode 377: Talking Numbers with TSatt (Troy) #49058aperture: I’m really glad the talk on numbers has helped. Let me know if you would like my spreadsheet to capture your numbers. Formulas are already done for you, just drop in some numbers once a week. I’m at tsatterf@yahoo.com if you would like my file.
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