This week I want to change the way I review my week of reselling. I plan to experiment with a few different layouts and this week I would like to include some actual figures (numbers), a few tips, and even some great sales that I had. This type of post is still a work in progress and I would greatly appreciate any feedback you have about the way the content is presented.
With that said, let’s jump right into what happened in my world of reselling last week…
I am proud to say that I got my eBay mojo back! 🙂
I’ve managed to list over 20 new items this past week. That’s 20 more items than I listed in the past month. 🙂 In fact, it had been over a month since I sold anything on eBay. Once I sold the book that I talked about in my previous post, I decided to get busy listing more items on eBay. Having shipped over 34 boxes of inventory to Amazon over the course of 2 weeks, I more than needed a break from listing, labeling and shipping! To my surprise, eBay has been a welcomed break. I am slowly making a dent in my backlog of inventory and I have seen sales slowly trickle in.
Lately I have been focusing on listing mostly auctions over on eBay. Out of the 12 items that I sold from the 27th through the 2nd, only one item was purchased via “Buy It Now.” (Looking back, I probably should have listed that item as an auction too.)
Over time I have actually grown to like auctions because I find that my items sell much faster than waiting for the right buyer to come along and purchase it via “Buy It Now.” Although I have no hard data to back this up, I feel that when I list something on auction, I always have more activity and appear higher in search results than if I listed the exact same item “Buy It Now.” Furthermore, I can usually get whatever I had in mind for an asking price through auctions and in some cases even more if bidders get into a bidding war.
As I go into this upcoming week, I plan to continue listing more auctions with the option to “Buy It Now.” My goal is to list more items than I listed the previous week. Hopefully that means that I can list at least 25 items.
This Week’s Expenses
I have severely decreased the amount of money I spend on new inventory until I can get through my backlog. Lately I have been HIGHLY selective about the inventory that I purchase — especially for eBay. This week I went a little overboard and spent $132.77 on new inventory. I spent a total of $23.95 on new eBay inventory and $108.82 for Amazon FBA inventory.
I am trying to gear up for back to school season, so I have been focusing a lot on purchasing used textbooks. Outside of books, I purchased one item for Amazon FBA that cost a whopping $20, but should gross $98. I have sold this item three times now, so if I can’t find it in a thrift store, I look for it online. I managed to find one online with free shipping and it arrived earlier this week. It will go out with next week’s shipment.
I haven’t done much shopping for inventory other than what I mentioned above because I have a lot that still needs to be sent into Amazon’s warehouse or listed on eBay.
Next week I plan to attend one estate sale and a book sale, but my budget will be restricted to $75. I anticipate that the bulk of that money will be spent at the estate sale.
Amazon FBA & eBay Sales of the Week
I had some good sales last week on both eBay and Amazon. Over on Amazon, I sold out of this clock in less than a week after being checked into Amazon’s warehouse.
I purchased four (4) of these clocks at an estate sale for $5 each. All four of them were new in box. Originally, I was going to sell them on eBay because my Terapeak app showed that they had a good sell-through rate in used condition. I figured that I could get more for them since they were new, however, once I realized that I would have to personally pack and ship each of these odd shaped boxes, I decided to send them into Amazon.
There were no current offers for this particular As Seen On TV model on Amazon, so I priced it similar to the sold listings on eBay. Each of these clocks sold within 1 week.
Over on eBay, this particular sale was my second highest sale last week in terms of ROI. I purchased this Lego set from the same yard sale where I purchased this. I paid $3 for the set which did not include the original box.
I did not know how to price it because it was missing the box, so I listed it via auction to let bidders decide. This was one of those auctions that I couldn’t keep my eyes off, mainly because at its peak, it had about 35 watchers. I have never had that many watchers on an auction before.
Total cost for all six (6) items = $23.00
Net profit (minus all fees, shipping, and cost of items) = $203.01
…that’s $203.01 that went towards my paying off my student loans. 🙂
Closing Reseller Insight/Advice…
Tip #1: If there is one thing that I learned this past week, it would be to not get so attached to your inventory that you fail to let it go because of how much money you have invested into it. I watched an interesting video a few weeks ago by Rev’s Rusty Retro Retail. In this video, Rev talked about removing stale or “oops” inventory from your possession even if you have to take a loss.
I couldn’t agree more. There were many items that I finally managed to list last week that had been languishing in my home for months. For many of those items, they sat languishing because I just had not sat down to list them, but for others, it was because I did at one point list them for sale, but I placed such a high price on them in the hopes of getting a decent profit that they didn’t sell.
Now I am operating in true liquidation mode! That means that I’ve stopped researching prices to figure out what I can get out of my inventory. Instead, I’m simply listing at least 90% of my inventory as an auction and letting the market decide what it is worth.
Tip #2: I turned over a new leaf last week by photographing every new item that I purchased within 48 hours of buying them. I haven’t done that in a while! Early on, I did, but as I began to acquire more inventory than I could handle, it just wasn’t possible. Now that I’m being more selective and getting a little more involved with liquidating my inventory, I am more diligent about getting things listed.
Your inventory isn’t making you any money when it’s sitting on a shelf somewhere unlisted.
The more I list and sell, the closer I am to knocking out one of my student loans completely!