Your Prices are Killing You on eBay & Poshmark. The Magic $46.01 Rule.
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Күн бұрынFor supplies, a free trial on 1:1 mentorship and inventory to sell, check out www.dailyrefinement.com.
@dailyrefinement 10 ай бұрын
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@UsernameOG0 17 күн бұрын
The thing that kills me is on all platforms buyers send offers ridiculously low every single day. If you counter off anywhere near your original price it’s like a massive insult to them and they just decline. Half the time their offers would result in you losing money on your item if you were to accept their offer. I agree about “just find better items,” however that is the most difficult part of reselling. You can spend your day going to 10 thrift stores, pick up 50 items, and maybe, just maybe 5 of those items will be sold in the next 3 weeks. The rest will sit for months and be sold to mostly offers for less than desirable profits, and some of those items might not sell at all. So it takes experience to speed up your shopping trip, walk away with 25 items. Experience to learn new items to sell that have value, and new ways of finding inventory. It also can take a lot money sometimes accessing inventory like buying out huge lots from hidden places. It’s a constant job. Also the planning and designing systems to organize your business and managing hundreds or thousands of items. It’s an insane job honestly.
@Mindyourbusiness6665 10 ай бұрын
You can tell you are not thrifting in farm country like I do.. If I find Ariat i get excited.. Most of the time I am swimming in AE, RL and the rest of the mall brands
@dailyrefinement 10 ай бұрын
Same here in the city. 99% garbage
@ART55ODYSSEY 10 ай бұрын
Before finalizing the purchase, the buyer requested a waiver of the tax amount, stating that they would not proceed with the payment otherwise. Despite my initial listing not including any discounts, In response, I decided to offer a discount to accommodate their request. Its against eBay policy for buyer to do such things but eBay doesn't care Following the completion of the transaction, the buyer received the item but later contacted me with concerns about missing parts. I want to emphasize that I took every precaution to ensure that all components were included, as outlined in the original eBay listing. I sent photos but eBay didn't looked it. But eBay issued them refund putting me in minus .I couldn't dispute it because their page for dispute couldn't load .Very upset with eBay because its not protecting sellers. We should start a class action against eBay as a sellers.
@aitakc301 9 ай бұрын
The problem is ebay “ specialists”are foreign contractors answering the phone WHO NEVER SOLD ON EBAY
@faluqdah30 10 ай бұрын
SOOO Much valuable information in this video! Thank you so much!!
@flacostarr 10 ай бұрын
8:31 This is why I stopped doing free shipping.
@Jaycabra 10 ай бұрын
Awesome as always thanks
@scott8363 10 ай бұрын
Hi Chris, because you are reinvesting $80 a day back into buying more inventory this model really only nets you $43,800 of taxable income. $30K a year is spent back into new inventory to keep up with the 10 a day model.... Wouldn't it be better to mention this to resellers so they understand you are not netting $200 a day if you are spending $80 a day back to acquire 10 new items at $8 per item.
@dailyrefinement 10 ай бұрын
I’m netting way more than $200 a day in this store. I included reinvestment already.
@scott8363 10 ай бұрын
@@dailyrefinement yeah I get that. But your COGS is before your profit. You have to being money back to the store to spend again to keep the inventory train going. That’s what I’m saying. You spent $80 to make $200. But now you have to spend $80 from that to make another $200 and that always continues as long as you are shopping again after making the profit. The business requires an additional $80 a day to keep the train going. Am I missing something? This is all relating to basic numbers and basic sellers. Not your numbers specifically. Just the model in general. I spent $280 this week to net $700 on eBay. I have to go back to the store again this week to spend another $280 Leaving me with $420. Not $700.
@east_coast_poker8622 10 ай бұрын
Hey Scott. If these are your numbers then you are running a $12 profit per item business, not a $20 profit per item business. You should be getting your cost of goods back along with $20 profit per item profit. Your daily payout should be $280+ at 10 items with $8 COGs.
@aurimask8034 10 ай бұрын
You can see $80 COGS in the table at the start
@scott8363 10 ай бұрын
@@aurimask8034 I know that. I’m saying you still have to go to the store the next day to spend another $80 out of the profit from the previous buys after cogs. If I was making $200 a day after cogs and having to go back to spend $80 of that $200 on more inventory for tomorrow. I didn’t keep $200. I only kept $120.
@annakovan7841 10 ай бұрын
Yes, I have the question, probably like a lot of us. How to do 10 sales a day! A barely have 10 for 2 weeks…
@ReginaCrosco 10 ай бұрын
Thank you so much for your videos. I finally got my Ebay sales going!!! Im a poshmark seller but ebay is becoming my new favorite!!
@ConcernedCitizen-fx7du 10 ай бұрын
Poshmark sucks for me. I stared off on there and only my shoes sell. On EBay my clothes and shoes sell. I must admit in the beginning I was all over the place until I found my nitch. Now I’m only doing women dresses and jeans and I will only pick up jeans if they will net me $50 plus. But as for dresses that’s my nitche
@billargueta5458 10 ай бұрын
Just started an ebay store and finding out it is a job and a lot if work but hopefully with the right items at the right price i will see som success by this time next year.
@billiondollarbabymamatv 10 ай бұрын
Hey I recently found that same Eddie Bauer Aztec Jacket size 2XL 😍 at the goodwill bins N have if listed on my selling platforms ☺️ Good eye 👁️ Chris
@raid_or_die8962 10 ай бұрын
How I decide on a item is, if I research and realize it sells for enough that I know furshure will be enough profit then I get it. But if im on the fence I Calculator it out on my phone. For instance find a little brand new in pack makeup item that sells for $25 free shipping and they have 5.99 on it at the thrift. I do $23 (which is if I take a 5% off offer and round off to the closest doller) so $23 then do %15 on my Calculator. Then it will say $3.45. I add 0.30 cents for transaction fee. I know the math in my head for each doller amount + tax off the top of my head. 1.09-2.18-3.26 ect. And so I subtract that from my amount and then subtract how much I estimate shipping to be. So I think I can get $25. Do $23 beacuse might take a offer. Subtract 15% +0.30 cents transaction fee. Then subtract the cost of goods after tax. And subtract estimated shipping. Sounds complicated but when you've done it on your Calculator as many times as me it takes literally 2-3 seconds
@marmeone 9 ай бұрын
Chris, Can you broach the subject of taking consignment items? Or can you tell me where I can do some research? Websites, etc. I have checked some sites, but they are more generic in their approach. Some resellers get 70% and give the consignor 30%. Some are lower, and some are higher. Or does it depend on how quickly I can sell it or how much I can get for the item.
@lalarosen5491 10 ай бұрын
I signed up for the website but I cant locate the spreadsheet anywhere!
@cut_the_tags 10 ай бұрын
I am subscribed to your podcast on Patreon…I’m assuming this calculator isn’t available on there?
@dailyrefinement 10 ай бұрын
It is, bit.ly/TRPGUIDE
@cut_the_tags 10 ай бұрын
@@dailyrefinement thank you so much! And thank you for all your informative videos!
@EatPlayLoveCO 10 ай бұрын
Devil's advocate here, we know for a fact offers and price negotiation is king on Poshmark. What's your recommendation for the formula you've built out taking offers into account? I personally feel like I have to bloat my numbers about 20% on Posh to give me enough wiggle room for negotiations. I'd love to think if I posted them under market value, they would sell at that price listed, but people still want to offer less!
@renovatingspaces7067 10 ай бұрын
Thanks for shining the light on The elephant in the room. Buyers have gotten really smart and know what you're paying. They offer less no matter what. It's like they have the control knobs and, they do. I also have to pay to promote or it just sets. All of these issues need to factor in. Luckly for me, I'm buying at 1 to2 dollars in the Midwest or all of this would kill me. $8....no way. I have to go to flea markets and have a store I open once a month.
@dailyrefinement 10 ай бұрын
You just need to find items worth more, so an offer still falls in that range. My system is based on accepted offer amount not inflated bloat listed amount. Add 40% to my numbers for artificial bloat.
@cassandraknight8804 10 ай бұрын
In my opinion a profit is a profit it just has to sell.
@dailyrefinement 10 ай бұрын
That’s not a bad opinion
@lynnorlowski3937 10 ай бұрын
Do we still get access to the White pages if we sign up before September?
@dailyrefinement 10 ай бұрын
Yes
@sunrisesunset7 10 ай бұрын
Lets be real. If we had your inventory we would ALL be doing great. How about some videos on sourcing new items (name brand, not white label junk) to sell PLEASE!!!
@dailyrefinement 10 ай бұрын
I have wholesaled some of the inventory and people still do poorly, it’s not only the listings and it’s not only my audience, lol
@wolfmansgoodies 10 ай бұрын
Nice
@javascriptkiddie2718 10 ай бұрын
UPS overcharging shipping labels is killing me. I guess this is how they're paying the drivers' $170K salary. Done with them.
@davep5647 10 ай бұрын
Pirate Ship is what I hear
@ConservativePrincess Ай бұрын
Where do you get this calculator?
@rashawnpalmer7304 10 ай бұрын
Hey Chris I am a first time commenter but I started my eBay store recently inspired by you. eBay has just restricted my account indefinitely for no clear reason. I asked them what policy I violated and they didn’t give me a clear answer. My store has a 100% feedback and I have never had a missing or late shipment. Is there anything I can do to appeal this? Please help.
@dailyrefinement 10 ай бұрын
Same thing happened to me
@davep5647 10 ай бұрын
eBay is a horribly random,erratic,bizarre platform. Use the other ones
@sstiawAlleH 10 ай бұрын
I don’t understand why shipping is so high for customers then when you print out a label it’s almost 50% less.
@dailyrefinement 10 ай бұрын
Bc you entered the weight and dimensions incorrectly or you use a flat rate but charge calculated
@sstiawAlleH 10 ай бұрын
@@dailyrefinement I’m talking more about the eBay shipping discount for the seller. Even for flat rate. For example they pay for a label and it’s 10.90 but when we print it out it’s around 7.40 with eBay’s special ship price. Almost seems like we are scamming the customer.
@Merrill_Todd 10 ай бұрын
@@sstiawAlleHcustomer pays the retail shipping price we pay the eBay commercial discounted price, you can change it in settings to offer the buyer the price you pay.
@sstiawAlleH 10 ай бұрын
@@Merrill_Todd thanks didn’t know that!
@aitakc301 9 ай бұрын
Did u start selling 2 min ago
@dailyrefinement 10 ай бұрын
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@dailyrefinement 10 ай бұрын
Do you have a mental pricing model?
@enjoytheshow7457 10 ай бұрын
Chris got a question eBay authenticity every time i sell shoes for over 150 the do not pass the shoes. Now if there below 150 every single pair passes. I was wondering if i should include money with the shoes so the will pass them
@dailyrefinement 10 ай бұрын
@@enjoytheshow7457they’ll pass if they’re authentic, no bribe required
@storagewarriorpodcast 10 ай бұрын
Rather than $ profit I'm going for a 5x rule, so if I can sell for $100 I won't pay more than $20. Average selling price is also important to me (because we buy in bulk we typically pay
@bubbie23jw 10 ай бұрын
How can I get this calculator
@josephscott5665 10 ай бұрын
Still down know why you haven’t started a new Business ID and restarted on EBay.
@dailyrefinement 10 ай бұрын
😉
@pamprier4710 10 ай бұрын
@@dailyrefinement😂
@anonymousone777 10 ай бұрын
Hi what do you mean by new business ID? I’m also trying to start again on eBay after being unfairly banned
@bethnelson7602 10 ай бұрын
You need a social security number to start an eBay account and that does not change with a new account. It's against eBay Terms of Service to go around a ban. Play stupid games win stupid prizes.
@brookecarr835 9 ай бұрын
@@bethnelson7602 if you don’t know how, I’m not going to teach you. A business ID goes in place of the social security number when creating the account. 🫣🫢🥶
@foundthingsifound 10 ай бұрын
Are you still kicked off ebay?
@dailyrefinement 10 ай бұрын
😉
@nemod3338 7 ай бұрын
4:33 in section No10 under "Wasted Non Productive Time" most sellers need to include "the rest of the day" :D Even you, go to the toilet from time to time or have a meal, why do you keep it zero? Or do you hold it in until the brake? PS 5:26 "Selling" does not mean "Sold". It's not more valuable, just because you tag them so high. Silly stupidity.
@edition-deluxe 10 ай бұрын
Some of that fairy tale math.
@jonathanmontgomery7239 10 ай бұрын
How is it? He is about as real as it gets when he explains it.
@edition-deluxe 10 ай бұрын
"real"? a real conman who can't even sell online anymore because he was selling counterfeit. Yeah a great person to learn from and use as your mentor. LOL@@jonathanmontgomery7239
@dailyrefinement 10 ай бұрын
You mean actual math?
@edition-deluxe 10 ай бұрын
Nope, I'm referring to walking into a thrift store and finding multiple $50 items to sell, so you can sell 20 a day. That's a fairy tale@@dailyrefinement
@deborahelburn4720 10 ай бұрын
Glad it works for you, however that's a big investment of inventory to sell for $20-40 per item. I however, myself sold (1) product in various colors on EB & made enough to buy (8) pieces of land (later resold 7), put a manufactured home 1. Added a concrete parking pad, fenced yard, and various "stuff" for personal use. Proving your way really isn't cost efficient. Yet you got my 30 seconds to click bait your video for profit.
@dailyrefinement 10 ай бұрын
Hmm, interesting. I think you might have missed the part where I invest the profits into something with better leverage. Lol, you only told the first part of my story and compared it with your entire story
@aitakc301 9 ай бұрын
Looks like u the one seeking the attention 😒
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