Crossed Successfully into the Hundreds

I reached 100 feedback tonight.  I received my tourquoise star (although I have to say, I kind of like the color of the blue star better).

I know I said we would celebrate this occasion when the time came, and we will!  But tonight I've just gotten home from work, I'm stressed out about a work trip to Mexico I'm doing next week, and I really just need to get to bed.

Good night, folks, and happy 100 to me!

Taking eBay Out of the Equation

So along the lines of my post regarding my sales, I was equally astounded today to log into my account and discover that I owe eBay nearly $300 in seller fees.  It's not that I don't incorporate eBay fees into the price of my items, it's just that it irritates me that if I could lower my prices by HALF of what eBay charges me I could sell things twice as quickly, give two times the discounts and make twice as much money.

I'll give you an example.  I recently bought a Gucci bag that I intended to keep for myself.  Mistake.  It's white.  I have a two year old son.  You see where I'm going with this.  I got a really good price on the bag, but in order to recover my costs I have to sell it for 20% more than I paid for it on eBay, whereas on Bonanzle I would only pay $5 to complete the transaction.

As the summer comes to an end and the Fall merchandise starts to roll in it's becoming more difficult for me to find deals that are good enough to make a profit on eBay.  I keep thinking that if I ever do decide to turn this into a formal business I need to find a way to take eBay out of the equation but continue to get as many views on my items as I do there.

I thought at first that would be nearly impossible, but I recently bought a subscription to Terapeak and got a free subscription to Sellebrity, an eBay reearch service that allows you to see how many people are visiting your items, where they are located, and which items they're looking at.  On a GREAT day I get about 114 visits total.  On a poor day, like Saturday, I get about 40.  On Bonanzle, on the other hand, I get about 35 visits on a good day, and on this blog I get about 18 people visiting and about 35 page loads, again, on a good day.

I'm not sure that I'm really to take the leap into creating my own virtual store and driving my own traffic.  I don't have the first idea about how to do that, and as much as eBay is clearly not without its risks, I don't know that I would trust an unknown website more than I would trust an eBay seller with excellent feedback.

What do you guys think??  If I set up my own online store and could offer my items at a slightly lower price (which, by the way, I can do off eBay for blog readers), would you buy from me??

In Case You Hadn't Noticed...

...I updated my sales figures in the header at the top of my blog entries.  I kept talking about what a good week last week was.  Here's how good it actually was - I had over $1100 in sales.

I keep waiting for the universe to strike me down or something.  Knock on wood for me.

Check Out What's In Store for Me!

Get it?  "In store"?  Ha ha ha.

I went to replenish my inventory as mentioned (thanks for all the suggestions, by the way.  I could hear the crickets chirping all the way to the mall!) and I got a few things I've had my eye on for a while now.  Unfortunately I don't think I've ever had a shopping trip where I bought so many things for the store that I'm really hoping don't sell so I can keep them for myself.

You ready?  Tell me what you guys think!  Sorry about my creative use of shopping bags in the shoes.  I'm ok with modeling clothes but given the experience I shared in this post, I'm really reticent to model shoes!

Kooba Leather Clutch

Diane Von Furstenberg Maxi Dress XS/S

Sam Edelman Wedges Size 7 (PS: If you like these let me know - I can get them in just about every other size).  I totally bought these for me.  They'll never sell on eBay.

Black YSL Gladiator Strappy Sandals Size 37.5 / 7.5 (another ME purchase, though sadly these probably will sell)

Brown Flat YSL Gladiator Sandals Size 38

There are a couple of other things but I haven't quite figured out how to photograph them yet.  I need to take some real pictures of these things for eBay as well, but I'll be listing this stuff tonight.  Cross your fingers that next week is as good sales-wise as last week!

Good Lord, I'm Loaded

I've just had pretty much the best sales week of my entire eBay run, and I've got a ton of money burning a hole in my Paypal account.  I plan on using this money, in addition to a few discounts I've accumulated at major department stores, to replenish my inventory.

My question to you guys is ... what should I get???

Please please please leave me comments about what you would like to see in my eBay store!!

Pretty please?

Thanks, guys.

Having a Great Auction Week!

I don't really have anything super interesting to say tonight.  I'm having a fantastic week with my auctions, so I just wanted to share some of my successes.

I had a couple of Coach bags left over from a special project I took on a couple of weeks back, and since "Coach" is one of the most popular search terms on eBay I figured it would probably help my other auctions if I listed these two bags for a super low price instead of returning them to the store.  I sold one of them today and the other has a bunch of bids, so that's making me feel good about my decision.

I also got a bid on the Christian Louboutin Mary Janes I am selling, and it's high enough for me to make a small profit.  I was starting to be afraid I would get stuck with these shoes, even though they're super hot, just like I got stuck with those AMAZING Dior sandals in my avatar.  I listed those this week, as well - for $9.99!  Thankfully they're up to $60 or so with 2 days to go - although that's still quite a ways from what I paid for them, I figured that's a sunk cost at this point and I really need to get some of my money back to invest in other items.

Finally, I had taken on a T Bags maxi dress to sell for a friend and I'm happy to report she got a GREAT price for it.  It sold to someone in France for $150.  Apparently these maxi dresses are HOT on eBay, so I went and got the two I modeled for you earlier.

Oh, one last thing!  I'm having my monthly Bonanza tomorrow in my Bonanzle booth!  I know you guys are probably sick of my stuff and have seen it a million times, but stop by and say hello!  It's http://www.bonanzle.com/booths/notyomamasclothing.

Good night!

I think my next move may be a career in modeling...

I think a picture speaks a thousand words, don't you?

My Buyers Rock - Customer Appreciation Post!

How can you guys resist this hotness? What style! What shoes! And she got a great deal on them, too. :)

Thanks for the pic, RB!  Keep rocking those L.A.M.B's!

Can You Say "Value Proposition"?

I've been thinking about the term "value proposition" a lot.  After I wrote that post last week about why I wouldn't quit my job and turn this venture into a "real" i.e. formal business, I started chatting with a friend of mine who also happens to have a business degree about what it would take to turn what I do into a real, scalable business.  That's definitely an idea I want to explore further, but I'm going to leave that for another post.

 

All this thinking about turning my side job into a real business has got me thinking about my "value proposition."  One thing we talk about a lot at my "real" job is whether firms set their customers' expectations, or whether customers have intrinsic expectations that they bring from their experiences with other companies.  To that end, I've been wanting to post my "value proposition" on my eBay "Me" page to help give my customers an idea about what to expect when they interact with me.

Some of the things I look for in sellers, and I pride myself on providing, are:

• 1) I respondly very promptly to questions and any other type of communication.  I never go more than 24 hours without responding to a buyer's email - usually it's no more than 2.
• 2) When a buyer pays me, I acknowledge their payment and let them know when their package will be shipped.  There is nothing more frustrating than buying something and then hearing absolutely nothing until the thing arrives.
• 3) On eBay, I leave positive feedback immediately after receiving payment.
• 4) I don't charge more for shipping than it actually cost me.  If the buyer has overpaid, I do a partial refund and send them money back, even if it's cents.
• 5) On eBay I promise to ship within 2 business days, but I usually ship as soon as possible after I receive payment.  Sometimes it's the same day, most times when I receive payment while I'm at my day job it's the following morning.
• 6) I keep an eye on the tracking and follow up with buyers when it changes to "delivered" to make sure the buyer is happy with what they've received.

Is there anything I'm missing that you think I should be doing but I'm not?  What are your expectations when you buy something online?

3 Risks of Buying and Selling Online, Part Deux

Ok, so I kinda left you hanging yesterday with my lame post.  Sorry.  It's just that the title of today's post - the risks of buying and selling online - have been on my mind lately.

During the last few weeks I've been participating in an online forum called the Purse Blog Forum.  The Purse Blog Forum originally started as a place for handbag lovers to come and discuss their addiction of choice - Chanel, Balenciaga, LV, Gucci, Fendi, Prada, etc etc...  It's grown to be a fairly large online community that also accommodates shoe lovers, jewelry lovers, and avid shoppers in general.

There is a section in the Purse Blog Forum dedicated to buying and selling on eBay.  It seems like every other day (more like every day) a thread will pop up detailing how some poor unfortunate buyer or seller was defrauded through eBay or Bonanzle.  Reading the stories makes me feel very vulnerable to the risks I'm taking, but it's almost like the proverbial accident on the interstate - I can't stop looking.

Granted, as a seller I am probably less of a target for scams than I would be as a buyer.  However, I've chosen to take certain risks that leave me open to being taken.

In general, I've come to the conclusion that if I really want my business to grow, and if my focus is on maximizing sales while minimizing costs, I have to continue to take some risks, with a few safeguards.  Here are the things I will and will not do while trading online:

1) The Nature of My Items.  Though I have found some AMAZING deals on more expensive items, I tend to limit my online inventory to items I am fully prepared to lose.  My mental limit is $300.  All businesses are exposed to risk, and while I have not had any problems I am fully aware that I might lose one of my items at any point.  $300 is the most I am willing to risk in an eBay transaction - as measured by what I paid for the item, not how much the buyer paid me.  The exception to this is when I am trading OFF eBay with some of my non-eBay clients - but for the most part these are people I know and trust.

2) Shipping Abroad.  Being a foreigner myself, I find it slightly offensive that some sellers would consider it more risky to sell abroad, and refuse to do it altogether.  Some of them won't even ship to Canada.  Given what I've already said in point number 1, I will ship nearly anywhere using Priority Mail with tracking and signature confirmation.  About a third from my sales have come from abroad, and I'm not about to lose a third of my sales!

3) Buying and Selling Off eBay.  eBay is very fond of scaring people into not doing off-eBay transactions.  I personally think it's a bunch of hooey - all they want is their fees.  Of course, certain precautionary measures have to be taken.  As a buyer, request an invoice with a description of the item, and pay with Paypal using your credit card.  If something goes wrong, try to get your money back through Paypal but if worse comes to worse, do a chargeback on your credit card.  As a seller, you're probably a lot less likely to get ripped off off eBay, because ON eBay buyers have all the power.

4) Accepting Returns.  The number one scam perpetrated toward sellers is the "bait and switch" - buying a real item, exchanging for a fake.  It goes something like this: Buyer says: Thanks, I got the item but it's not what I wanted, if you don't let me return it I will give you a negative.  Seller says: Fine, send the item back and I will give you a refund.   Buyer sends fake item.  Seller says: This isn't the same item I sent you.  eBay says: Too bad seller, you have no way of proving that.  Send the buyer a refund!  From my perspective this can happen whether you openly accept returns or not (and also - remember point number one).

I know it's only a matter of time before I have a negative eBay experience, but I think it comes with the territory.  If and when it does happen, believe me, you will be the first to hear about it!

The Risks of Buying and Selling on the Internet

I choose to ignore them.  No risk, no reward.  Basic financial theory.
More about this later.  Right now, I'm watching Spain v Holland and MAN is it exciting!

The Secret to Getting Designer Shoes Cheap

You guys all know I make a small profit on the shoes I sell online.  That's the business I'm in.  And as expensive as many of these shoes seem, most of my prices reflect a 70% discount, even after I've incorporated eBay fees and a small profit into the price.

I mentioned before in this post that there are a few very easy things you can do to get shoes at a steep discount.  Today I'm going to give you a real life example of how I got $900 shoes for $240.  I won't tell you which shoes, but let's just say it's a shoe that's been among my eBay items, either past or present.

I visit my secret supplier just about every other weekend.  Once there, I scout the shoe section for shoes in desirable - but most importantly - well known designer brands.  The place I visit generally has ongoing discounts as well as regular-price items (which are already discounted off the original retail price, but still not discounted enough).  Brands I look for include Louboutin (always on the lookout for red soles!), Blahnik, Choo, Gucci, Prada, Zanotti, and to a lesser extent Kate Spade, Tory Burch, and other contemporary non-premium designers.  Once in a while, an Alaia will catch my attention and I'll consider getting one (I have two in my stores right now), but as premium as Alaia shoes are most people who shop on eBay don't recognize the brand.

A few weeks back  I spotted one very desirable shoe in a good size still at regular price.  The shoe was $400, marked down from $900.  Still too expensive for me to resell, since I'd have to sell them for close to $500 - less than 50% off - to make a profit on eBay.  However, it was a shoe that I knew wouldn't last long, so I had to be willing to take a risk if I was going to let it go.  I also know that my secret supplier regularly gets good, discounted shoes in this brand, and that if I set this one free another one would come along shortly.  Finally, I also knew that, with the 4th of July coming up, a sale had to be just around the corner.

So I waited.  Bided my time, if you will.  Finally, about a week into my wait I received a coupon in my inbox for my secret supplier. 40% off for two days only.   I also received an invitation to participate in their 4th of July sale - 30% off your entire purchase.  Sadly I couldn't combine the two offers, but the emails did give me an idea for the time frame for purchasing my shoe.  At that point, I knew it was time to act BEFORE the hordes descended onto my secret supplier for the 30% off sale and discovered my previous shoes.  The day BEFORE the sales and the coupon period were about to start, I called the store and asked to speak to a Sales Associate I work with often.  I told her I wanted to come down that night and buy the shoe and could she please set it aside for me.  She agreed, of course, but let me know she could only hold it until the end of the day.

Now, since I frequent my secret supplier so often, I knew what would happen to my shoes once the store closed.  They would stay in a "hold" drawer behind the cash register overnight, and be put back on the racks first thing in the morning.  So at 11:01 - one minute after the store opened - on the day my coupon became valid I called the store again and asked if my shoes were still there.  They were, of course, otherwise I wouldn't be telling you this story.  I asked whether I could but them over the phone and use my coupon.  And of course, I could.  The fate of the shoes?  They came home with me, and lived happily ever after, for $240.

The End

5 Reasons Why I Don't Quit My Job and Become a Full Time Shopper

1) Stress.  In general, I stress about two things related to running my business.  The first is getting negative feedback and the second is being unable to sell things and winding up more in debt than I started.

2) Money.  At a whopping profit of - MAX - $500 a month (before taxes, and that's if I'm doing the numbers right), my family would starve to death.  It would help if eBay didn't charge such astronomical fees - or if Bonanzle traffic picked up a bit - but that's still only a small faction of what I make doing my full time job.

3) Energy.  I took the day off Thurs and Friday, and yesterday was a public holiday in the U.S., so I had 5 full days of tracking down ridiculously expensive crap for cheap, and as fun as that is, it's exhausting!!

4) Location.  I mentioned in a previous post that I'm here on a work visa.  It's a company-sponsored work visa.  And no, despite the fact that I've been here for a gagillion years and I'm probably as American as they come, I can't get a Green Card.  If I quit my full time job I'd have to pack up my stuff and move to Europe (where I can get hot shoes for cheap, but where supermarkets don't open on Sunday, so no thanks!) or Nicaragua (where I'd throw myself in front of the first oncoming ox-drawn cart I laid my eyes on).

5) Money.  Did I mention money?  My margin on the things I sell is not very high.  Typically I try to make between $15 and $50 on shoes and $10 to $20 on clothes, depending on how good a deal I got and how good a deal I can give the customer.  I don't like selling things that don't allow me to offer at least a 50% discount on retail, so that limits the margin or fee I can keep for myself.

As you can probably tell, after five days of shopping, hanging out online and spending a ton of time with my son, this list is my way of convincing myself becoming a full time retailer is a BAD idea.  I like my full time job, I really do, but I love the independance my side business provides.

Alright folks.  Back to work before my boss catches me blogging on the job.  Hope you all had as nice a weekend as I did!

I Love Happy Customers

My favorite customer Maria in her brand spankin' new Louboutin Declic 90's.

Just had to share! :)

Thinking Outside the Box

I have a creative side.  Those of you who know me know I like doing things that surprise people.  I don't like doing what everyone expects, and that can sometimes get irritating for people who don't like to color outside the lines.

I've been giving some thought to why some of my shoes haven't been selling as well as I would like.  I looked at the number of impressions they got (how many times they showed up in searches), I looked at the number of clicks they got, and calculated my "click-through" rate to see how many people who found my item in their search ended up clicking on it.

I came to three conclusions.  First, some of my items were not titled properly, and therefore not too many people found them.  Second, the price might not be attractive enough to make them want to click through and third, the pictures were not attractive enough to make them click through.  Well, number one and number three are an easy fix.  For number one I subscribed to Terapeak, an eBay research tool, to help me set a better title for my auctions.  For number three, I improved the quality of the pictures I'm posting in my gallery, but I also did this:

I'm using these for my gallery picture, hoping that they will stand out and make people curious, leading them to click through to the item description.  It's a risk, I realize, because some people may be put off by the "weird" gallery pictures, but at the same time I want my listings to reflect my personality.  I want them to be fun, not cookie cutter and boring.

What do you think?  Would you click through if you saw these in search results?