I really appreciate your focus on the business aspect of reselling. The numbers are so important, and many of us fail to go through the "what if" exercise when sourcing. We follow our guts rather than our heads. We need to remember that we aren't purchasing for ourselves, but rather, for our customers. What are they willing to pay for these items, and what is a realistic return?
You are the most well spoken person I have come across by far. You make all of these business terms that, as a total newb, I have never heard before. Everything was easy to grasp and I genuinely feel a lot more confident in taking the next step. So thank you for providing this invaluable information for free!!! You are an Angel
I watch a lot of videos looking for information just like this and I can say that this is the most productive video I've seen thus for. Been doing this for 13 years with COG ave $5 and ASP of $57 ! Thanks Mogi
Thank you for another quality video full of practical and good information. I would love to see a video like this focusing on Goodwill/thrift sourcing.
Such a great video! I used to really focus on my profit margin but I've let that go. I'd much rather have an overall higher net profit than high profit margin, so long as I have the capital to invest in that inventory.
Thx for your 50 brands bolo list and great helpful vids , sold a NWT ANINE Bing black blouse today for a Great profit , I remembered the brand from your vid in the past . 😘 🙏
Great video! I would love to see you touch on the subject of total COGs. If a person purchases 100 items and has a 50% sell thru rate then they would have 50% of their inventory that did not sell. These COGS need to be accounted for at some point in the life of the business. Good margins on items that sell cover unsold inventory. Everyone needs an exit strategy from old, stale, dated inventory to maintain high margins.
@@MogiBeth Agreed. I think a lot of resellers see all the profit but don't account for unsold inventory in their COG. It is easy to track profit but at some point we have to account for losses which includes items that have not sold in a few years. Not everything sells...not for Wal-Mart, nor Nordstrom, nor you and I. I am just saying there needs to be a larger discussion about unsold items and an exit strategy to recover what you can. You can't carry fashion items in inventory for 4 or 5 years..The value of those go down dramatically as each season passes. New sellers don't understand about controlling inventory with markdowns. I follow retail trends and advertising. If Nordstroms is blowing it out then so am I...I will carry over 1st and 2nd season items but not older styles....I just don't hear alot about selling dead, unsold inventory. Everyone seems to prove building stores and increasing inventory. I have 2000 items listed. That is not a badge of honor. That is 2000 items I thought would sell but haven't. Some will eventually but some are just mistakes or I missed the momentum. Time to get my money back and buy more items with a fresh opportunity to make money.
You take a big chance sourcing high-priced brands and items. I've bought several luxury brands (Escada, Armani) only to see them sit for months and many of them I had to consign. I found a thrift store that on Tues. sells clothing & accessories 3 for $1. And since then, I'm spoiled and won't spend more than $2 on clothing & accessories. As for time spent listing, I stopped taking as many photos. I often find the stock photo and will show that instead. This works for new w/tags.
Do you ever list an item on more than one platform at the same time? If you do, what if that item is purchased on both platforms such as Poshmark and EBay? Isn’t that risky to lose a customer and get a poor review? Thx for all the valuable information!!
Very informative video. Doesn’t the market tell us how much our products are worth? Even if the goal to to sell it for $17 and not $10, wouldn’t supply and demand dictate the price?
@@MogiBeth Your saying to buy products based on what I would like my profit margin to be based on the comps. I should know this I have watched so many of your videos and others resellers videos. I do know that I would like to make a $20 to $40 profit so I changed what types of products I buy. Thanks. I had a brain freeze there.
I really appreciate your focus on the business aspect of reselling. The numbers are so important, and many of us fail to go through the "what if" exercise when sourcing. We follow our guts rather than our heads. We need to remember that we aren't purchasing for ourselves, but rather, for our customers. What are they willing to pay for these items, and what is a realistic return?
Thank you!! I love these business focused videos, I always learn so much
I feel like I was sitting in class watching this video, but in a good way! Like reseller school. Thanks Professor Mogi, haha!
Retail Arbitraige love to see it would help when sourcing great information
Ran to this upload!! :) Thanks for sharing girl! I always learn something new from your videos!
You are the most well spoken person I have come across by far. You make all of these business terms that, as a total newb, I have never heard before. Everything was easy to grasp and I genuinely feel a lot more confident in taking the next step. So thank you for providing this invaluable information for free!!! You are an Angel
This was a great watch - I always appreciate a good visual aid. Thank you for sharing! I would love to see this applied to RA in the future :)
Thanks for the video! It was very helpful ☺️💕
I watch a lot of videos looking for information just like this and I can say that this is the most productive video I've seen thus for. Been doing this for 13 years with COG ave $5 and ASP of $57
! Thanks Mogi
I love watching you! You are so helpful. I definitely need to focus more on my profit margins.
Hands down most valuable video! Thank you!
Another great informative video! Thank you. In answer to your closing question would love to ski this applied to a bins haul.
Thank you for another quality video full of practical and good information. I would love to see a video like this focusing on Goodwill/thrift sourcing.
Thanks for the tips!
Wow! This was amazing and so helpful! Thank you for all the work you've put in to this:)
Super informative as usual. Love the video! Would love to see a vid where this is applied on a retail arbitrage sourcing trip! 😊
Fantastic video! Thank you!
Great video! Thank you!!👍🏻😃
Such a great video! I used to really focus on my profit margin but I've let that go. I'd much rather have an overall higher net profit than high profit margin, so long as I have the capital to invest in that inventory.
We love you too, sweetie thanks for the great emails and content, 👩🌾🙋♀️🌻
Thx for your 50 brands bolo list and great helpful vids , sold a NWT ANINE Bing black blouse today for a Great profit , I remembered the brand from your vid in the past . 😘 🙏
Really good topic
Both, Goodwill or retail but retail preferred.
Great video! I would love to see you touch on the subject of total COGs. If a person purchases 100 items and has a 50% sell thru rate then they would have 50% of their inventory that did not sell. These COGS need to be accounted for at some point in the life of the business. Good margins on items that sell cover unsold inventory. Everyone needs an exit strategy from old, stale, dated inventory to maintain high margins.
Undamaged or unsellable inventory should be expensed. So it won't come up in your gross profit, but will be accounted for in your net profit. -Matt
@@MogiBeth Agreed. I think a lot of resellers see all the profit but don't account for unsold inventory in their COG. It is easy to track profit but at some point we have to account for losses which includes items that have not sold in a few years. Not everything sells...not for Wal-Mart, nor Nordstrom, nor you and I. I am just saying there needs to be a larger discussion about unsold items and an exit strategy to recover what you can. You can't carry fashion items in inventory for 4 or 5 years..The value of those go down dramatically as each season passes. New sellers don't understand about controlling inventory with markdowns. I follow retail trends and advertising. If Nordstroms is blowing it out then so am I...I will carry over 1st and 2nd season items but not older styles....I just don't hear alot about selling dead, unsold inventory. Everyone seems to prove building stores and increasing inventory. I have 2000 items listed. That is not a badge of honor. That is 2000 items I thought would sell but haven't. Some will eventually but some are just mistakes or I missed the momentum. Time to get my money back and buy more items with a fresh opportunity to make money.
Hey!! Which video do you explain/ talk about how you calculate your monthly sales goal?
I need to check my formula- is it sell through rate x ASP?
Brilliant ! Thumbs up. Id give u another thumbs up if you did a specific ebay one. Thanks
Wonderful information.
You take a big chance sourcing high-priced brands and items. I've bought several luxury brands (Escada, Armani) only to see them sit for months and many of them I had to consign. I found a thrift store that on Tues. sells clothing & accessories 3 for $1. And since then, I'm spoiled and won't spend more than $2 on clothing & accessories.
As for time spent listing, I stopped taking as many photos. I often find the stock photo and will show that instead. This works for new w/tags.
Do you ever list an item on more than one platform at the same time? If you do, what if that item is purchased on both platforms such as Poshmark and EBay? Isn’t that risky to lose a customer and get a poor review? Thx for all the valuable information!!
Very informative video. Doesn’t the market tell us how much our products are worth? Even if the goal to to sell it for $17 and not $10, wouldn’t supply and demand dictate the price?
Yes, that is why we say to check comps in the video
@@MogiBeth Your saying to buy products based on what I would like my profit margin to be based on the comps. I should know this I have watched so many of your videos and others resellers videos. I do know that I would like to make a $20 to $40 profit so I changed what types of products I buy. Thanks. I had a brain freeze there.