In this podcast we discuss what we have learned about Pricing Products so far – especially our “one-of” items from thrift stores. We have had many discussions (some where we agree and some not so much) about pricing products during the listing process. Pricing is part Art.. part Science… and part Instinct.
1 – What’s up with us this week
- Went thrifting on Thursday (4 thrift stores and 2 retail stores).
- Found out about another tiny thrift store nearby, will be checking it out on Saturday.
- Will be going to 2 indoor flea markets, a thrift store and possibly some estate sales on Saturday.
- Still have some items to process (including 4 boxes of games).
- Wrote an article that goes along with this podcast.
- Worked on plugging my sales info into the Amazon Profits Spreadsheet – I am on track to exceed January’s profits.
- Been sick all week, but Amazon is taking care of Debra’s business.
- Still have some items to process, but will be waiting until her head “clears up” so she doesn’t accidentally make mistakes.
- Being unable to process items while she has been sick has reminded Debra that she needs to train someone to process her items for her.
- Listened to That Kat Radio on Monday with Lisa Suttora talking about Wholesale Sourcing.
- Thrifting has been a great way to build up capital to invest in “other sourcing”.
- Keeping up with the Amazon Profits Spreadsheet (Karen Locker Spreadsheet).
- While only 1/2 way through February 2013, have already matched February 2012’s profits.
- Some holiday items didn’t sell at Christmas but are selling now for Valentines Day.
- Dumped a bunch of inventory for below cost in Feb 2012 – purchases made during my holiday 2011 frenzy. You can hear about it on our first podcast about the Amazon FBA Christmas Frenzy HERE.
We are going to be on the “Ask Janelle” Radio show (with Janelle Elms creator of OSI Rock Stars) on Tuesday, February 19th, 2013 talking about “Thrifting for Profit”. Join us live 6pm EST (3pm PST) www.wsRadio.com – click the ‘listen live’ link in “Studio A” for the Ask Janelle show. If you miss it, you can find it in the archives here: http://www.wsradio.com/wsradio/show_details/59
2 – Questions & Flips
- Still having lots of tiny flips from inventory I am getting rid of. That is another one of the things I love about Amazon FBA. Even if I goof, I can usually get my money back when I lower the price on the item 🙂
- Homer Simpson Talking Figure http://www.amazon.com/gp/product/B00015409Q Paid $3 (C-VG), sold $40. $0.05/month storage.
- Maxon Hands-Free Communicator http://www.amazon.com/gp/product/B0002D6K40 Paid $3 each (U-VG), sold 2 @ $44.94 each = $89.88 within 6 months (recently repriced).
- Batman Valance http://www.amazon.com/gp/product/B0016N4CHM Paid $4 each (NEW), Sold 2 @ $25 each = $50 within 2 months
- Dynex S-Video Audio Video Selector Switch DX-VS201 http://www.amazon.com/gp/product/B000T0EL6U Paid $8 (New), Sold $25 (2 months) No sales rank today, Electronics.
- Stomp Inc. CD Stomper Pro CD Jewel Case Inserts Refill http://www.amazon.com/gp/product/B0000510CB Paid $5 (New), Sold $29.99 (3 months)
- 1980 Pac-Man Game (Vintage Board Game) http://www.amazon.com/gp/product/B00147ULRU Paid $20 (CVG) Ebay, Sold $58.99 (5 months) $22.66 after fees.
- I bought a book yesterday about how to make designs when you mow your lawn! Should get over $30 bought for $1
Want to hear about MORE GREAT FLIPS? We share flips often in our free Thrifting for Profit Facebook Group. Come join in the fun!
(note: this is a free group. To sign up just click here, then click on the “join” button and we’ll add you to the group ASAP.)
Topics we’ve been discussing in our Facebook Group this week:
- printers for shipping labels – inkjet, thermal, laser – which do you use? http://www.facebook.com/
- Scouting Apps & ScanFobs – which ones to use, how to use ‘em…etc. http://www.facebook.com/groups/thriftingforprofit/permalink/472850006097006
- Packaging items in bags or shrink wrap – when to, how to…etc. http://www.facebook.com/groups/thriftingforprofit/permalink/473839839331356 and this one here: http://www.facebook.com/groups/thriftingforprofit/permalink/473438706038136/
- And of course, we’ve been sharing “thrifty flips”!!
- a $1 book that may sell for well over $100 http://www.facebook.com/groups/thriftingforprofit/permalink/473312806050726
- a collectible game that should sell for well over $35 http://www.facebook.com/groups/thriftingforprofit/permalink/473225422726131/
- a $1 audio book on CASSETTE that sold for $42! http://www.facebook.com/groups/thriftingforprofit/permalink/473303339385006/
- a 99 cent text book that sold for over $65! http://www.facebook.com/
3 – Main Topic – How Do You Price Your Products?
Article that goes along with this topic: “Pricing One-Of Items for Amazon FBA” which expands upon the “Inventory Rich, Cash Poor” article. You also may find the “How, When, Why to Reprice or Dump Inventory” Podcast informative.
Please keep in mind that:
- the majority of items I sell are “one-of” items that I find at thrift stores.
- most are non-replenishable.
- many are “long-tail” many have low competition.
- I generally do NOT compete with Merchant Fulfilled offers.
- I am focused on attracting the Amazon Prime buyer or those who want Free Super Saver Shipping – for more about this, check out our article about the “Magic 25” and listen to the Podcast about the Magic 25 HERE.
What we covered in the podcast:
- The different kinds of sellers on Amazon (Amazon, FBA, Merchant Fulfilled)
- The different kinds of customers on Amazon (Bargain hunters, Free Super Saver Shipping (non-prime) buyers, Prime Buyers.
- Why items available from Amazon’s warehouses (FBA and offered directly from Amazon) are preferred by many customers.
- What we look at when we are deciding how to price an item.
- Pricing options & choices
- Pricing tips
4 – Other Topics We Discussed & Questions From the Chat Room
Questions about today’s main topic:
- Do you look at what the MFS is selling their item for so you have a price point to go by? (answered on air)
- What if there are no other sellers? (how do you price then) (answered on air)
- Do buyers go by the sellers rating rates? (answered on air)
- What if a FBA seller is selling an item really low and you know is worth a lot more? (answered on air)
- Finding a currently unavailable is good? Regardless of the sales rank?
Advice from the chat room:
- I’ll price (at least) to the next higher rated MF product. If I have a “good” FBA I’ll sell at the “Very Good” MF price. – Rob Anderson
- I’ll check the what other FBA sellers are selling at and if they are the same condition I try and be 2nd or third lowest price. – Rob Anderson
- If there are no FBA sellers on a book I look at: www.bookfinder.com for what it is selling for all over. – Rob Anderson (note: AddAll.com is good too)
- If the MF’s are fighting for the bottom and I know that (or believe) I can get more I price higher and let them sell underneath me. – Rob Anderson
- I have 2 different Mall Madness games that should sell for $25 or more but they are oversized. Should I still send them in??
- they’ll also have an oversize fee. Plug the info into the amazon FBA calculator and see if it is worth it for you to send them in.
- How do I buy barcodes?
- Google UPC codes or look on eBay. Cost usually 65 cents to $1 depending on quantity
- How do I create a product page for a product not on Amazon?
Kabbage (short term loans for purchasing inventory) – www.Kabbage.com
Long term storage fees are coming up in a few days.
If you haven’t done so yet, go take a look at your “Recommended Removals Report”. More info HERE: Long Term Storage Fees – How To Avoid Them.
Best quote from the chat room….
“There’s gold in the thrift stores!!!” – Rob Anderson
Comments From Our Listeners About Today’s Podcast:
- “This was fun as always guys” – Charlene
- This call was good!! Thanks!” – Matthew
- “I learn so much from you all! Thanks.” – GC
- “Very informative show today… nice job! Learned quite a few things!”- Linda
- “always good information here… glad I was home” – Beth
- “Thanks for the show ladies! Good times:)”- Rob
- “LOVE your show and all the sellers out there and their advice!” – Guest
Do you have a question about Amazon FBA, Thrifting or any of the topics discussed in this podcast?
- Ask your question on our Free Facebook Group (once there, click the “Join” button) or leave us a comment below this post. We will get back to you ASAP!
Other Links & Resources:
- Our FREE Facebook Group: http://www.facebook.com/groups/thriftingforprofit/ – click on the “Join” button and we’ll add you to the group ASAP!
- Freebies & Guides from Debra & Beth to help you with your Amazon FBA business! http://thriftingforprofit.com/freebies-guides/
- Our Recommended Resources can be found here: http://thriftingforprofit.com/recommended-resources/
Listen live to the show Fridays, 2pm ET at http://thriftingforprofit.com/listen
You can find our archived podcasts here: http://thriftingforprofit.com/podcast