Covid has made me rethink my business model. What are your thoughts on my rationale and choice?
I recently completely changed my business model. I cancelled every show I do except for the FUN winter show and the 2 Dalton, Ga. shows. This pandemic is destroying the coin show scene, not that it wasn't dying before except for the wholesalers.
This has taught many collectors to become more savvy about buying coins online. I have quite a few good customers I have been trying for several years to get them to look at my stuff online. They were always, no...I want to see the coin 1st. 90% are now buying from my pictures and are happy with the results. The bottom line is it's saving us both money!
I think this mentality might be here to stay with the majority now that many collectors have been forced to buy elsewhere other than shows, alias online.
My plan is to go to shows to buy except for the 3 I mentioned above. The only thing that has justified the expenses of me setting up at shows has been buying. On top of that, very little of what I have been buying has been across the table. It's ridiculous for me to spend well over 5 figures a year doing shows when I can accomplish the same in a much more relaxed fashion for a few thousand a year.
As far as the lost sales from shows. It actually cost me more to sell coins at shows than it does on ebay, even at what I consider a show with strong sales! The costs of doing shows has only gone up and up while sales have gone down and down over the past few years. I've been doing shows for 25 years now. Up until a few years ago I used to do close to 50 shows a year! These last few years are the worst I have seen in 25 years as far as trying to make a reasonable profit at shows. I've seen slow times over 2 periods in the last 25 years before this recent slow down. Neither was as bad as these past few years. If it hadn't been for online sales I would have probably just went into full retirement mode!
I would love to hear everyone else's thoughts and feelings about my thoughts, choice, and the coin business.