Buying & Selling
LizRichmond
Posts: 1 ✭
Hello all!
I have messaged a few people individually but think it’s easier if I start a discussion to get everyone’s input.
I hope you do not mine me approaching you all but I am new to the forum and eager to get some advice. I am currently looking to build a new online platform/app for coin sellers (and other collectable sellers) that charges less commission than existing platforms and is super easy to use! You are exactly the type of clients who I would like this platform to serve, so my hope is that you might have time to answer a few questions. Your expertise and unique perspective would help give me the confidence to make a go/no-go decision about moving forward with my idea.
Here goes with some questions…
● If you want to sell, which is the easiest platform to use?
● Which is the most profitable platform to use?
● Roughly how much time do you spend online looking for new coins?
● What would be an appealing commission rate?
● Is ease of use important? Or is research part of the appeal to the process of collecting?
● Would you be interested in selling on an app?
● Do you sell any other collectible items other than coins? If so, would it be helpful to have a platform to sell all in one place?
● If available, would you use a platform with a lower commission rate & more customer friendly interface than Ebay?
Any input would be greatly appreciated !
Comments
eBay
eBay
8 plus hours a day
Zero
Ease of Use
Yes
Maybe
Maybe
ease of use should make it easy to research
If you want to sell, which is the easiest platform to use?
I only use eBay, so...
Which is the most profitable platform to use?
See above.
Roughly how much time do you spend online looking for new coins?
Virtually none.
What would be an appealing commission rate?
Ideally, 0%. I can be flexible on that, but I'd first need to know more about how many buyers you can provide.
Is ease of use important? Or is research part of the appeal to the process of collecting?
Somewhat.
Would you be interested in selling on an app?
No.
Do you sell any other collectible items other than coins? If so, would it be helpful to have a platform to sell all in one place?
No.
If available, would you use a platform with a lower commission rate & more customer friendly interface than Ebay?
Depends. Again, I'd first need to know more about how many buyers you can provide. It would help if there was a way to confirm that buyers were active on the platform. No point investing time learning a new site and listing stuff if it's not selling because there aren't any buyers. And no, I'm not interested in listing stuff in an attempt to attract them.
In the 20+ years I've been on eBay, I've tried maybe a dozen other auction/retail sale sites. With the exception of Yahoo in its early auction days, none have had anywhere near the number of buyers that eBay has. Low fees don't mean jack if you're not making sales because your stuff's not being seen because nobody's there looking.
For you plan to work, you will need to be extremely smart and forward-looking and will need very deep pockets or access to them.
To clarify when you say 'app', do you mean an iPhone or Android app? Because if so, you've already lost me. I have zero interest in shopping for coins on a 4 inch screen with no keyboard and no mouse other than my fingers. I use my computer with a full screen. I'm not going to sell on something that is exclusively an iPhone app and I'm not going to buy on it either. I don't do important things through my phone. I use a computer for them. I can't imagine anything related to coins where a phone app is easier or better than a computer.
Successful transactions with: wondercoin, Tetromibi, PerryHall, PlatinumDuck, JohnMaben/Pegasus Coin & Jewelry, CoinFlip, and coinlieutenant.
This
I responded via PM to the questions. But it's all about the eyeballs and you need to have commissions (like zero) until you have something of value (eyeballs).
You also could help yourself with the ability to import listings from eBay. If I have to make up two sets of listings and one of them has millions of eyeballs and the other has dozens, I'm not bothering.
don't forget the greatcollections.com competitor
Instagram already has the coin community on the smartphone.
Not the same thing. If you are trying to build a self-directed retail site, none of the curated auction sites are "competitors".
As well, there are lots of raw coins & raw coin collectors.
ok, so they are not 1:1 the same, but they have auctions/bin that attract both coin sellers and buyers and would still be a competing venue.
Then you'd also have to list every other auction company: Legends, Stack's, Heritage, GC etc. I would also assume that DLRC etc take consignments. Lyn Knight runs coin auctions.
And don't forget Facebook Marketplace, Instagram, Shopify, etc.
You are muddying the waters if you start throwing these in there.
Not just coin auctions. From the OP:
I am currently looking to build a new online platform/app for coin sellers (and other collectable sellers)
Yes. I DMed with the OP. My sense is they are trying to be an alternative to eBay for collectibles which is why I restricted my answers to eBay.
Of course, you also have the Facebook/Instragram/etc. comps. Everyone thinks they can do better than eBay but no one has succeeded though many have tried, including Yahoo and Amazon.
I am muddying these waters
IMO (based on my experience selling through each), Yahoo had a good chance of competing but decided not to. Amazon was never in the race. Ironically, eBay seems to want to be Amazon now.
Amazon very briefly had "Z Shops" which were designed to be what we now think of as eBay stores. This was actually before eBay had stores, if I recall correctly. Only lasted maybe a year. I'm not sure why, but I'm guessing it just wasn't profitable for them.
Damn...take your short squeeze before you get in the pool, man.
A 5% commission to the seller would be appealing.
i am not interested in using a phone app as I like to enlarge photos of coins on computer with buying.
You need both ease of use and ease of research.
PROS AND CONS
eBay
Cons:
Number of counterfeits on eBay with little control
Scam sellers and buyers
High commission rates
Poor customer service
Snipe auction style
Inconsistent photo quality
Pros:
Exposure to buyers
Friendly software for research, selling and buying
Heritage
Cons:
Highest commission rates
Required seller minimum
Software a little cumbersome
Pros:
Best style of auction
Good customer service
High quality coins
Exposure to buyers
Consistent photo quality
Great Collections
Cons
High commission rates
Snipe auction style
Software a little cumbersome
Pros
Excellent Customer service
Well managed company
High Quality Coins
Exposure to buyers
Nice site to sell and buy low end coins in TPG holders
Consistent photo quality
Easiest way to sell: Local brick-and-mortar coin shop.
Most profitable: This forum BST.
Time spent looking for coins: 1-2 hours per day, sometimes more.
Appealing commission: 0-5%
Ease of use vs research: Ease of use is critical. I don't see this as a trade-off with "research."
App? : Contrary to other responses, I exclusively use my phone for web browsing including coin shopping, forum browsing, and even editing coin photos. I am typing this on my phone now. I prefer a good app vs a website.
Sell other collectibles? No, don't mix coins in with other stuff.
Would I use something cheaper/better than ebay? Sure.... but as others have mentioned, without eyeballs it would be useless.
Instagram
Regarding technology, this board skews to an older crowd who may not be as flexible/accommodating to using an app, however the future belongs to the young who prefer to do all with their phones. Ditto a disparity between ages about available money to spend. Having enough features to satisfy both groups to draw users seems to be a tall challenge. Good luck!
"Got a flaming heart, can't get my fill"
Why don't you see if you can partner with these guys? https://usacoinbook.com/
IMHO this is the best attempt I've seen lately to have an alternative sell it yourself option to ebay. They have free listing and a 2% FVF. I believe if some investment was made in this site it could become a very viable option and competitor to ebay. Has anyone ever seen any advertising for this website anywhere?
Standing by for the ricko "I have never sold a coin" response. . .
I had never heard of them.
Advertising is definitely a key.
the direct, mainstream auction concept used by Heritage, Stack's, Goldberg, etc. is a dead deal, very deep pockets and well-known partners would be needed.
the "wild-west" auction concept used by eBay and Great Collections is viable but not likely. these are well-established, you'd again need deep pockets and well known connections. I am surprised that Great Collections has flourished, I see that more as a reflection of what eBay has done wrong rather than what Great Collections has done right. remember, eBay destroyed their first real challenger, Yahoo Auctions, and then caused TeleTrade, their predecessor and the GC owner's first attempt, to fold and re-group. the eBay model may aggravate us, but it is solid and very popular.
a phone app is already in use but probably viable. if it were easy to use and accessible it could probably work.
all of the above have already been done. what would work is either an innovation not yet thought of --- or --- some radical outside-the-box thinking to take advantage of what we don't have yet. don't take this wrong, but if you're here asking for our help I don't think you're smart enough to come up with this best option.
Might want to look at collectorscorner.com
Is their model similar to what you’re considering?
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
Come on steek, that's backward thinking.
To answer op
eBay / easiest platform. Sales volume determines costs and the $27.95 cost of basic store is super. Shows you have fixed cost hole to get out of: table fee, time, travel, meals. Shows - dislike tire kickers, low ballers. eBay will deal with them if reasonable offer or just tell them “unless bin / make offer already at our best price.”
profit between platforms varies based purch performance and mkt conditions.
Time involved varies
Shows can eat up a weekend
eBay less - tasks like listing, shipping, shopping for deals can retail. Keeping Acct records plus researching other dealers pricing vs TPG and CPG. Consume time too.
Markup minimum varies on cash flow needs = could be cost + $5 or 10pct. Of cost commission.
Other items priced based on max of MV
or plan MUF based on markup equation which considers cost of biz + comm. I am not a realtor lol as I operate a retail business cost plus any performance gains whether market movement or acquisition performance related. Low pop world items I research what other sellers on bay selling for like high, average, mean of say 6 samples. Some top pop items I have only one on bay or in bourse room these items more subjective.
App Ease of use important
Yes I mainly operate eBay app on phone
Model RR rolling stock other collectibles sell
I do eBay and shows (balanced offense). Each have their pluses and minuses. No plan use other platform at this time. Retail traffic most important factor. Shows offer sight seen buying opportunities.
www.collectivecoin.com which was originally set up as a photo hosting service allows you to show them for sale as well.
BTW are you a casual seller or do you want to do this as a serious income source?
Is this for yourself or are you looking to provide a service for others?
Ebay
Ebay
2-3 hours
0-5%
Ease yes.
Yes
No
Possibly
I have had a few successful sales on coinsforsale.com. years ago i had a lot of coins selling on yardsellr till they suddenly shut down.
Hardest thing would be getting the traffic to the site as needed for sales.
I use the Ebay app often. Easiest for me on my phone to list items.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
You’re crazy if you think great collections is only low end. I will concede they are general collector focused so the niche markets suffer a bit without funneled eyeballs to them. I don’t think they are prepared to offer lot descriptions/opinions so explaining the niches is going to be a tough thing to drive traffic and interest for. They clearly focus on consistency for operational pace & overhead which is smart. I think it takes a specific market or set of coins to truly benefit from the extra pomp and circumstance that the big houses use to justify their cuts.
11.5$ Southern Dollars, The little “Big Easy” set
I never said that Great Collections is only low end. They do offer high end material. I do like the site and selection if I am buying low dollar coins in a TPG holder. A seller who does not want go through the eBay hassle of photos, posting, and shipping can also sell a couple of low dollar coins on GC.
LMAO. Took me a second.
I think there is already to much competition already... at least in coins
I give away money. I collect money.
I don’t love money . I do love the Lord God.
OK here's an idea.
High-end marketplace for established dealers with excellent inventory and photography. (By high-end I mean the quality of the website and not the price. All price ranges should be included)
It should not be open to any dealer, the dealer should be screened for quality and have to be accepted by the host.
A one-stop-shop for great coins offered by great dealers with the dealers paying a negotiated or fixed commission for the service.
Then, the website would have to be promoted heavily.
seems hard to have that now with the google thing going
@LizRichmond.... Welcome aboard.... It is nice to see that there are still those considering entrepreneurial ventures - and particularly in coins. Yes, the competition from established venues is daunting, however, I have learned that there is always some new way to do things.... In manufacturing, we used to call it 'continuous improvement'. Methods/processes can always be refined and improved. This applies to business as well... I can remember when ebay launched...and it was a totally different enterprise back then. These sites, when examined, can give ideas for 'a different way'... solutions to issues others live with... Good luck. Cheers, RickO