AS someone with an E-Bay store selling DE's I would consider this point....
jkrk
Posts: 987 ✭✭✭✭✭
Shop for your Double Eagles now.
With all the supply chain issues I might run out before X-Mas.
2
Comments
I can't decide how I feel about this...
Excuse me, is this eBay? No. What the heck? I think I’m logging into the coin forum and wind up on eBay? 😂🙀
🎶 shout shout, let it all out 🎶
That’s ok, sellers of DE are a dime a dozen
11.5$ Southern Dollars, The little “Big Easy” set
Interesting
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OP didn't say this is eBay. He identified himself as an eBay seller.
Be sure to drink your Ovaltine...
Shouldn't this topic be in bst?
Wow... this forum is exhibiting more than the usual contentiousness today.... Cheers, RickO
You get the torches and I will get the hounds and town's people.
Ouch guys.
Get that cup of coffee and relax. LOL
Wayne
Kennedys are my quest...
contentiousness ? Why not, it's Friday.
What is the post about?
WE use the store to off load surplus inventory. We usually sell, maybe, 25 coins/yr. In the last 60 days we sold 17 coins. I can't buy any new coins to resell (given our cost structure) so I am left buying a few that I wish to hang onto. Thus, the inventory is slipping below where I want to be. I have little desire to sell any more coins. Therefore, we are not listing anything new and considering putting the store on an extended vacation. Maybe we hit a streak, maybe coins sales are going well for the industry? Maybe X-mas has started early for some? I am constantly reading about customers inability to get merchandise from overseas. Getting inventory that I can turn over is our problem so in some ways we're in the same boat.
I am simply relating an "opinion of one" on how sales are running. Take the info with a grain of salt.
I
What are the supply chains for double eagles?
Most of our DE's are made in China .
Those are always the most lustrous.
.
Disagree.
DEs are plentiful. A holiday rush will not cause a shortage.
Raise prices and they will sit longer, Raise higher, sit longer.
-Mr Miyagi.
Thus, the inventory is slipping below where I want to be
Wouldn't you want your inventory to be zero - that means you've sold all of your items and freed up the cash.
If I were selling something, and my inventory is zero, that means I'm not selling anything, right?
I'm thinking that isn't a good idea for a business...
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Bad transactions with : nobody to date
How many business (that sell product) have inventory of zero that you know of?
Zero inventory is a process set up in a business where the firm maintains a meager amount of inventory or no inventory to reduce the possession and storage costs.
That also facilitates the business to enjoy more liquidity which will help in the expansion.
It acts as one of the goals of the just-in-time inventory management system, and in fact, both the terms are used interchangeably.
Zero inventory advantages
The firm can enjoy the reduced costs wasted in storing the goods and can use the same for other business activities.
That will help the company shift the focus to business expansion or extension rather than wasting time on inventory forecasting and scheduling.
Zero inventory has its own set of potential risks. For example, in an unexpected production plan, the firm might not get immediate stock which upsets the whole supply chain management.
Flipkart and Amazon are the best examples of zero inventory practicing companies. They are web-based business companies.
They take up the orders from the customer through their website, and link that order to the original manufacturer through the online inventory management system, and ship the product to the customer.
In this way, they avoid physical warehouses and reduce their warehouse cost.
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Bad transactions with : nobody to date
I did not mean fulfillment companies like Amazon.
Bring it to coin dealers then.
How many coin dealers maintain Zero inventory?
In the old days there was “drop ship “. Precursor to today. Went around with a catalog and took orders. Traveling salesman ( but that’s a different story). 😉
🎶 shout shout, let it all out 🎶
Amazon appears not to be a zero inventory vendor altho they may strive to be ...
There still is "drop ship"
I put a deposit down on a Solo Skiff over one year ago. This company maintains Zero inventory and I believe have had zero sales for a year now.
https://soloskiff.com
Agree JM. But not like the old days. Traveling around from town to town on my “”route”. Sometimes making deliveries of personal things from one customer to the next. Taking them out to lunch at the diner. Just different times.
There was an ease to it that I don’t encounter today.
🎶 shout shout, let it all out 🎶
So better to have a museum of items that never sell? Zero inventory is not a permanent state, it just means that you are buying what people are needing, its not sitting in inventory for five or six years. It's not like you are sitting there going "well, that's done". Presumably you are buying new stuff that gets turned over quickly.
I am constantly buying and selling museum quality items through my "Museum"
I am shipping out the rarest Lincoln double struck cent today to a client that loves exceptional coins. This coin will be off the market for at least a generation
Actually, I think it is bigger than the old days. It's just less personal.
A LOT of eBay and Amazon sellers actually have zero inventory and simply drop ship delivery from the manufacturer to the customer.
As soon as the Mint employees get some time off, they better start making a few more.
My prob is the eBay selling costs really eat up my profit on the narrow spread items especially big ticket coins like US $20 Gold. Consequently, I sell these at shows, usually narrow (competitive) spread for cash. eBay for me is more for material I can mark up 50-100 pct (keystone markup).
To be successful in RCI you you have to turn over material quickly. Coins don’t pay interest or dividends and are a volatile investment. I would rather walk into a show with lots of cash and zero slabs vs the other way around. My collector coins (under $100) in 2x2 in binders and graded and raw currency can more than fill any open spaces in display cases.
It really depends on the nature of your business and customers. If you have "regulars" that peruse your shop, you need to have something for them to look at or they stop dropping by.
I will agree with you that you want to run as lean as possible. For most businesses, that means maximizing turnover not necessarily ever being at zero inventory. You definitely don't want to be a "museum", but there's a difference between having an inventory that turns over 7 times per year and having an inventory that bounces between Zero and Excess.
My museum got raided during Covid
Fortunately, I have recently built up my museum to way surpass covid inventory levels.
Having a strong inventory is a plus in the coin business, but perhaps you haven't figured that out yet.
All of this talk is making me hungry for some of your fresh tuna tacos @ErrorsOnCoins
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I have fresh frozen Dorado all ready to make Mahi-Mahi Burritos once I get a chance to run down to the local tortilla factory
Strong inventory, sure. Static inventory is a different matter.
My inventory is not static, it is growing, LOL
It wasn't an accusation. Merely an observation.
There is so much more to building a name and recognized authority in a field than inventory control, which by they way works fluidly.
TRUE
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb
Bad transactions with : nobody to date
As far as l’m concerned, we’re not building a brand, we’re not trying to expand a business but simply using the store to sell coins that are running a bit “hot” or to sell unwanted inventory. as our gold inventory shrinks to a minimum level desired, we limit our offerings. the last couple of months of sales have brought us to that position.
In an ideal world, you would like to turn inventory over once every week or 52 turns a year. The capital equipment company I spent 34 years at we tried to get 12 turns. Easier said than done. Wall Street looks at inventory turns as one of the measures they look at when evaluating a companies capital utilization, that in turn enables them set price targets for company stock.
In RCI one needs quick inventory turnover in order for the business to be successful. Dead unmoving inventory (market conditions or they simply won’t pay the money) will drag you down.
The other element is being able buy it right and find buyers who will pay the money enabling positive P&L. Without those it’s a no go.
Trust me, Wall Street doesn’t even know most coin dealers exist. Way too small to think about.> @Herb_T said:
thinking about it, I probably will simply raise prices as someone suggested and participate in a stale items on E-Bay thread.
Lmao
Exactly. No matter what you do, someone will complain.
I don't know if I can agree with this.
The problem is you disagreeable people. Where do I go to lodge a complaint?
pre 33 graded gold is red hot, expecially pre civil war, if i list it , it doesn't last long