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Secret launch

coinshopcoinshop Posts: 9
edited February 8, 2024 10:08AM in U.S. Coin Forum

on instagram I got an invite (as I am sure some of you here did too) for a coin only related site that should compete with eBay for coin sellers only. I joined the wait list, no commission and i heard its called numismy. I am in no way affiliated to them, but I am just happy dealers like Ian from GC and now Ethan Opdal from marylandcoins are finally starting something outside of your typical ebay for coin collectors and dealers only.

Comments

  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭

    @NJCoin said:
    Sounds great. With your extensive post history and long tenure on this forum, I am quite sure you have no affiliation. 🤣

    That said, competition is always good for everyone, but let's get real. EBay's value is in bringing potentially millions of eyeballs to a listing. A secret website no one knows about can't compete with that, no matter how little it charges.

    In addition, there is no such thing as no commission. Unless VC is funding something and is willing to pay for eyeballs in the expectation of monetizing data, sites will either run at a loss and eventually go away, they will make money from seller fees, or from buyer fees which, on a dollar for dollar basis, reduce what buyers pay for items. Meaning that sellers actually end up paying for buyer fees. Period.

    They could be starting with no fees to build eyeballs.

  • NJCoinNJCoin Posts: 1,336 ✭✭✭✭✭

    @jmlanzaf said:

    @NJCoin said:
    Sounds great. With your extensive post history and long tenure on this forum, I am quite sure you have no affiliation. 🤣

    That said, competition is always good for everyone, but let's get real. EBay's value is in bringing potentially millions of eyeballs to a listing. A secret website no one knows about can't compete with that, no matter how little it charges.

    In addition, there is no such thing as no commission. Unless VC is funding something and is willing to pay for eyeballs in the expectation of monetizing data, sites will either run at a loss and eventually go away, they will make money from seller fees, or from buyer fees which, on a dollar for dollar basis, reduce what buyers pay for items. Meaning that sellers actually end up paying for buyer fees. Period.

    They could be starting with no fees to build eyeballs.

    Sure can. Didn't I say that? But, in the meantime, while they are building eyeballs, your listings are getting less exposure, and are very likely generating lower final prices. Nothing for nothing.

  • braddickbraddick Posts: 22,820 ✭✭✭✭✭

    This new sellering sight for coins going against eBay is like
    PCI going against PCGS.

    There is too much built and in play with eBay for a 'new'
    selling venue having any real weight.

    peacockcoins

  • SwampboySwampboy Posts: 12,861 ✭✭✭✭✭

    Reminds me of a song..."and my secret launch's no secret anymore"

  • ProofCollectionProofCollection Posts: 5,226 ✭✭✭✭✭

    Targeting instagram users is an interesting approach. While maybe I am old school, I have never thought of looking for coins to buy on Instagram, especially for non-widgets. Just seems like it would be a waste of time and sub-optimal. It's interesting that this would appear to be their target market.

  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭

    @JBK said:

    @coinshop said:
    on instagram I got an invite (as I am sure some of you here did too) for a coin only related site that should compete with eBay for coin sellers only. I joined the wait list, no commission and i heard its called numismy. I am in no way affiliated to them, but I am just happy dealers like Ian from GC and now EthanOpdal from marylandcoins are finally starting something outside of your typical ebay for coin collectors and dealers only.

    If it's for coin sellers only, then how are buyers supposed to buy anything there? 🤔

    I think they need to reconsider their business model. :D

    The invitation only is for sellers. Anyone can buy. FWIW

  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭
    edited February 8, 2024 9:30AM

    @ProofCollection said:
    Targeting instagram users is an interesting approach. While maybe I am old school, I have never thought of looking for coins to buy on Instagram, especially for non-widgets. Just seems like it would be a waste of time and sub-optimal. It's interesting that this would appear to be their target market.

    That's where all the young collectors are.

  • bigjpstbigjpst Posts: 3,029 ✭✭✭✭✭

    @braddick said:
    This new sellering sight for coins going against eBay is like
    PCI going against PCGS.

    There is too much built and in play with eBay for a 'new'
    selling venue having any real weight.

    I don’t know. Whatnot is trying to make a run for it. Fees are lower (selling prices can be as well) But tons of sellers on their site daily. Lots of recognized national dealers on there as well as small timers

  • Correct.

  • BStrauss3BStrauss3 Posts: 3,020 ✭✭✭✭✭

    I mean it's a blind site using the .my (Malaysia) registry for the cachet name. What could go wrong?

    -----Burton
    ANA 50 year/Life Member (now "Emeritus")
  • BStrauss3BStrauss3 Posts: 3,020 ✭✭✭✭✭

    @jmlanzaf said:

    @ProofCollection said:
    Targeting instagram users is an interesting approach. While maybe I am old school, I have never thought of looking for coins to buy on Instagram, especially for non-widgets. Just seems like it would be a waste of time and sub-optimal. It's interesting that this would appear to be their target market.

    That's where all the young collectors are.

    And some of us who are not young.

    There is definitely a different market than the traditional rare coin dealer.

    -----Burton
    ANA 50 year/Life Member (now "Emeritus")
  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭

    @bigjpst said:

    @braddick said:
    This new sellering sight for coins going against eBay is like
    PCI going against PCGS.

    There is too much built and in play with eBay for a 'new'
    selling venue having any real weight.

    I don’t know. Whatnot is trying to make a run for it. Fees are lower (selling prices can be as well) But tons of sellers on their site daily. Lots of recognized national dealers on there as well as small timers

    My selling fees on Whatnot aren't cheaper as the payment processing is separate from the final value fee. (8.7% ebay vs 10.9% Whatnot).

    Even without a store, it's 13.5% eBay vs 10.9% Whatnot. But Whatnot can end up costing more for a buyer who buys multiple items as they charge a 30 cent processing fee on EVERY item while eBay only charges it on the total of all items. I had a guy buy 17 comics for $30. I paid $5.10 in processing + 2.9% + 8%.

  • ProofCollectionProofCollection Posts: 5,226 ✭✭✭✭✭

    Ebay for me is like 9.1% if I accept returns. Of that 3% is inexcapable CC fees leaving a 6.1% cut for ebay. While it's higher than I would like, in no way does it seem outrageous.

  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭

    @ProofCollection said:
    Ebay for me is like 9.1% if I accept returns. Of that 3% is inexcapable CC fees leaving a 6.1% cut for ebay. While it's higher than I would like, in no way does it seem outrageous.

    I agree. And you get buyer and seller guarantees as well as thousands of eyeballs.

  • IkesTIkesT Posts: 2,348 ✭✭✭✭✭

    Are they having a secret lunch for the secret launch?

  • bigjpstbigjpst Posts: 3,029 ✭✭✭✭✭
    edited February 8, 2024 1:36PM

    @jmlanzaf said:

    @bigjpst said:

    @braddick said:
    This new sellering sight for coins going against eBay is like
    PCI going against PCGS.

    There is too much built and in play with eBay for a 'new'
    selling venue having any real weight.

    I don’t know. Whatnot is trying to make a run for it. Fees are lower (selling prices can be as well) But tons of sellers on their site daily. Lots of recognized national dealers on there as well as small timers

    My selling fees on Whatnot aren't cheaper as the payment processing is separate from the final value fee. (8.7% ebay vs 10.9% Whatnot).

    Even without a store, it's 13.5% eBay vs 10.9% Whatnot. But Whatnot can end up costing more for a buyer who buys multiple items as they charge a 30 cent processing fee on EVERY item while eBay only charges it on the total of all items. I had a guy buy 17 comics for $30. I paid $5.10 in processing + 2.9% + 8%.

    Currently coins are reduced fees.

    Starting April 1st at 12 am PST and running through March 31st 2024, 11:59 pm PST, we will be offering a special promotion, lowering commission on all sales for Coins & Money products down to 4% plus our usual payment processing charge (2.9% + $0.30). Standard commission outside of the promotional period is 8% plus our usual payment processing charge (2.9% + $0.30)

    And I know it's not technically an ebay fee, but when I calculate shipping into the equation, my last ebay sale was 10.6%

  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭

    @bigjpst said:

    @jmlanzaf said:

    @bigjpst said:

    @braddick said:
    This new sellering sight for coins going against eBay is like
    PCI going against PCGS.

    There is too much built and in play with eBay for a 'new'
    selling venue having any real weight.

    I don’t know. Whatnot is trying to make a run for it. Fees are lower (selling prices can be as well) But tons of sellers on their site daily. Lots of recognized national dealers on there as well as small timers

    My selling fees on Whatnot aren't cheaper as the payment processing is separate from the final value fee. (8.7% ebay vs 10.9% Whatnot).

    Even without a store, it's 13.5% eBay vs 10.9% Whatnot. But Whatnot can end up costing more for a buyer who buys multiple items as they charge a 30 cent processing fee on EVERY item while eBay only charges it on the total of all items. I had a guy buy 17 comics for $30. I paid $5.10 in processing + 2.9% + 8%.

    Currently coins are reduced fees.

    Starting April 1st at 12 am PST and running through March 31st 2024, 11:59 pm PST, we will be offering a special promotion, lowering commission on all sales for Coins & Money products down to 4% plus our usual payment processing charge (2.9% + $0.30). Standard commission outside of the promotional period is 8% plus our usual payment processing charge (2.9% + $0.30)

    I know, but that's not the standard rate. It's 0% on Saturday.

  • bigjpstbigjpst Posts: 3,029 ✭✭✭✭✭

    True, but it has been for nearly a year. I know a lot of sellers are pushing them to keep it low. Otherwise sales could suffer.

    Last line I included after your response during edit.

    And I know it's not technically an ebay fee, but when I calculate shipping into the equation, my last ebay sale of $136 was 10.6%. Fees with basic store/ top rated discount and me paying shipping.

    I'm not saying ebay isn't good, or cheap or otherwise. I'm just saying not to rule out a viable option for ebay competion being out there.

  • ProofCollectionProofCollection Posts: 5,226 ✭✭✭✭✭

    @bigjpst said:
    True, but it has been for nearly a year. I know a lot of sellers are pushing them to keep it low. Otherwise sales could suffer.

    Last line I included after your response during edit.

    And I know it's not technically an ebay fee, but when I calculate shipping into the equation, my last ebay sale of $136 was 10.6%. Fees with basic store/ top rated discount and me paying shipping.

    I'm not saying ebay isn't good, or cheap or otherwise. I'm just saying not to rule out a viable option for ebay competion being out there.

    I wouldn't say it's fair to include your shipping costs in ebay fees when comparing platforms because you have shipping costs with any platform. The only complaint about ebay would be that ~9.1% (for me) selling fee that gets applied to shipping as well as final value fee. Easy enough to fix that, just charge 9.1% more for shipping than it actually costs and your ebay fees are back down to 9.1%.

  • bigjpstbigjpst Posts: 3,029 ✭✭✭✭✭

    @ProofCollection said:

    @bigjpst said:
    True, but it has been for nearly a year. I know a lot of sellers are pushing them to keep it low. Otherwise sales could suffer.

    Last line I included after your response during edit.

    And I know it's not technically an ebay fee, but when I calculate shipping into the equation, my last ebay sale of $136 was 10.6%. Fees with basic store/ top rated discount and me paying shipping.

    I'm not saying ebay isn't good, or cheap or otherwise. I'm just saying not to rule out a viable option for ebay competion being out there.

    I wouldn't say it's fair to include your shipping costs in ebay fees when comparing platforms because you have shipping costs with any platform. The only complaint about ebay would be that ~9.1% (for me) selling fee that gets applied to shipping as well as final value fee. Easy enough to fix that, just charge 9.1% more for shipping than it actually costs and your ebay fees are back down to 9.1%.

    I include the shipping in my cost of doing business on a particular site. Ebay, I pay he shipping. I have eaten the cost for a long time because Like amazon, ebay buyers used to seem to expect free shipping. whatnot buyer pays the shipping.. My website, buyer pays the shipping. It's true, I can always charge shipping on ebay as well, but because I have had issues in the past, I just cover it.

  • jmlanzafjmlanzaf Posts: 31,226 ✭✭✭✭✭

    @bigjpst said:
    True, but it has been for nearly a year. I know a lot of sellers are pushing them to keep it low. Otherwise sales could suffer.

    Last line I included after your response during edit.

    And I know it's not technically an ebay fee, but when I calculate shipping into the equation, my last ebay sale of $136 was 10.6%. Fees with basic store/ top rated discount and me paying shipping.

    I'm not saying ebay isn't good, or cheap or otherwise. I'm just saying not to rule out a viable option for ebay competion being out there.

    I agree. It does depend on shipping, but you'd also have to include the Whatnot shipping costs to be fair.

    I'm not arguing for or against either site. They are different. I just want to make sure other people are aware of the specifics.

  • ProofCollectionProofCollection Posts: 5,226 ✭✭✭✭✭

    @bigjpst said:

    @ProofCollection said:

    @bigjpst said:
    True, but it has been for nearly a year. I know a lot of sellers are pushing them to keep it low. Otherwise sales could suffer.

    Last line I included after your response during edit.

    And I know it's not technically an ebay fee, but when I calculate shipping into the equation, my last ebay sale of $136 was 10.6%. Fees with basic store/ top rated discount and me paying shipping.

    I'm not saying ebay isn't good, or cheap or otherwise. I'm just saying not to rule out a viable option for ebay competion being out there.

    I wouldn't say it's fair to include your shipping costs in ebay fees when comparing platforms because you have shipping costs with any platform. The only complaint about ebay would be that ~9.1% (for me) selling fee that gets applied to shipping as well as final value fee. Easy enough to fix that, just charge 9.1% more for shipping than it actually costs and your ebay fees are back down to 9.1%.

    I include the shipping in my cost of doing business on a particular site. Ebay, I pay he shipping. I have eaten the cost for a long time because Like amazon, ebay buyers used to seem to expect free shipping. whatnot buyer pays the shipping.. My website, buyer pays the shipping. It's true, I can always charge shipping on ebay as well, but because I have had issues in the past, I just cover it.

    Right, like @jmlanzaf said, it's not fair to compare costs of one platform to another when you chose to eat the shipping on one and not the other.

  • bigjpstbigjpst Posts: 3,029 ✭✭✭✭✭

    If we are going to include what if's, then I was correct originally when I said whatnot fees are less because of the year long promotional fees. Right now, fees on whatnot are 4% plus the 2.9% and if I add shipping into it, I'm still less than ebay until the promotion ends.
    Not to mention that on ebay, I have to pay $21.95 per month for my basic store subscription. So that cost goes into the equation.
    My business model may be different than others, but for me, cost of doing business on ebay has to include shipping cost.
    On whatnot, I don't have to include shipping costs. But, I do have to include giveaways.

    I still sell more, and have a higher profit margin on ebay. But, that could change.

  • For now

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