Empower your purchasing process with airSlate SignNow's strategies to increase sales for purchasing

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hey friends it is getting harder and harder out there margins are getting Slimmer eBay increased their fees retail stores are heavily discounting their items because they're struggling thrift stores are increasing their prices I have lots of videos talking about what's happening right now but our mid margins are getting Slimmer so today's video I'm going to be sharing with you three things that you can do to really increase your sales without buying and listing more items because buying more items is taking money out of your bottom line so how can you keep those margins where you want and bring home the money that you want before I get into the three tips I'm going to tell you why this works and explain why this works because once you understand this concept you're going to be able to change your business as things change and pivoting your small business quickly and understanding how to do so is going to allow you to stay in this long term and continue to make money we're going to start with a golden formula for resellers if you're new to the channel this is just a formula that I have put to how much money resellers make how much money you make and once you have a formula for it you can go in and manipulate different variables depending on the situation depending on what you want to do depending on the economy right so if you're new to the channel this is a spreadsheet I'm going to go through and explain what it means and then the numbers that I'm updating if you have the spreadsheet you could update those numbers as well which is amazing uh you can go in and change your numbers look at your data as well it's linked down below it's like seven dollars there's a coupon code down below as well um and then what also comes with this too which is nice is a weekly print out to help you stay accountable with your listing goals and I do listing challenges around this printout as well so up here we're looking strictly at the golden formula for resellers on one side you have your gross revenue this is how much money you make the top number is not taking out shipping fees uh expenses any of that we're just looking at that top number that's what we're focused on right now your gross revenue and what makes up your gross revenue this is your sell through so how many items you sell out of how many items you have for sale let's say you have a hundred items for sale and you sold 10 of those you have a 10 sell through the higher the sell-through rate the more you're selling I'm having a 100 sell the rate would be phenomenal not very likely we are looking on a monthly number I do want to say as well because I often am told that I talk too quickly the nice thing about YouTube is you can go in and slow me down to where I talk a little bit slower it's just my natural pace but the nice thing about YouTube is you can go in and slow me down or if I don't talk fast enough you can speed me up uh so we have yourself a rate and then that's multiplied times our active listings and that essentially is just how many items you're selling for the month but like I said once we put variables into this we are then able to manipulate and change these variables right because you have an equal sign and let's go back to you know I think you learn about equal signs and like first grade probably um let's go back to first grade and equal sign it just means what's on this side of the equation is the same as what's on this side right so if you want the gross revenue to increase then you just pick one of these variables right so this is how many items are selling and then it's times your average sale price ASP is average sale price um if you get the spreadsheet or you're a little confused as I'm going through this quickly the formula and definitions are down here on the right hand side I also have lots of videos I'll link the playlist up here that go in depth into this as well but we're looking at South array active listings and average sale price those variables is just what gives you your gross revenue so for what I'm talking about in today's video we don't want to increase our active listings yes that is one way right it's one of the variables but if you're increasing your active listings you're also increasing buying more inventory and that's coming out of your bottom line and so if you increase your active listings I'm going to show you for the purpose of the video but let's say you have an average sale price of or a sell-through rate so of your 1000 listings 8.58 of them sold last month and they're selling at about thirty dollars let's say that's your Baseline you can put your numbers in these but this is kind of just a show for the video let's say I do want to increase my gross revenue and I'm going to double my active listings yes my gross revenue absolutely did increase this is one way to do it but as margins are getting Slimmer I'm gonna heavily suggest that we look at different ways to increase our Mark to increase our Revenue without lowering our margins without taking more money out of our bottom line and so two ways to do it would be right we have our gross revenue our golden formula you have yourself the rate your active listings and your average sale price so let's keep our active listings the same and pick either increase our average sale price or increase our sell-through rate and for today's video I'm gonna pick our sell-through rate you can go in and do which one of everyone you want sell through rate I'm going to say hey we're going to increase this to 15 and look our gross revenue increased we're making more money with the inventory that we currently have and so today's video like I said I'm going to be sharing three tips on how to do this we're going to be picking strategies that are increasing our sell-through rate it's going to increase our gross revenue without spending more money on inventory so what the first thing that I am going to suggest doing or increasing our sell array increasing ourselves our rate starts with traffic and what does that mean let's look at this is another downloadable spreadsheet that you have did I show it to you oh I didn't click on it there you go this is another special sheet that I have available uh as well to download if you are a gold member you and even silver members get some free downloads and discounts on a lot of these products um it's like a dollar but so it starts with the funnel right and this is going to be on most platforms eBay just has the most metrics for us to be able to kind of manipulate and use tools and look at their analytics um but for this is the theory for all of it it starts with Impressions it starts with traffic it starts at the very top if people don't see your items they cannot purchase them um so the first thing to increase yourself through is to increase your traffic increase your impressions and how do you do that to increase your traffic increase your impressions one thing you can go in and do um is update your store to appear in as many places as possible right and that's kind of what I'm talking about here search filters item specifics promotion sales best offers why does this work and why is this increasing your impressions you want to show up I'll show you on eBay if someone is searching your items let's say organically someone's searching for a pair of Y2K games so I sell women's fashion this is going to work for any uh part um let's say I'm the eyes I'm a customer and I'm searching for these items if I am doing the search you want to show up in as many places as possible so accepting offers if someone clicks on accepting offers and you don't have accepting offers on your listing you are no longer showing up in search they cannot buy your item now whether you actually accept the offer that they send or not you want to show up in search uh same with auction this is why some people really believe in auctions because some people are really only searching by auction I will say eBay has shown that the majority I don't remember the percentage you can probably look it up on eBay somewhere um but more people are using buy it now than auction it's going to depend on what you're selling women's clothing for sure more people are doing buy it now than auction but condition you know you wanna you wanna show up in these places that are relevant so if you're selling a used item do not click new um but shipping these are free shipping this is why a lot of people say hey you should do free shipping because if someone clicks on this free shipping and you don't offer free shipping it goes away now I'm not saying you have to offer free shipping to make sales run some test scenarios I'll put a link up here on why I actually don't do free shipping uh but showing up in as many of these this is why item specifics matter all of the things that people are filtering on the left hand side are things that are your item specific so if you go through and you don't fill out the item specifics to the best of your the most relevant to your listing someone's going to come in here and click on you know a color and you didn't fill out color they're clicking on it and it is no longer being shown now fill it out to the best if someone clicks on Brown and your item shows up as red they're not going to buy it because it's not what they want right so remember to do it in as many relevant places as possible you come down to here you scroll down all the way to the bottom you know they have all kinds of different um filters free returns returns accepted right deals and savings this is why running sales whether it's a price point but if someone clicks on sales deals and savings I click on this and now anything that has a coupon or a sale running or some kind of deal those are the only ones I'm seeing so running this sale isn't necessarily for price that can encourage buyers but it's also to show up in as many places as possible so the first thing to do is to work on ways to organically increase your traffic once you can organically increase it you can work on promoted listings is another way to increase your traffic you're paying for that though so that is going to come out of your bottom line but promoting your listings is going to show up in over a hundred different places on eBay the more places people can see your items the better it's going to be the better chance you have of selling right because it's that funnel it starts at the very top with that funnel from there once you are getting more places seen pull a listing quality report I'm going to link a video up here I'm so glad they did not get rid of it so if you guys commented on my video or you filled out the seller feedback on this uh kudos to you because I think we probably along with other sellers doing it as well um made them reconsider getting rid of the listing quality before but I'll link a video up here of what it is and how to run it I do it every single month even though I tend to be the top 10 but a listing quality report if you're not familiar it's a report you can pull on eBay it goes through every single one of your categories and it tells you how you compare to the top percent of sellers it looks at your item specifics it looks at your number of photos it looks at promoted listings it looks at all of the different metrics that matter to Ebay that matter to the algorithm that matter to the buyers it is comparing what you're doing to the top 10 percent if you're not in the top 10 percent you have room for improvement if you are in the top 10 percent kudos to you friend congratulations make sure to stay there I am typically in the top 10 typically top five percent in all of my categories however sometimes Things fall through the uh cracks and I miss like I accidentally did candling time wrong or you know something small fell through the crack so this is a really good gut check even if you tend to be at the top to pull it monthly and see it also is going to show you what is failing when it gets sent to Google So within eBay you have eyes but then eBay sends all of their listings to Google and other search platforms and if your items are failing to be sent to Google that's one less place right think about our traffic it's one less place that you are being seen so you can go in there and fix it's going to tell you hey this didn't go to Google because of this you can go in and fix it for that reason then the third thing that I'm going to say and I actually I've been doing this as well but someone mentioned this on one of my videos and I was like that is a great thing to be doing I want to mention it in my video so thank you so much for sharing uh that in my one of my recent videos but ending your listings and sells similar I mentioned I'll go through how to do that and how to look at the metrics and how to tell if it's working and the traffic and stuff but ending your listens and selling similar not only doing that because it refreshes your items and it gives you new traffic because a new listing to eBay they don't know what to do with it so they put it in a bunch of different places you get the most views on your listings when they're new because eBay's trying to figure out where to put it and get it sold the longer it's been there the less they're doing that because they're like well nobody wants us I'm going to be showing new items right and this is why ending it and selling similar helps but instead of just ending it and selling similar make your listing better if it didn't it sell figure out why it didn't itself are your comps you know if you've had this item for three years you're pricing may be different right depending on what category you sell in it may go down it may increase right so go through and look at your comps look at your photos they have a background remover and I'll go in and remove the background of that first photo and change your titles if there's two often times for me as a women's fashion there's like two categories that maybe it could fit into and if it didn't sell in one change it to the other look at your shipping costs looking at your business policies change it and make it better instead of just ending and saying hey didn't it sell I'm gonna get it as a new listing make it better and figure out why it didn't sell to get it to sell if you guys like this video do make sure to like comment share and save that helps it so other people can see this video as well and consider joining my memberships to support more content like this