Online sourcing has completely changed reselling for The Boyfriends Closet. Increasing profits, decreasing listing time, and diversifying the styles available on the website.
These are the top 5 ways it has made us a better reselling business.
- Less impulsive of a buyer.
- Source different demographics.
- It's easier to turn over.
- Quality over quantity.
- Supporting local sellers directly.
Less Impulsive
This may be a personal flaw, or something that's more universally relatable. When shopping at thrift stores, there is a now or never mentality that can take over. Along with the FOMO (fear of missing out) when the store is busy. Compounded by some personal anxiety about standing around researching everything immediately in the store.
With experience, time, and knowledge those factors allow less impulsive picks. Though after years of reselling, they still play a big part when sourcing products for The Boyfriends Closet at thrift stores.
Online sourcing at home is a zen space, with no anxiety, and the ability to easily screen shot what needs to be researched. Often with the ability to wait an hour or even a few days to be sure it aligns with trends, and stays within your budget.
Demographic Changes
Thrift stores often rely on donations, and those donations (unless stores swap items) are based on the area the stores are located. If the closest thrift store is by a college with student houses around - it's unlikely they will have a lot of grandma core style items. Or if the thrift store is in a small rural town, with a large retirement community -it's less common to find athletic wear there. Making travel an expensive, and enviromentaly impactful requirement depending on the area.
Online allows all demographics to mold into one. There are trends, styles, and demand that effect what's sold online. There is also an effect on who the sellers are, that molds what's easier to find. All of those things are different based on the individuals location, or interests. Creating a larger ability (with trial and error) to find the desired niche or style of items.
Faster Turn Over
Once something is bought at the thrift store, it needs to be processed into the business. Recording prices, cleaning, photographing, and uploading information on the item. The uploading a new or different item can be the most time consuming part, when it comes to researching comparative pricing.
When executed successfully, the research has already been done before the purchase was made with online sourcing. As long as the research is saved or remembered then it's a much faster to post for sale. There is also a digital copy of the receipt, likely making it a lot easier to reference and record.
Quality Over Quantity
Thrifting takes gas and time, and often there is a requirement to make it a profitable. It can be hit or miss for high quality items in one trip, as it varies so much. This usually results in wanting to unsure there is at least a quantity of okay-good items coming out of the trip.
Online sourcing requires more time spent on one item. Which automatically results in needing more value out of it. It also means that usually, when the research is done correctly that the items being ordered are worth more. Some resellers want to keep costs low, and rely on the quantity. Where as other resellers prefer to spend more, but make more on higher end items. Making online sourcing the only profitable way to find items, for those wanting to deal with higher end items.
There are ways to allow quantity, and lower prices when sourcing online. Creating bundles or looking for a "lot" (grouping of multiple items already paired together) of items can be a huge help with spreading out shipping costs or reducing cost per item. It's important to pick a cost per item budget, and stick to it in these circumstances. It's easy to get distracted by "good" deals, and forget about the taxes and / or shipping costs.
Supporting Locally
Thrift stores are ran by a variety of people and organizations. Each individual should do research on their areas thrift stores to know who they are supporting, and whether that aligns with personal values.
The Boyfriends Closet, sources through Canadian sellers only at this time.
The company that runs the platforms the sellers are on also receive a cut usually, unless items are being sourced with local market places.
Whether the items are being sourced from full time, part time, or casual resellers who just want to sell one or two items to make some cash they're all Canadian. This way of sourcing directly gives those sellers their own profit, and allows us to support them by curating our business.
Disclaimer: This does not fully replace how we source. Take this information and do your own research to make informed smart choices for your reselling business.
