Whether you're dabbling or deep into the thrift/consignment game, setting up your finds to sell for profit in a $1 auction fashion is an excellent way to quickly get your name out to potential buyers and double your profits per piece sold. 4 solid ways a $1 auction will grow your thrift/consignment business are:
Make more money per item: The beauty of running a $1 auction is it allows people to essentially pick what they feel the item is worth. The key to getting top dollar for a piece you have thrifted is to increase your $1 auction group to a minimum of 5000 members. At 5000 or more members the sale of individual listings goes up by over $3 per bid. Any items that go for less than the price you would consider fair will be covered by the monthly membership fee.
Market Research: Building a targeted group of buyers for your $1 auction gives you the opportunity to test out your thrifted products on a continuous basis so you know which items are hot sellers and which ones might just belong with you. If you did manage to get several of the same item, you can also offer them to the bidders who did not win the auction. A win-win!
Take Special Requests: One of the things I have loved especially about getting to know the thrifters in my $1 auction is their ability to find the things I'm looking for when I need them the most. I'm always on the hunt for kids clothes and ALWAYS reach out to my $1 auction thrifters to see what they are able to find before I head to a department store for school and seasonal clothes. Working with the thrifters has allowed me to secure new or like new name brand clothes for every season at drastically discounted prices!
Consign For Other Sellers: As a thrifter, instead of allowing others to sell in your group, you have the opportunity to sell items for others who would like to sell but may not have the time to do so! Offering to consign items for others will give you additional profit on items you did not have to purchase, diversify your offerings and help continue to spread the name of your throughout your community for new business.
CLICK HERE to take the official $1 Auction Training!