You ARE A Reseller - Step Up Your Game
Stop leaving money on the table.
You, as a Thrift Store with stuff for sale, are a reseller.
The majority of Resellers are selling items that they purchased from Thrift Stores. These resellers are shopping in your thrift, buying products on your shelves, and are literally actualizing profits that your thrift is missing out on. As a thrift, YOUR goal is to make as MUCH money as you can from these products in order to further your mission (unless you are one of the very few bizarre thrifts that want to sell stuff as cheap as possible). Not only is profit a goal, it is at the very heart of why you even have a Thrift Store.
These resellers are doing what you SHOULD be doing.
These resellers are operating on knowledge that you do NOT have (or are unwilling to leverage). These resellers have knowledge about what sells, and for how much. They are (for example) buying a brand name jacket for $4.99 and selling it for $52.99. Or, some esoteric piece of electronics you are selling for $1.99 is purchased and sold for $155.00. Even select books are resold for a few dollars to many dollars more.
I could give you example after example. As I myself am a member of multiple reseller groups, I see people sharing examples of items they purchase and how much they are profiting on a daily basis. These resellers have learned the marketplace. These resellers are in the business of matching up specific items with interested buyers and making a profit.
As a Thrift Store owner/manager/etc, it is time to get educated. It is time for you to learn brands, products, items that sell for more, and stop leaving money on the table. There are several things you can do to get started learning products.
Reseller groups on Facebook - There are a LOT of reseller groups on Facebook. It will be pretty educational to see what sells, and for how much. You might even see items showcased in the group that you have in your own store - that sell for way more than you are asking at your store. Here are a few groups you might like (I'm a member of these):
Thrifter & Reseller World
The Sourcer's Apprentice
The Thrifting Board
Thrifting For Profit
Speaking of Facebook Groups, if you are involved in any aspect of operating or working at a Thrift Store, join the Top Level Thrift Facebook Group.
eBay - Search eBay to find out sold values. Don't forget to choose "Completed Items" under "Show Only". Remember, anyone can ask any price - but the "completed Items" show the real values for these products on eBay.
Amazon - Find your items on Amazon and see both brand new and used prices.
Youtube - The number of videos talking about reselling is staggering. But the knowledge is absolutely mind blowing.
Google - Find articles, information, etc.
The steps I am urging you to take to stay relevant and increase your Thrift Store profitability are going to be a lot of work. Learning, and becoming better will take time. However, you have a responsibility to maximize your Thrift Store in every way possible. You have an obligation to make your Thrift Store a TOP LEVEL THRIFT!
(article originally posted on toplevelthrift.com)
It's true. You are basically suggesting that Thrift store owners become retail stores, with donations as a source of inventory. The only problem with that is that business model fails. You have competition from Goodwill and Salvation Army, where most donations go. On top of that, you're literally suggesting these "thrift stores" raise their prices and sell items like they aren't a thrift store. People don't want to pay full price for an item at a thrift store. That's a great way to lose customers. I'll pay $7 for a pair of pants, but I won't pay $25 for the same pair of pants that sells for $36 new, for example. So, unless you're a non-profit giving back to the community, failure is inevitable.