Elliott, of Elliott’s Jewelers was able to increase his cash flow, help his customers sell their pre-owned valuables and tap into a large, diverse network of buyers without making any changes to business. In fact, he was able to do this with even less effort than before. He did this by joining the Worthy Stores Partnership program and within a month, had a great deal to show for it.
Elliott’s Story Q & A:
Q. What was one of your biggest pain-points as a jeweler?
A. Well, before joining Worthy, it was actually helping my customers sell their items. While I have a consignment program in my store, it is very challenging to sell items, especially when I am relying on the local demand. Sometimes beautiful items sit in my store for 6 months without so much as a bite or rather, a fair offer.
Q. Did you try other selling solutions?
A. I did have an eBay store for some time but as a business owner, it took up too much of my time – photographing every piece, describing it, and tracking the auctions. An even bigger problem was with some of the terms on eBay – the return policy, insuring shipping, high commissions etc. There is also the issue of buyers fraud that I worry about that eBay is really lacking in fighting. There are protections for buyers out there, but sellers – not so much.
Q. Once you found Worthy, was it easy to join?
A. Yes, that’s one thing that really caught my attention -the easy set up and very low maintenance. All I had to do was describe my store/business, upload my logo and there it was, my own auction platform! Submitting the first item was easy too. I was actually pretty excited to use it when my next consignment client came in.
Q. How does listing an item work?
A. Now that I already set up my account, all I had to do was describe the necklace (that was my first item) and upload a few images. Since I am a jeweler I was able to give a pretty detailed description. From there, I got an estimate and a minimum reserve price from Worthy. What I also got, was a free and insured shipping label to their labs. I was a bit apprehensive to send the item away but seeing that it was for further grading purposes, I went with it – the free insurance didn’t hurt either.
Q. Are there any other steps you had to take to complete the sale?
A. Actually, to my surprise, no! It was great – once I sent the item the work on my end was done. I was invited to watch the auction online and see the bids coming in – which was pretty fun I must admit. When the auction ended they sent me a full summary, the highest bid, and the sale ticket for me to sign and approve. The money was transferred to my customer and the necklace to the end-buyer.
Q. Do you get commission out of the deals?
A. Absolutely – it’s one of the biggest benefits of this process for me. When my customer is sent the funds, I get a 5% commission from the sale. It seems like a small amount, but counting the high ticket value, the little effort I had to put in and the fast turnover, it is more than worth it for me. For some of the deals, I offered a bit of my commission towards a discount on their next purchase – and they took me up on it! This actually addressed one of my concerns – that they would be turned off from buying more jewelry upon seeing the resale value but to my surprise they were happy to return to my store for both buying and selling needs.
Q. So you would describe your first month of using Worthy as successful?
A. Yes, I’d say so. My total added revenue was over $3,000! From a business standpoint, a little effort resulting in a big payout is a no-brainer! An extra, unseen bonus was giving my clients an improved consignment process that I am happier to provide than before.
Are you a store owner interested in joining the Worthy Stores program? Learn more about us here or get in touch with a dedicated account manager by contacting us.