I Think I was Scammed!!

Summary

In this candid video, a reselling entrepreneur shares their recent struggles with scams, inventory issues, and the challenges of navigating eBay's system changes. After dealing with a potentially fraudulent supplier, the speaker emphasizes the importance of doing thorough research and building trust when sourcing products. The video also covers the realities of scaling a business, adjusting inventory strategies, and the patience required for long-term growth. Despite setbacks, the speaker remains optimistic, highlighting the need for consistency and gradual improvement as the holiday season approaches.

Takeaways

• 😀 **Caution when working with new suppliers**: Always start small and minimize risk, especially when dealing with unfamiliar sources to avoid scams.
• 😀 **Building relationships with suppliers is key**: Establishing trust with your suppliers through consistent communication and small orders is crucial to ensuring reliability.
• 😀 **Scams are a real risk**: Even when suppliers come recommended, there's always a chance they may fail to deliver or deceive you, so be cautious and protect yourself.
• 😀 **Track everything carefully**: Analyzing data from platforms like eBay is essential, but new changes in analytics can make it harder to interpret performance and trends.
• 😀 **Slow and steady wins the race**: Focus on gradual, consistent growth in your business, especially when you have limited resources or time to invest.
• 😀 **Reinvest in your business**: Reinvest the profits you make from selling into sourcing more inventory and scaling up your listings over time.
• 😀 **eBay changes aren’t always for the better**: Recent updates to eBay’s analytics and data visualization (like replacing bar graphs) have made it harder to interpret key metrics effectively.
• 😀 **Patience is a virtue**: Growing a business takes time, and you should be prepared for gradual results. Fast success is rare, so don’t expect immediate returns.
• 😀 **Inventory shortages can impact your sales**: Running out of inventory or not having reliable sourcing will directly affect the number of items you can list and sell.
• 😀 **Keep learning from mistakes**: Reflecting on past mistakes, like jumping into experiments too quickly, helps improve your business practices moving forward.

Q & A

What challenges does the reseller face when sourcing inventory?

The reseller faces challenges with finding reliable sources for inventory. They encountered a scam where a supplier delayed shipments and claimed packages were lost, leading to doubts about the supplier's integrity.

Why does the reseller not believe the supplier's explanation about the lost packages?

The reseller is skeptical because the tracking information was not updated, and the supplier included an extra package for no apparent reason. The lack of concrete proof and delayed responses raised concerns about a potential scam.

How does the reseller handle the possibility of being scammed?

The reseller decides to wait for the products to arrive before taking any further action. They refuse to pay additional shipping costs without proof of shipment and demand a refund, highlighting that they will only believe the supplier when the products arrive.

What lessons can be learned about buying from wholesale suppliers?

When purchasing from wholesale suppliers, it’s crucial to do thorough research and understand the risks involved. It’s important to start small to minimize risk and only work with suppliers who are willing to build a trust-based relationship.

What role does patience play in growing an eBay business?

Patience is essential for growing an eBay business. The reseller emphasizes that slow, steady progress is key to success. Building inventory, establishing trust with suppliers, and refining strategies takes time and can’t be rushed.

How has eBay’s recent changes to the traffic graph affected the reseller?

The reseller is frustrated with eBay’s new graph design, as it’s harder to read and doesn’t provide crucial data such as total impressions or the number of items sold. This has made it difficult to analyze traffic and sales effectively.

What is the impact of inventory shortages on the reseller's sales?

When the reseller ran out of inventory, they had to reduce their listing frequency from 10 items per day to 5. This led to a decrease in traffic, but with more inventory on the way, they resumed listing at 6 items per day, which increased traffic again.

How does the reseller manage their inventory and financial strategy?

The reseller tracks their sales and listings carefully, ensuring they can buy more inventory as they sell. They use a financial strategy where they estimate how much inventory they need to sell to scale up their listings without overextending their budget.

What are the reseller's thoughts on experimenting with different business strategies?

The reseller acknowledges that experimenting with new strategies is important but stresses that changes should be made gradually. They believe rapid changes can disrupt the business, as seen in their initial struggles with their first store.

What advice does the reseller offer for those looking to grow their eBay store?

The reseller advises others to start slow, track their progress, and adjust their strategies based on results. They suggest listing more items gradually and focusing on quality rather than quantity to ensure long-term success.