What is Millennia Goods?
A new online store focused primarily on selling video games at low prices. We initially started selling used stuff lying around the house (mostly video games) through Amazon and Ebay. After years of selling mostly personal stuff, we decided to start reselling. So we first looked into what our profit margins would look like selling on marketplaces such as Amazon and Ebay. After some thought, we decided to open up our own independent online store for the following reasons:
- For the majority of products we would have very slim profits or break even due to the large cut that these popular marketplaces take from every sale. Or charge our customers more money.
- Selling in marketplaces only promotes the marketplace's brand instead of our own
To expand more on the marketplace's share of the sale: they keep a percentage of the final sale price. To put this in perspective, let's assume that Amazon's cut is 15% and we bought an Xbox One game at $50 and resold it for $60. Amazon would take 15% of $60, which is $9, reducing our revenue of the sale to $51. If we pass on the cost of shipping to the customer, then our profit would $51-$50 = $1. The profit margin is so tiny that any additional costs would put us in the red. In this example, the assumption is that the going price stays stable at $60. What if the price dropped down to $54? After all, it's not uncommon for video game prices to decline over time. In this scenario, we would have a loss of $4.10 on the sale.
And so, here we are. Since we already have knowledge of playing, buying, and selling video games, our store's focus is on video games. We might consider expanding in the future to other types of products if we become profitable enough. If you're interesting in finding out how much money game shops make, checkout this article.
We're on twitter if you like tweeting: @millenniagoods.
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