Sell-It, a Korea-based premium used-goods online marketplace app, announced that it achieved more than $1 million in cumulative turnover and a record monthly sales worth $100 K in January 2015.
Sell-It enables users to easily sell of a wide variety of items – anything from books to cooking equipment. The biggest benefit of using Sell-It is that it handles virtually all aspects of the selling process. It will price, pack, list and ship the users’ items to purchasing customers. Since Sell-It takes full responsibility in many of the sales processes, sellers do not need to worry about keeping track of inventory, shipping items, and dealing with customer service. Since Sell-It insures the quality of items being sold, it also allows buyers to purchase quality used-goods with at a reasonable price.
Sell-It operates with a bold business strategy that it sells its customers’ authorized items within two weeks. When the authorized items are not sold within two weeks, Sell-It directly purchases the items itself. Sell-It was able to push forward such an aggressive strategy thanks to its near-zero percent in-stock rate and its advanced operational technologies. A close look at Sell-It reveals that products not sold within 60 days is merely 2.6% of total volume on sale, while those not sold within 90 days is 0.5%.
Sell-It has been able to maintain such a low in-stock rate thanks to extensive big data it utilizes and a proprietary algorithm that keeps track of market prices of authorized used-goods. Through its “Smart-Pricing” algorithm, Sell-It prices listed items according to their most recent market prices. Once potential sellers accept the suggested prices by Sell-It, Sell-It begins to sell the items on its online marketplace on behalf of the sellers. Because Sell-It makes careful assessment of its users’ items and seeks optimal sales prices, a vast majority of goods are sold within a short period of time.
“Sell-It is a revolutionary service that satisfies the needs of both buyers and sellers,” said Dae-Hyun Kim, the CEO of Sell-It. “More than 45% of customers who use Sell-It before come back to us. We will continuously innovate our service and expand our market share to reach $1 million monthly sales within a year.”