Buying and selling online is becoming very popular and lucrative. In fact, Facebook recently launched its Buy/Sell feature to accommodate this development. It is a huge opportunity for retail operations to sell more product. But before you get into it, there is a whole new language you’ll need to understand so you don’t miss out on any opportunities.
We asked our employees what their favorite PawnMaster feature is, and why. Here’s what they had to say:
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Buying and selling online is becoming very popular and lucrative. In fact, Facebook recently launched its Buy/Sell feature to accommodate this development. It is a huge opportunity for retail operations to sell more product. But before you get into it, there is a whole new language you’ll need to understand so you don’t miss out on any opportunities.
FS – means “For sale”.
Sold – Buyers interested in purchasing an item post “Sold” to indicate they’re committed to making the purchase. Sometimes this is after questions are answered and negotiations take place.
Next – If someone has already posted “Sold” on an item, a buyer can let the seller know they are interested if anything falls through with the sale by posting “Next” or “Sold Next”. This can also be posted as, “NIL” or “Next in Line”.
Bump – is simply used to bring a post back up to the top of a feed so more people can see it.
Porch Pickup—For items priced under $10, some people choose to do porch pick up which means the seller leaves the item out by the front door in a bag along with an envelope or for the buyer to leave the money in.
Pending – this usually means that an item is pending pickup (and may also be displayed as “pp” or “ppu”). People may also post “Sold Pending…(typically an answer to a question.)”
Cross-Posted or XP – means the item or items have been posted to multiple platforms. Typically items will sell faster, the more exposure they get.
ISO – stands for “In search of”… This acronym is used by buyers so either sellers can post their items for sale that match the buyer’s request, or the community can give recommendations on where the buyer can find the item for a good price and for sale by a reputable seller. Similarly, “WTB” or “WTT” can be used. (“Want to buy” or “Want to Trade”)
PM – Sometimes buyers and sellers don’t want to put all of the information out for the entire community to see, so they will “PM” or “Private Message” each other with more information or contact/pick up details.
FCFS – In many cases it goes without saying, but “FCFS” or “first-come-first-served” is oftentimes used for curb pickup or free items.
Acronyms to Describe the Condition of Items
NWT – New with tags
NWOT – New without tags
EUC – Excellent used condition
GUC – Good used condition
Make sure you read the rules of the group or site before posting items. Different marketplaces have different rules so you want to make sure you get off to a good start within all the communities you participate. If you’re interested in integrating your eCommerce listings with your inventory POS system, check out PawnMaster’s e-foro, eCommerce power lister.
Michael Palmeri, Denbigh Pawn Shop, Newport News, VA (more…)
Nobody likes to be wrong, but did you know there are psychological reasons behind why we avoid, resist, and deny being wrong? We all want to know that we’ve made the right decision; whether it be personal, professional, political, financial, parental or anything in between. Every day we, humans use our brains to collect and digest all the information we can, gathering social proof before making decisions, whether it be a purchase, casting our ballot, pulling the trigger or passing judgement. However there are habits of the human brain that tend to interfere with pure logic that ultimately influence our behavior. Among the many psychological phenomena that we humans knowingly or unknowingly experience, one big one comes to mind when I think about making, justifying and sticking by our big decisions. Confirmation bias is a natural psychological phenomena to which we are all susceptible. (more…)
We asked our employees what their favorite PawnMaster feature is, and why. Here’s what they had to say:
Victoria Brooks, Brooks Pawn & Jewelry, Modesto, CA
Brooks Jewelry opened for business in 1981 in a one-room office. Their goal was to run a reputable hometown business.
They bought and sold estate (used) jewelry. By 1993 Brooks added pawns and second-hand dealing as an option for people that just need a short term loan and did not wish to sell (more…)
Data Age Business Systems, the developers of PawnMaster pawn shop management software, is excited to announce their partnership with AcuSport Corporation, the leading firearms distributor. PawnMaster is the exclusive pawn software vendor to participate in AcuSport’s CustomerLink Exchange (CLX) program. CLX connects leading independent retailers and manufacturers to improve the flow of product. Orders are sent electronically through the retailers’ PawnMaster pawn shop management systems to AcuSport on a nightly basis, streamlining inventory management, saving time and improving cash flow. This partnership will revolutionize the way pawnbrokers place AcuSport orders.
We asked our employees what their favorite PawnMaster feature is, and why. Here’s what they had to say:
