This week's interview is with Dumonde. We caught up with him in the MarketSpace while he was shopping for virtual items for his Idea Seeker store.
Thanks for talking with us about starting up a new store, Dumonde.
You're welcome. It's really a fun activity.
1. So, what advice can you give Idea Seekers on how to get started with buying and selling items in their stores?
Well first you need to buy some items in the Idea Seeker Universe to have things to sell—like Anti-Cloud Power Items, Hunger-Fighting Food Items, or Furniture from Tempy's Furniture Store. Sometimes I pay full price if I really want an item; and I don't want to take a chance of it being sold out. Other times I take a risk and I offer a lower price to see if I can buy it for less.
Then I go back to my Idea Seeker Homepage and click on the link to My Idea Seeker Store. It's on the left side of the page. I watched the store demo to figure out how to set up my store. It was very helpful.
2. That is really good to know. We're here in the Restaurant in Venezia Village. What are you planning to buy for your store?
I'm buying the Yuk ‘Ola Apple Core for 50 VPs. I'm going to see if I can buy it for less. Wish me luck.
Great, I was successful at buying the apple core for 45 Virtual Points this time. But, it doesn't always work.
3. You seem really happy about that. Why is that?
Well, that means I saved five (5) Virtual Points on my purchase—and if I sell the apple in my store for 55 VPs, I'll earn five (5) Virtual Points for my account. And, because I spent five (5) Virtual Points less than the asking price, I am really ahead in my account by ten (10) Virtual Points. That's five (5) points in saving points and five (5) points in profit.
4. Ok, I get it. You can make Virtual Points for yourself when kids buy the Yuk ‘Ola Apple from you, and you've priced it right.
Exactly. Profit is the amount of Virtual Points you make from the sale. I also get to see how much profit I make each week in my store by looking at the number of items I've sold. I can even see how much profit I've made to date from my first sale until now. My friend Fiona Zador has made over 60,000 Virtual Points. That's a lot!
5. How do you decide what price to put on your items?
I look at the original (list) price. Then, I think about how many points I would be willing to buy the apple for in somebody else's Idea Seeker Store.
But, don't make the same mistake I did! Once, I was so excited about offering a lower price at the store where I bought it that I turned around and put a lower price on it when I sold it! I lost Virtual Points and Riley had a good laugh because he bought something from me for less than I paid!
So now, I make sure my selling price is more than what I paid for it—but not too much, because it won't sell. And, if I mark it up really high—like making a 300 Virtual Point item 30,000 Virtual Points, then Greedy Cloud comes along and steals it. Then, you don't earn Virtual Points AND you lose your item!
6. Wow, good to know. Do you sell lots of items in your store?
I do if my prices are good. Sometimes I need to go back to my store to lower my price. I like to check out other Idea Seeker's stores to see how their prices compare to mine. Then I know if I should raise or lower my price.
Thanks Dumonde, I think you've helped Idea Seekers understand how to get started selling items in their Idea Seeker Stores.
Want to have fun selling items in your store like Dumonde? Here is Dumonde's advice:
- Watch the demo to set up your store.
- Put a fair price on your items. Don't make a mistake and price it lower than the list price.
- Check back often to adjust your price, or
- Check out other Idea Seeker's stores to see what they are selling the same items for; this will help you decide how to price your items.
- Don't make your price too high, or Greedy Cloud will come and steal it.
Well, that wraps up our interview with Dumonde. Be sure to come back for the next issue when we sit down with Kimma in her room. She has some exciting announcements to make.