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Bonanza Online Market

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Review by drsurfrat posted 11-25-2020 01:16 AM 1044 views 0 times favorited 5 comments Add to Favorites Watch
Bonanza Online Market Bonanza Online Market Bonanza Online Market Click the pictures to enlarge them

Bonanza Online Market

https://www.bonanza.com

It is an alternative to eBay. They are geared to high volume sales and ‘fashion’ as their front page suggests. They do have tool listings (435 Planes on Nov6, 2020).
My opinion up front: I think they are worth trying, but I don’t think they are a real alternative for tools.

A. Facts Regarding the Site

Here is a pretty good summary of what they do:
https://support.bonanza.com/hc/en-us/articles/360001172731

Their monetary cut of a sale is tiered, depending on how much you want advertising attention. The costs can be as low as 3.5%, (that’s good) and increase depending on how much advertising you want with your items. I did the minimum to see how it goes. Higher “advertising” rates are no better than fleece-bay. It has cost me nothing to list.

The company started in May 2008. Now (Nov2020) 68 employees and $12 Million revenue, compared to eBay’s 14,100 employees, $11.7 Billion revenue. [Owler.com, Nov2020]

There are no auctions. Items persist until you delete them. I assume that they would notify you, but I haven’t had the pleasure of a sale yet. I hope so, otherwise, if you don’t pay attention, you may disappoint someone who wants to buy your stuff.

The category taxonomy is familiar: Collectibles > Tools, hardware & Locks > Tools > Carpentry, Woodworking > [tool types]. Other familiar similarities include drag and drop image uploads, feedback rating – which you can import from eBay, common search and filter options, and a best-offer option.

From where I am at the moment, I can’t find out about some things. How much does Paypal take as a payment option? How secure is your information, really? What if someone decides to be difficult; how are disputes settled? You (seller) can ship worldwide, but I don’t know if sellers are allowed be non-US residents. They say they are open to suggestions, but don’t know yet what they do about it.

B. Individual Sellers and Tools

Delusional prices in some cases (but hey, I don’t have to buy them) Especially ridiculous was a beaten up Ohio Tool Co, single iron wooden jack plane for $1000, and the parts of a worn wooden leg vice for $494.99 (wouldn’t want to scare someone off with the full $500). Seriously, actual SOLD items seem to have been reasonable for what I know, not high – but not too low.

Tool Traffic is really small. For their PLANES category: 414 items are currently listed now, but 18 sold in the last year. (Nov2020). For my attempt, 26 days amounted to only 21 views of the nine tools I listed. This is the bare-bones option, no ‘advertising’. It seems that it is built for volume sales and is heavy on ‘fashion’ items.

C. Personal Opinions

The reason I started this was that eBay takes a big cut – including from shipping costs which they have nothing to do with. I was hoping for a more reasonable fee scale. – DonW said that Facebook has “Can I Have It?” for woodworking tools, but I do not trust Facebook with my personal info. – Craigslist is local, so specialty tools won’t have the broad audience they need to sell.

Bummer for me. O well, some positives:

The ‘getting started’ tutorial was good, one of the few I have bothered to read.

Uploads and pictures were easy enough, drag and drop, and the images are full sized for details. And you can set up profiles to populate your listings instead of typing the same over and over.

Site logistics work well, no glitches so far. It is a very pleasant site, nothing off-putting to me.

...

If people start looking at tools on this site, maybe it will blossom into a good place for WW tools.

Mike – November 2020

-- Mike (near Boston) ... Laziness is the mother of invention, necessity is the mother of exhaustion - me




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drsurfrat

379 posts in 155 days



5 comments so far

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poopiekat

4856 posts in 4702 days


#1 posted 11-25-2020 07:21 PM

I know Ebay’s fees are high, and as Mike says, for Ebay to get a slice of the shipping dollars is not right.

For decades now, I’ve been involved in one way or another in the sale of antiques and collectibles, and have the scars to prove it. Perhaps I seem to be prejudiced, but I absorb all the experiences both good and bad, as well as keeping tabs on my daily ‘take’ from one type of venue or another.

Time was, the country flea markets were THE place to set up your wares, and get the best prices. I did this from the late 60’s through the late 70’s, until gradually there were less of us old Americana dealers around. What was once generally shows for antiques and collectibles became forced out by imported Asian crap and fortune tellers, and even tattooists setting up booths adjacent to my antiques…the good market days were over.

So, I tried multi-dealer shops. That venture fell on its face too. I’d go in a few times a week to straighten up my kiosk, and find a plane or two missing a knob, lever cap or cutter missing. Somebody must’ve found a plane elsewhere in the shop and married my hardware to it, and the other seller got the sale. I saw a cookie jar on another dealer’s table, and it was missing the top. Somebody snagged my lid on my identical cookie jar, and paid peanuts for the other jar with my lid on it. This kind of stuff went on constantly, and worse, the owners both had the sloppiest bookkeeping possible.

Yard sales? They were awful too. For every one respectful customer, there were five obnoxious, insufferable lookers who used offensive words as a negotiating tool. For example, I had 7 brass blowtorches. One piker offered me a dollar apiece saying he couldn’t get much more than that from the local metals scrapper. Five block planes disappeared into someone’s pockets when I wasn’t looking. Another offered me $3 for a #5 Hercules Sargent plane, still in the box. It was marked $40. There was somebody who offered me $3 for my good-running Craftsman snowblower, ($50) he said he could only get $7-$8 for it at the scrappers. And so it goes, on and on.

Ebay at least weeds out the undesirables, to a large extent. My only problem is people who ask the nit-pickiest questions or demand extensive pictures on, say, a functional plane listed for a mere $12.50. It’s worth it, however, for conducting sales on Ebay, when they collect and forward sales taxes to states and provinces, sparing me that aggravation. No standing outside in the hot sun, no hurried 60 mile runs with truck and trailer at 5:00 AM, no fighting over spaces I’d reserved from a week earlier, no pillaging or pilfering, yeahhh, it’s worth it.

But….I’d be interested in any feedback on whether Bonanza is a good place to set up shop!

-- Einstein: "The intuitive mind is a sacred gift, and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift." I'm Poopiekat!!

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drsurfrat

379 posts in 155 days


#2 posted 11-25-2020 08:49 PM

Poopiekat – thank you for going to the trouble to write that. It is a great long-term perspective, and helps me balance my ‘analysis’.

-- Mike (near Boston) ... Laziness is the mother of invention, necessity is the mother of exhaustion - me

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OnhillWW

289 posts in 2200 days


#3 posted 11-26-2020 07:20 PM

The reason I started this was that eBay takes a big cut – including from shipping costs which they have nothing to do with. I was hoping for a more reasonable fee scale.

OK here is a dirty little secret that both Etsy and Ebay do; Both take a percentage of the shipping fee, this is outrageous BUT to add insult to injury, both have negotiated reduced shipping fees for their sellers and both only pass on a portion of the savings and pocket the remainder THEN charge the seller a % of the shipping fee = double dipping.

-- Cheap is expensive! - my Dad

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poopiekat

4856 posts in 4702 days


#4 posted 11-26-2020 08:06 PM

Ebay used to actively request that users report sellers who charge exorbitant shipping charges. Now I realize that Ebay would just as soon take a cut of an inflated charge as an actual charge.

I’ve dealt with sellers who list items with horrendous shipping charges. The strategy they used was to avoid Final Value Fees, by lowballing the bid price and making up for it with high shipping costs. Ebay got wise to this and I guess they wanted a piece of the action.

The reduced Postal charges get offset by sales tax on shipping tax and fuel surcharges and anything else they think of. I assume USPS operates in a similar fashion.

I avoid integrated services like “Shippo” and directly, independently deal with my Canada Post account so that Ebay doesn’t ever see the actual amount I spend to ship a parcel to my bidders.

-- Einstein: "The intuitive mind is a sacred gift, and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift." I'm Poopiekat!!

View poopiekat's profile

poopiekat

4856 posts in 4702 days


#5 posted 11-26-2020 08:53 PM

I just reviewed my Last sales transaction in Ebay. This is what I see, as a seller:
Ebay sale: $26.00
Calculated Shpg 29.97
buyer’s local sales tax: 3.17
Total transaction 59.14

Then… Ebay, through Paypal, collects their 2.49 Fee for the listing and sale from the above total, and forwards the buyer’s sales tax to the appropriate state agency. $3.17
I receive a net value of $53.48. Then, I pay out-of-pocket for shipping.

But while I was compensated for the shipping cost by Ebay’s internal calculator, I was responsible for the actual cost of shipping, by what Canada Post says they will charge me. In this particular case, I spent $26.88 for shipping on a business account.

Sometimes, the way that rates are structured make it difficult to get it exactly right. It’s usually higher or lower than what the Ebay shipping calculator says. for example, using 2 identical 12” X 12” X 12” boxes, I could ship 50 pounds of solid lead, or a single soccer ball. You’d think one package would cost more to ship than the other, but NOOOOooo…it would be about the same because the rate structure is based on perceived volume as well as actual weight.

About Fees: You can list your item in Ebay using multiple categories, but it will cost extra. You can add descriptions, but it will cost extra. Add huge photos, extra. Use any of a dozen or so options, extra extra extra. Then click the auto-relist button, and you’ll pay these fees over and over again until the item sells. Before you click the ‘List’ button, it indicates how much the list will cost. Click on it, it’s a link, and decide whether all the bells and whistles are worth it. You have one last chance to opt out of any feature that you really don’t need.

Ebay is still the best way to go, in my opinion. ‘Til something else comes along. If I was set up at a Country Flea Market, I’d eat up the $$ difference in hot dogs and coffee in the course of a day.

-- Einstein: "The intuitive mind is a sacred gift, and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift." I'm Poopiekat!!

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