Reviewing the Sales Figures

In my business, there are several key metrics I keep an eye on, along with some supplementary figures. The primary metrics include total sales value and the number of parts shipped. Other interesting but less critical metrics are the average sale value, daily sales, and variable costs.

August Sales Performance

In August, my total sales climbed by 1.7% compared to July, reaching $1,470.77 from 44 orders. However, this represented a decline of 6.4% in the number of orders compared to the previous month. The average order value rose to $33.43, marking an 11% increase from July.

Despite the rise in total sales, I fell short of the ambitious goals I had set for the month. I aimed for $2,600 in sales from 75 orders, with an average order value of $35.00. Looking back, those targets were quite lofty, aiming for an 84% revenue increase, 60% more orders, and a 16% rise in average order value.

I was hoping for a modest 20% boost in average sale value and continued sales growth after launching on Brick Owl.

Sales Breakdown

My sales in August were derived from BrickLink, Brick Owl, and direct orders, but they varied significantly across these platforms.

• On BrickLink, I processed 26 orders totaling $681.11 in revenue, with an average order value of $26.20. These orders included 2,307 parts, averaging 88 parts per order.
• In contrast, Brick Owl generated 17 orders for $749.66, averaging $44.09 per order, with 2,602 parts sold, averaging 153 parts per order.
• Additionally, I received one direct order for $40, which included 136 parts.

Inventory Overview

As of August 1st, my inventory consisted of approximately 171,416 Lego parts. I had to do some calculations to arrive at this figure since I hadn't recorded it earlier, but I diligently track the parts I add and sell.

In August, I sold 5,045 parts, reflecting a 1.7% increase from July's 4,963 parts. I added 10,358 new parts and 1,000 pre-owned parts, sourced from 19 sets and 2 Pick-A-Brick cups. I carefully selected these sets to ensure they provided specific parts in demand by my customers, which is a significant advantage of interacting with them.

This brings my inventory up to 177,729 Lego parts as I head into September.

September Goals

Up until August, I hadn't set any firm monthly objectives. Although I didn't reach my targets in August, I recognize the importance of establishing these goals moving forward.

Before delving into September's specific objectives, I want to outline a key goal that, once consistently achieved, will facilitate ongoing growth: maintaining a sell-through rate of 10% or more of my inventory each month. For August, this would have required selling 17,141 parts.

Currently, my sell-through rate is closer to 3%, indicating that significant improvements are necessary. However, having ambitious goals is crucial for progress, and I believe this target will aid in my business's sustained growth.

Increasing Average Order Value

My primary objective is to further elevate the average order value. Last month's target was $35, and I'd like to maintain that for September, translating to a 5% increase over August.

Boosting Number of Orders

I also aim to increase my total number of orders this month. My August target of 75 orders turned out to be overly optimistic, so for September, I am aiming for a 25% increase, targeting 55 orders.

Thank You & Open to Questions

Thank you for accompanying me on my journey of selling Lego online. I hope you found this breakdown of my numbers insightful. I welcome any questions or topics you would like me to cover further.

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For those in Australia who love Lego, you can find my store, Bricks By Joel, on BrickLink and Brick Owl. I truly appreciate the support from everyone who helps my business thrive.