It has been over a year since I visited a collectible house even though they provide a broad and comprehensive appraisal services for their items. I find an online collectible platform to be convenient because I can go through the categories of items and their evaluation within minutes. Platforms like eBay and Vonmerch have made online acquisition of collectibles a successful business innovation. It is very easy nowadays to purchase a pop figure collectible or even a Funko item. Although this was not the case years ago and thanks to the millennials and the disruption caused by the growing digital economy. The revolution in the collectible marketplace cannot be powerful if it is just about technology. There are other areas players in the industry need to consider ensuring that the business is profitable. In my opinion, the mindset and approach of the players need to change as well. These are my thoughts.
Digitalizing collectible houses
As the collectible houses grow it becomes increasingly difficult to track and update items through manual methods. The last time I was at an auction house, it took several hours just to find a pop vinyl just because it had been moved to a different aisle. As a millennial, I find that to be stressful and depressing. I now buy my collectibles online. I forgot to mention the time and energy spent walking around to find the pop vinyl. This is not well suited for the upcoming generation who have a different perception of how a store center should be operated. My suggestion to collectible houses is to develop a computer-based system to manage their collectibles and convert their houses into a collection center while they spend more time listing their items online.
Stay ahead of the game
Knowledge acquisition and experience in the collectible business is essential because that is what drives success. When a dealer is more knowledgeable than the seller, they can use that advantage to secure a lucrative purchase vice versa. Every merchant agrees that knowledge of a product and market is critical for players in the collectible markets. There is no excuse for any player not to be adequately informed especially in the age in which we live. Although it will be insensitive not to admit that acquiring knowledge in this line of business requires hard work and continual study because the market is always evolving. For a new entrant, it is more than just knowledge acquisition they must seek mentorship from experienced players and market expert. This will help them to avoid costly mistakes.
Sharing is the winning code of conduct
Collectible players must be knowledgeable about acquiring rare items but more importantly knowing how to target the right buyers who will appreciate the value of their findings. This is not just a peculiar case for collectors but also dealers in the industry. Dealers often need to obtain goods that will allow a profit margin to stay ahead of their competitors. This is a harsh territory and it’s not for the faint-hearted. The best way to ensure that there is always an upstream acquisition of item from the collector to a dealer and then a buyer is to have an open information policy and cooperation amongst the key players. This is should cut across competitors so that all parties involved can make a profit at the end of the day.
The new face of the collectible marketplace must be digital, and players must be well informed to stay ahead of the game. More importantly is the collaboration between players involved to ensure that items and collectibles get to buyers that will appreciate it. This is essential to ensure that the business becomes profitable at every level.