I've done 9 of my first 15.
I'm definitely sticking with the per store rate, even as I drive to locations farther and farther from home. I've had two stores out of my first 9 with no products to return. Took about 4 minutes each. Way easier to take the $20 per and not have to track all the admin stuff. I might think differently after I time how long it takes to get everything packed and ready for FedEx...
So far pricing has been all over the map. My first stop was 70 units, but the tab was only $179. All the rest have been bigger expenditures. Most seemed to be priced at $7.49, but one batch rang up at over $10 per unit. Cool!
The key to really making this thing profitable is the credit cards you use.
Discover is 5% on digital wallet purchases though the end of September. Took me awhile to figure out I need to take my phone out of its mag case with the additional magnet in it for my car mount in order for Apple Pay to work consistently, but I am now dialed in. Pun intended.
Today's stop was 65 units @ $669, and took ten minutes, so $53+ gross with my cash back. I like that hourly rate!
Once I reach the max $75 cash back on my Discover I will switch to my Venmo VISA. It pays 3% on whatever category you use the most each month, so that will be used exclusively for this project moving forward.
I also have a Verizon VISA that pays 4% at gas stations, and I've noticed that all my 7-11 stops have rung up under that category whether they have pumps or not. That card does not pay direct cash back, but I can use it towards my Verizon bill which automatically bills to the card, so the same end result is achieved.
I received my advance for the 15 locations very quickly. Have yet to receive reimbursement, but I'm guessing that is because I have not processed my returns yet. I''ll be wrapping up my first wave tomorrow, and will do the packaging and FedEx stuff on Friday while my car is in the shop. I'll then eagerly look forward to booking my next 15.
Biggest issue as others have mentioned is language barriers. Pretty eye opening. At one store the only employee in the place did not understand the question asking for his last name, much less anything else. He had to call someone else to guide me to where the inventory was stashed. At another the clerk was unable to linguistically process my request to buy 39 units. Luckily a manager was there to step him through the process in their native tongue.
The wildly varying back-of-store conditions have been an eye-opener as well.
FWIW, I rarely stop at 7-11, and these visits will keep me from stopping there in the future.
Our two local convenience store chains offer bigger, cleaner stores and much more pleasant customer service experiences. One of those, Maverik, just bought the Kum & Go chain from back east. K&G had just started opening out here in Utah (a couple are on my retrieval list). Will be interesting to see if they rebrand them.
Have synthesizers, will travel...
Edited 1 time(s). Last edit at 09/21/2023 11:20AM by CoolMusic.