About a week ago I got an email from Jeff Hwang, author of The Modern Baseball Card Investor. I first met him at the Industry Summit in Las Vegas a little more than a year ago, and we had a really good conversation about the baseball card market. His book is now done, and he wanted to send me a copy of it. I just got my copy in the mail the other day, and was pleasantly surprised with how well he described COMC.com in his Enhanced Liquidity section of the Introduction (pg 30-31). eBay got a paragraph and we got nearly a full page.
Jeff did a great job of summarizing the difference between COMC.com and other sites. It captures the essence of what has made us successful.
Here is an excerpt…
The online consignment site COMC.com has further enhanced the liquidity of lower priced cards by creating a centralized online exchange where all the cards listed online are in one physical location, and can be traded multiple times without being shipped. Launched in 2007 as CheckOutMyCards.com, COMC.com allows users to submit cards to the company’s website in Seattle, where the cards are scanned front and back and listed online for a small fee, as little as 25 cents per card.
In contrast to eBay, where a seller typically incurs both eBay and PayPal fees for every transaction made, a seller on COMC instead receives store credit for the full amount of the sale, and pays a further cash-out fee only upon cash out – similar to the way a stock investor only pays a capital gains tax upon selling a stock, and not while holding. Meanwhile, a buyer only pays shipping if/when he wants to have the physical item shipped; he can turn around and relist the item without incurring a shipping cost (the card is already located in COMC’s warehouse), or can otherwise save on shipping costs by waiting until he has acquired multiple cards.
As such, users can flip cards for profit on COMC.com without ever physically being in possession of an actual card, the same way a stock investor can trade stocks online without ever physically being in possession of a stock certificate. But more importantly, the site dramatically improves the liquidity of low-priced cards by lowering the otherwise prohibitive transaction costs associated with them – most notably shipping costs, as well as the time it takes to list and sell and then ship such cards.
At the sports card and gaming collectibles Industry Summit in Las Vegas in March 2013, the company announced that it had listed it 10 millionth card, and had to that point shipped 3.6 million cards to 75 countries.
I thought it was fitting to announce that just today (writing this on Friday July 11th, 2014) we identified item #15,000,000 as 2000 Upper Deck MVP Pro Sign #IB – Isaac Bruce, deposited it in Fiber1’s account, Fiber1 put it up for sale, and I purchased it.
Not only have 50% more items been consigned with us since March 2013, we have also shipped 50% more items to buyers. That is more than 5 million items shipped all over the world.
Thank you COMC Nation for making this possible!