How to Get Luxury Goods at a Reasonable Price
Elliot and Jamie Arking show how to get wine at a steal.
- Duration 8:14
- Date Apr 19, 2012
Elliot and Jamie Arking show how to get wine at a steal.
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Right here's the thing that a lot of people know what to do it themselves onto primarily because they're not paying attention this market they're going out and do what they love and making lots of money doing it.
And I love this notion and we've been doing a lot of winds at this week is evident knows I have a little wind things -- -- I'm trying to learn desperately that.
But this notion of auctioning sort we're selling online is is getting bigger and bigger which is light so great that -- -- -- And -- harking both here with us right now co-founder and CFO.
You started yes it is my brother okay now WT -- stands for winds still sold out there.
And I guess you explain to people what it is.
It's a flash website some people seem to understand what it is we sell one -- at a time.
We source the -- directly revive the all over the world.
We take delivery of it into our warehouse and on the website we -- that line in this segment of roughly four hours.
When it's gone.
Usually doesn't come back.
It may -- -- in fifteen minutes in Mason in four hours.
When that when that one is gone the next one pops up.
So it is up right now Jamie how do you first -- how do you find the -- We source the line at the wineries.
My brother and I do -- the buying.
We are we are dual in line we do all the go to the wineries onliners.
We make the deal.
Making arrangements should be back to us -- entered into a warehouse.
And it's -- today and it is it left to reduce -- its current Jews it's always current Jews current vintage.
And it's it's just another channel OK so it's not a it's not there's no excess.
It's not leftover or excess conform and it is real use -- -- whatever -- -- what we currently -- By the swim by and large partners allow us to offer.
-- on the -- thirty to 70% off of the original retail price and -- -- usually four bottles for free shipping.
And because we go ahead and take control.
Of the -- It allows us to control everything from the purchased to the sale.
Which allows us to focus on our customer.
We we go ahead and buy it we take the risk on.
-- on buying this -- and take on the inventory so if there's ever an issue with the wind we guarantee everything you don't like the wind is no reason.
I and I heard amazing customer service stories which -- I would tell you in two seconds but -- CFO.
Help me understand this and I've seen it -- been on the website.
There's that there's the price then there's the web -- price so that means you scour the web great to see what the cheapest prices we do any discount further.
We do what we do is we -- we have.
We go ahead and take it that when we talk with the winery we determine what they tell us what the original would -- price was.
We go ahead is very using wine -- which is really great equalizer on on.
For all prices.
We then see that is the absolute market price we then.
Go ahead into when we actually -- -- sale we had the cheapest person the cheapest on the lines.
Retailer on one -- -- to make sure that when -- shipped in delivered to your house.
We know exactly what that comparable prices and then we go ahead and and discount to -- -- he just can't further and it's free shipping how to make money.
-- -- -- -- -- -- -- -- See you buying from below market.
For -- below market sometimes that market but we there's no middlemen.
Because you look at yourself yes so we're eliminating out of middle.
Profit that doesn't exist and announces.
Our biggest thing is that we try to make sure that we keep our overhead as little as possible one of the reasons why our site works.
Is because we only sell one item at a time.
And here is no choice right the only thing that's offered is.
The coming -- right that's all that's offered.
It's not -- right now but that's all that will be offered at one time.
So use a customer coming in laser -- you see you can take a buying decision in that short of the time and then on -- -- we go ahead and we print out.
There's no picking for us we go ahead and say okay we're now going to ship.
Obviously we're gonna shift this now so we print out all of labels at one time we build all the boxes we put.
But he cannot move on to the next -- until those -- -- Now now.
If if -- -- that time.
-- by most of the production from most of that when we're buying more of them by most of the production.
If -- vintage as a thousand cases we're buying a thousand cases.
And it's sometimes for hours it -- it may or may not work.
The problem -- what he did an excellent.
Well measuring price it is -- -- You have side that we don't know sometimes sometimes it just runs its course and the rest of it will -- -- -- -- the same price should come up with a -- you.
Six years ago.
We're in the retail as we -- in the in the wine and liquor business grew about thirty years and my nephew.
Mentioned that there was a -- aside -- -- wants.
That's so good.
Electronic one at a time.
And I was very intrigued by that because we've had the sources and that was it if we just said we have designed the site -- -- one wanted to.
They had -- you mentioned customer service and I have heard stories because I have a lot of friends that use the site and live by it.
Honestly and they have said that -- and showed up.
You know like let's suck my delivery if I deliver in the middle this summer pathetic you do the next -- -- -- -- summer FedEx truck is too hot wind comes juice -- -- I should say.
We go ahead and we make sure if you if you why we monitor whether if it's going to be dropped as the heat wave we hold it won't -- -- -- places over.
At same time -- the temperature controlled warehouse and we make sure that everything we buy from the winery is if it comes over refrigerated trying to -- tonight can I start by utility -- absolutely we have we have you can.
-- -- When you go to.
When you -- and complete your order there's a place for you say please hold my -- -- expect.
You have everything from cheap to ridiculously expensive -- -- it might even -- -- random tests of its randomness when you know what's gonna come out.
Tell about the act because I've seen this -- I I hear this afternoon my head it -- on them he at this great we launched we launched -- out about it.
And a year and a half going it's been great actually -- all our sales up 20% of our sales actually come from mobile.
Devices -- what we're trying to move a lot only -- really only quite well what.
I would think -- and he's ever like I said everybody I know uses the yeah.
I like what we're trying to convert kind of people -- -- still email us the way most people get a lot of Twitter and FaceBook and and and you -- but we've -- RSS feed and we're trying to but we have the apps for -- and apple what they do is they're gonna tell you this is the one that's on now.
This is and it gives you all of the information did you all of the information about.
About the wine since -- and it allows you to go ahead take you directly to the -- and and -- was that it also has the biggest part.
It gives you push notifications it's apple -- you push or did you say -- visas on right now.
So -- you know what's there and for the -- to pull me just say this I'm telling you I know tons of people that use this and the wind just keeps common.
It's a brilliant idea wind still sold out dot com but it's WTS.
Though dot com dot com so anyway but it's gonna come yet.
He's the -- the after school -- enough forward -- -- up all of them out to be one thing does best -- -- that it had a customer service.
I know and I -- doesn't matter.
I can let us know if you don't like -- -- it doesn't matter the reason.
Does not record you could -- you don't like would -- like you getting.
Credit he's -- as I've heard amazing stories about this Jeannie Elliot you guys are awesome the website again WT SO dot com checking out.
Page use the at the guns that's right.