June 2020 Update

It’s always fun to write an update when you have great news to share. So without further ado - let’s chat about what happened in June.

Changes Made

For June, I made two big changes:

Both of these changes had a massive impact on my growth - as you’ll see below. Let’s talk about them in sequential order.

As I mentioned in my May update, one of the biggest bottlenecks to expanding my SKUs was having to print out new models, take pictures, then post listings. The process took 5 - 6 hours for a single listing. However, I did notice that other stores selling D&D minis had found a way to use 3D renders of the model files as a replacement for real-life pictures. Luckily - I figured out how to do it too.

Using Photoshop Dimension I was able to create life-like renders of model files. Not only do these renders free up a ton of time in my launch workflow (basically shaves off ~5 hours), but they look great! With this new tool I was able to launch 40 new models in my store. These models started generating sales almost immediately and span a mix of player characters and non-player characters (i.e. monsters).

The second big update this month was moving away from free shipping on all orders to free shipping on orders > $35. The idea behind this move was to encourage multi-mini carts, which are immensely more profitable for me. This move was similarly as impactful on average cart sizes - especially combined with the large increase in SKUs over the course of the month. As a result net profitability for MiniPrinter jumped up like crazy (~ +178%).

Financial Results

Revenue

JunRev

What else can I say that the graph doesn’t cover? Revenue grew 147% m/m - making it the best month in MiniPrinter history. As mentioned above, the surge was mostly driven by an increase in SKUs / keyword coverage on Etsy.

Avg Order Value

JunCart

Although this graph looks less dramatic, the impact is still massive. As I’ve talked about before, increasing average cart value is a major profit lever for MiniPrinter. I can ship 4 - 5 minis while keeping shipping costs constant. Shipping costs are also a major cost component in producing and fulfilling mini orders. Therefore, as average cart values increase - my order profitability tends to increase substantially.

This month we saw a 13% increase in average cart values, which is definitely better than the -3% dip I went through last month.

Orders Fulfilled

JunOrders

Talk about absolutely busting through the 100 orders fulfilled mark! In this month alone, I fulfilled 70% of the orders I fulfilled in all previous months. Crazy.

The increased load has definitely forced me to reallocate more working time towards just maintaining the business (fulfilling orders) vs. growing the business (marketing), but I still feel like I have plenty of bandwidth to do both.

Next Steps

It was a great month. I think I’ve struck gold with my current model and I see no reason to fix something that ain’t broke. In July I’ll like do more SKU expansion - perhaps diving deeper into the non-player character models - and step up marketing efforts that have been put on hold for the time being.

Till then!