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MusicMagpie
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=== Buy === Potential customers input the details of the products they would like to sell on the company’s website, app or at the self-service SMARTDrop (see below) kiosks (in the case of technology). The process is more straightforward for media and books than for technology. For books and disc media, MMAG provides an instantaneous quote, which is valid for 28 days, after the customer provides the book’s International Standard Book Number (ISBN) or details of the CD and without questioning the item’s condition. For technology, the process is slightly more involved as the customer is required to provide a view on the condition of the products (good, poor or faulty, with MMAG providing a simple guide to what qualifies as good, poor etc), which is later verified by the company. This is important given the likely more variable product conditions that can affect performance, larger ticket size and potential greater margin risk, and the quote is valid for 21 days. If the customer accepts the quoted price, there are a range of delivery options to the company’s warehouse, depending on the value of the products: technology products are mainly handled via Royal Mail given the higher values of products involved; and a courier service is mostly used for media and books with collection from either the customer’s house or the courier’s drop point. The courier and postal fees are borne by MMAG. When customers use MMAG’s SMARTDrop kiosks, the kiosks have the technology to inspect the item and check its provenance and functionality so that customers can be paid within minutes. MMAG’s purchasing strategy is to only buy products it is confident of selling at an acceptable margin while minimising stock obsolescence. The success of this strategy can be seen in the improved gross margin (from c 23% in FY18 to c 29% in FY20 and c 30% in FY21), while inventory days have remained broadly stable. The offer price to the customer is generated by MMAG’s proprietary purchasing algorithm, ALIVE, in conjunction with the proprietary sales algorithm, WARP. See ‘Proprietary technology drives the buy and sell processes’ section for how MMAG’s technology platform and warehouse management system help maintain dynamic and competitive pricing.
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