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| | | Author: | calsbricks  | | Posted: | Apr 26, 2016 04:17 | | Subject: | Price guide and average pricing | | Viewed: | 179 times | | Topic: | Suggestions | | Status: | Open | | Vote: | [Yes|No] | |
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| Something simple that the developers could add quite quickly to the price guide
which would help those who use it and are shocked when someone has a non-appropriate
price against an item. In the totals column they could put a total value as well
as total lots and total quantity. If that figure was there, you could easily
subtract the non appropriate value and work your own average price (if that is
how you set your pricing).
There was an example of this this morning. part number 11477 in Dark Purple.
According to the price guide the average price for a used piece should be 1.09,
but when you look at the list of prices for each country this cannot be right.
Then you see an entry for a seller in the USA who has obviously made a mistake
at £45+ which sways the actual average from around 9p to the 1.09. Knowing what
the total value is you could subtract the high value (and quantity, of course)
and easily calculate the real average.
Whilst we believe the entire price guide needs rethinking this could help in
the short term and quite honestly producing the total figure in the query that
brings back the results is less than two lines of code.
Comments?
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| | | | | Author: | yorbrick | | Posted: | Apr 26, 2016 07:31 | | Subject: | Re: Price guide and average pricing | | Viewed: | 46 times | | Topic: | Suggestions | |
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| As always, how many sellers are using the prices of unsold items to price their
stock?
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| | | | | | | Author: | ToriHada | | Posted: | Apr 26, 2016 07:46 | | Subject: | Re: Price guide and average pricing | | Viewed: | 76 times | | Topic: | Suggestions | |
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| In Suggestions, yorbrick writes:
| | As always, how many sellers are using the prices of unsold items to price their
stock?
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Many. Especially because when parting out sets, for example, BrickLink offers
two default price settings based on unsold items. Namely:
"Current Items for Sale Average"
and
"Current Items for Sale Average by Qty"
So yes, extreme outliers are affecting prices. It would help if BL tried to
eliminate or at least reduce the effects of these outliers by giving members
the option to exclude outliers from their Price Guide data and/or the option
to use the median instead of averages.
Thor
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| | | | | Author: | axaday | | Posted: | Apr 26, 2016 10:13 | | Subject: | Re: Price guide and average pricing | | Viewed: | 49 times | | Topic: | Suggestions | |
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| Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
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| | | | | | | Author: | calsbricks | | Posted: | Apr 26, 2016 10:38 | | Subject: | Re: Price guide and average pricing | | Viewed: | 48 times | | Topic: | Suggestions | |
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| In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
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| | | | | | | | | Author: | axaday | | Posted: | Apr 26, 2016 12:24 | | Subject: | Re: Price guide and average pricing | | Viewed: | 47 times | | Topic: | Suggestions | |
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| In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
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I don't understand what the total value is.
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| | | | | | | | | | | Author: | calsbricks | | Posted: | Apr 26, 2016 13:37 | | Subject: | Re: Price guide and average pricing | | Viewed: | 34 times | | Topic: | Suggestions | |
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| In Suggestions, axaday writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
|
I don't understand what the total value is.
|
In order to work out the average value what Bricklink does is take the sum of
the value of those items and divides by the number of items - this give the
system an average value so if there were 10000 of an item and the total value
on Bricklink was £20,000 then the average value would be £2.00 They give us a
total no of items but not the value. In order to determine that you have to manually
add all those up. Our suggestion just tells them to print that total on the price
guide so it can be viewed without a lot of manual work and then used or not used
by the people looking at it.
Hope that makes it easier to understand.
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| | | | | | | | | | | | | Author: | FigBits | | Posted: | Apr 26, 2016 14:18 | | Subject: | Re: Price guide and average pricing | | Viewed: | 45 times | | Topic: | Suggestions | |
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| In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
|
I don't understand what the total value is.
|
In order to work out the average value what Bricklink does is take the sum of
the value of those items and divides by the number of items - this give the
system an average value so if there were 10000 of an item and the total value
on Bricklink was £20,000 then the average value would be £2.00 They give us a
total no of items but not the value. In order to determine that you have to manually
add all those up.
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Just multiply the average value by the total number of items.
--
Marc.
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| | | | | | | | | | | | | | | Author: | calsbricks | | Posted: | Apr 26, 2016 15:22 | | Subject: | Re: Price guide and average pricing | | Viewed: | 39 times | | Topic: | Suggestions | |
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| In Suggestions, FigBits writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
|
I don't understand what the total value is.
|
In order to work out the average value what Bricklink does is take the sum of
the value of those items and divides by the number of items - this give the
system an average value so if there were 10000 of an item and the total value
on Bricklink was £20,000 then the average value would be £2.00 They give us a
total no of items but not the value. In order to determine that you have to manually
add all those up.
|
Just multiply the average value by the total number of items.
--or they could add 2 lines of code and do it for us
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| | | | | | | | | | | | | | | | | Author: | FigBits | | Posted: | Apr 26, 2016 16:29 | | Subject: | Re: Price guide and average pricing | | Viewed: | 42 times | | Topic: | Suggestions | |
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| In Suggestions, calsbricks writes:
| | In Suggestions, FigBits writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
|
I don't understand what the total value is.
|
In order to work out the average value what Bricklink does is take the sum of
the value of those items and divides by the number of items - this give the
system an average value so if there were 10000 of an item and the total value
on Bricklink was £20,000 then the average value would be £2.00 They give us a
total no of items but not the value. In order to determine that you have to manually
add all those up.
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Just multiply the average value by the total number of items.
|
--or they could add 2 lines of code and do it for us
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They could, but the benefit would be minimal and the Price Guide pages are already
jam-packed with data.
Also, your method already involves subtracting the items that you want to remove,
and then dividing the new sum by the number of listings. With that amount of
math already invested, it should be nearly nothing more to add in one multiplication.
--
Marc.
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| | | | | | | | | | | | | | | | | | | Author: | calsbricks | | Posted: | Apr 26, 2016 23:53 | | Subject: | Re: Price guide and average pricing | | Viewed: | 29 times | | Topic: | Suggestions | |
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| In Suggestions, FigBits writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, FigBits writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | In Suggestions, calsbricks writes:
| | In Suggestions, axaday writes:
| | Bricklink tracks the average price of pieces sold. That's a much better
guide than what is basically the average price of pieces NOT sold.
|
Sorry Bricklink tracks both prices that is why you see two columns one for sold
and one for current inventory. Our suggestion is to also show the total value
so we can eliminate the prices which are not what they should be.
Which set of figures yo9u use is up to you and your store policy/philosophy.
We don't use either,
|
I don't understand what the total value is.
|
In order to work out the average value what Bricklink does is take the sum of
the value of those items and divides by the number of items - this give the
system an average value so if there were 10000 of an item and the total value
on Bricklink was £20,000 then the average value would be £2.00 They give us a
total no of items but not the value. In order to determine that you have to manually
add all those up.
|
Just multiply the average value by the total number of items.
|
--or they could add 2 lines of code and do it for us
|
They could, but the benefit would be minimal and the Price Guide pages are already
jam-packed with data.
Also, your method already involves subtracting the items that you want to remove,
and then dividing the new sum by the number of listings. With that amount of
math already invested, it should be nearly nothing more to add in one multiplication.
--
Marc.
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Or they could simply provide the mean/median as a calculation. The price guide,
as mentioned needs re-thinking.
Yes it is one more small step for us to add the extra calculation but what are
developers for if they cannot make it easier/better for their customers. We,
as well as others, do not feel that is being achieved at the present and it looks
like that is going to be continued with the enforced release of the new store
front in May. Do we really need that? I don't think so. We need a lot more
done for the stores than what they have proposed. Better inventory management,
a tool set for the stores to analyse inventory, sales, etc., and we didn't
see any of that mentioned in the pre-release notes.
So much for the Bricklink community.
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| | | | | Author: | sonofagunk | | Posted: | Apr 27, 2016 09:51 | | Subject: | Re: Price guide and average pricing | | Viewed: | 38 times | | Topic: | Suggestions | |
|
| In Suggestions, calsbricks writes:
| | Something simple that the developers could add quite quickly to the price guide
which would help those who use it and are shocked when someone has a non-appropriate
price against an item. In the totals column they could put a total value as well
as total lots and total quantity. If that figure was there, you could easily
subtract the non appropriate value and work your own average price (if that is
how you set your pricing).
There was an example of this this morning. part number 11477 in Dark Purple.
According to the price guide the average price for a used piece should be 1.09,
but when you look at the list of prices for each country this cannot be right.
Then you see an entry for a seller in the USA who has obviously made a mistake
at £45+ which sways the actual average from around 9p to the 1.09. Knowing what
the total value is you could subtract the high value (and quantity, of course)
and easily calculate the real average.
Whilst we believe the entire price guide needs rethinking this could help in
the short term and quite honestly producing the total figure in the query that
brings back the results is less than two lines of code.
Comments?
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They should just throw out the top 10% and bottom 10% for a quick fix
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| | | | | | | Author: | FigBits | | Posted: | Apr 27, 2016 10:23 | | Subject: | Re: Price guide and average pricing | | Viewed: | 38 times | | Topic: | Suggestions | |
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| In Suggestions, sonofagunk writes:
| |
They should just throw out the top 10% and bottom 10% for a quick fix
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No, they really shouldn't. That would significantly degrade the value of
the data in my opinion.
--
Marc.
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| | | | | | | | | Author: | sonofagunk | | Posted: | Apr 28, 2016 09:09 | | Subject: | Re: Price guide and average pricing | | Viewed: | 35 times | | Topic: | Suggestions | |
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| In Suggestions, FigBits writes:
| | In Suggestions, sonofagunk writes:
| |
They should just throw out the top 10% and bottom 10% for a quick fix
|
No, they really shouldn't. That would significantly degrade the value of
the data in my opinion.
--
Marc.
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It does the opposite
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| | | | | | | | | | | Author: | FigBits | | Posted: | Apr 28, 2016 09:37 | | Subject: | Re: Price guide and average pricing | | Viewed: | 43 times | | Topic: | Suggestions | |
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| In Suggestions, sonofagunk writes:
| | In Suggestions, FigBits writes:
| | In Suggestions, sonofagunk writes:
| |
They should just throw out the top 10% and bottom 10% for a quick fix
|
No, they really shouldn't. That would significantly degrade the value of
the data in my opinion.
--
Marc.
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It does the opposite
|
Hiding data doesn't improve it. By removing 20% of all data, you would be
removing a huge amount of valid information, with the goal of ignoring a tiny
fraction of suspect data.
--
Marc.
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| | | | | | | Author: | yorbrick | | Posted: | Apr 27, 2016 10:50 | | Subject: | Re: Price guide and average pricing | | Viewed: | 36 times | | Topic: | Suggestions | |
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| In Suggestions, sonofagunk writes:
| | In Suggestions, calsbricks writes:
| | Something simple that the developers could add quite quickly to the price guide
which would help those who use it and are shocked when someone has a non-appropriate
price against an item. In the totals column they could put a total value as well
as total lots and total quantity. If that figure was there, you could easily
subtract the non appropriate value and work your own average price (if that is
how you set your pricing).
There was an example of this this morning. part number 11477 in Dark Purple.
According to the price guide the average price for a used piece should be 1.09,
but when you look at the list of prices for each country this cannot be right.
Then you see an entry for a seller in the USA who has obviously made a mistake
at £45+ which sways the actual average from around 9p to the 1.09. Knowing what
the total value is you could subtract the high value (and quantity, of course)
and easily calculate the real average.
Whilst we believe the entire price guide needs rethinking this could help in
the short term and quite honestly producing the total figure in the query that
brings back the results is less than two lines of code.
Comments?
|
They should just throw out the top 10% and bottom 10% for a quick fix
|
Why 10%? Why not 5% or 16%? Or anything more than 3 (or 2 or 1) standard deviations
from the mean or the median?
Or start doing Grubbs tests or Dixon's Q tests. Or ...
If sellers are using current (non-)selling prices without bothering to look at
them then they probably aren't going to understand what any of the variants
would do. And yet if someone wants to manipulate the data on purpose, then no
matter what algorithm you / BL come up with, the data will be manipulated.
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| | | | | | | | | Author: | sonofagunk | | Posted: | Apr 28, 2016 09:09 | | Subject: | Re: Price guide and average pricing | | Viewed: | 32 times | | Topic: | Suggestions | |
|
| In Suggestions, yorbrick writes:
| | In Suggestions, sonofagunk writes:
| | In Suggestions, calsbricks writes:
| | Something simple that the developers could add quite quickly to the price guide
which would help those who use it and are shocked when someone has a non-appropriate
price against an item. In the totals column they could put a total value as well
as total lots and total quantity. If that figure was there, you could easily
subtract the non appropriate value and work your own average price (if that is
how you set your pricing).
There was an example of this this morning. part number 11477 in Dark Purple.
According to the price guide the average price for a used piece should be 1.09,
but when you look at the list of prices for each country this cannot be right.
Then you see an entry for a seller in the USA who has obviously made a mistake
at £45+ which sways the actual average from around 9p to the 1.09. Knowing what
the total value is you could subtract the high value (and quantity, of course)
and easily calculate the real average.
Whilst we believe the entire price guide needs rethinking this could help in
the short term and quite honestly producing the total figure in the query that
brings back the results is less than two lines of code.
Comments?
|
They should just throw out the top 10% and bottom 10% for a quick fix
|
Why 10%? Why not 5% or 16%? Or anything more than 3 (or 2 or 1) standard deviations
from the mean or the median?
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please research "quick fix"
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| | | | | | | | | | | Author: | yorbrick | | Posted: | Apr 28, 2016 10:16 | | Subject: | Re: Price guide and average pricing | | Viewed: | 42 times | | Topic: | Suggestions | |
|
| In Suggestions, sonofagunk writes:
| | In Suggestions, yorbrick writes:
| | In Suggestions, sonofagunk writes:
| | In Suggestions, calsbricks writes:
| | Something simple that the developers could add quite quickly to the price guide
which would help those who use it and are shocked when someone has a non-appropriate
price against an item. In the totals column they could put a total value as well
as total lots and total quantity. If that figure was there, you could easily
subtract the non appropriate value and work your own average price (if that is
how you set your pricing).
There was an example of this this morning. part number 11477 in Dark Purple.
According to the price guide the average price for a used piece should be 1.09,
but when you look at the list of prices for each country this cannot be right.
Then you see an entry for a seller in the USA who has obviously made a mistake
at £45+ which sways the actual average from around 9p to the 1.09. Knowing what
the total value is you could subtract the high value (and quantity, of course)
and easily calculate the real average.
Whilst we believe the entire price guide needs rethinking this could help in
the short term and quite honestly producing the total figure in the query that
brings back the results is less than two lines of code.
Comments?
|
They should just throw out the top 10% and bottom 10% for a quick fix
|
Why 10%? Why not 5% or 16%? Or anything more than 3 (or 2 or 1) standard deviations
from the mean or the median?
|
please research "quick fix"
|
It is not actually a quick fix - not as quick as say, throwing away just the
highest and lowest data points, which would do the same thing for all cases where
there is one outlier. The point is throwing away 5% or 10% or 20% or 32% of
data is going to give different "answers". Why is one quick fix better than any
other? If a seller wants to use something like that, then they have all the data
they need.
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| | | | | Author: | lotsofbricks | | Posted: | Apr 27, 2016 10:34 | | Subject: | Re: Price guide and average pricing | | Viewed: | 43 times | | Topic: | Suggestions | |
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| | | There was an example of this this morning. part number 11477 in Dark Purple.
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Oops. That was me. I fixed it along with a few other abnormal prices in my
inventory.
I do agree that their guide should automatically eliminate the lowest and highest
prices, which are usually not intentional, such as in my case.
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| | | | | Author: | Leftoverbricks | | Posted: | Apr 27, 2016 10:52 | | Subject: | Re: Price guide and average pricing | | Viewed: | 38 times | | Topic: | Suggestions | |
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| In Suggestions, calsbricks writes:
| | Something simple that the developers could add quite quickly to the price guide
which would help those who use it and are shocked when someone has a non-appropriate
price against an item. In the totals column they could put a total value as well
as total lots and total quantity. If that figure was there, you could easily
subtract the non appropriate value and work your own average price (if that is
how you set your pricing).
There was an example of this this morning. part number 11477 in Dark Purple.
According to the price guide the average price for a used piece should be 1.09,
but when you look at the list of prices for each country this cannot be right.
Then you see an entry for a seller in the USA who has obviously made a mistake
at £45+ which sways the actual average from around 9p to the 1.09. Knowing what
the total value is you could subtract the high value (and quantity, of course)
and easily calculate the real average.
Whilst we believe the entire price guide needs rethinking this could help in
the short term and quite honestly producing the total figure in the query that
brings back the results is less than two lines of code.
Comments?
|
Please, when refering to a part always use the common notition:
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United Kingdom, England
USA, North Carolina
Canada, Ontario
Netherlands, Overijssel