Today we are offering a new type of item, the Pay What You Want (PWYW) option item.
These items are available for the price that you select. Currently options are between 2.50 and 25.00 and are limited to one per customer. Currently these items are exclusive items that have not been sold before.
So why are we offering these items? Well as may know at the start of April the warehouse was the subject of a smash and grab robbery. Luckily this took place at night when no one was there so no one was harmed during this. However on top of tech items and small goods (label printers, company prints, water cooler, etc) the van we used was also taken. Additionally there was damage to the property itself.
While we are covered by insurance, anyone that has worked with insurance knows it's not a quick or perfect system. We are still working with the company on our claims and while a majority of the cost of our physical loss will be covered we are anticipating only getting about 85% of what we’ve spent out of pocket back. Additionally, insurance does not cover loss revenue from us needing to be closed to handle the fall out from this incident.
While being closed for two weeks obviously wasn't planned, it came at a pretty rough time. April is one of our busiest months on the store due majorly in part to it being Ray Narvaez Jr’s Anniversary month. While the store is not at risk of being closed or defaulting on any payments as such this has caused a huge hit to our cash flow and anticipated sales. Currently compared to years prior we are only at 8% of our normal sales for Q2 which started April 1. Being closed during this time has caused significant loss to the company.
When we closed the store a lot of people offered to donate to cover some of these costs, and while we are extremely thankful to have such a supportive community, we did not feel right about taking in donations and having our customers receive nothing and thus we have established the pay what you want items.
Currently any revenue from these items will be going to recovering loss revenue and a new vehicle for the store.
Questions & Concerns
So will I get the same item if I pay $2.50 vs is I pay $25.00?
Yes, no matter the price you select you will receive the same item. No compromise or changes will be made to the items based on price.
If I get the same item no matter the price why would I pay more than the minimum?!
Literally just to help us out. At the end of the day all the higher prices do is help us, but if that's not for you or you aren't interested that's fine, you can pay whatever you think a fair price is and get your items.
What will the money go towards?
Currently any revenue from these items will be going to recovering loss revenue and a new vehicle for the store. If we were to surpass out current needs money would be used for future product and promotion such as offering more color options on items or having sales and shipping prices. No extra money from PWYW items will be used for cash payouts or bonus to owners.
Aren't you a business, why am I giving you money? Can't Ray just cover it?
We are a business, yes, so we have a lot of expenses and costs associated with running and maintaining our company. We have already made adjustments to plans and payments, and Ray has made owner contributions to the store, to ensure that at a minimum we are covered and can continue to operate as needed.