First of all you should do some research into what prices similar items have been fetching. You can use ebay's 'completed listings' tool to do this. This shows you what has been sold and at what price and is split down into product categories. This will give you a good guide as to what price you can expect to achieve.
The next important step is your opening price. You do not want to set a high opening price that will scare off bidders. It is far better to open with a low reserve and hope this attracts several bidders. It is a fact that people are drawn to items with bids on them already. Having several bidders can lead to competitive bidding and you are more likely to receive a higher final price. To restrict the chance of the item going for a very low price you should set a reserve price - if this is not reached then the item will not be sold.
Consider using a 'buy it now'. Some bidders do not like to wait until the end of an auction and would rather 'impulse buy' in the knowledge they have won the auction. Other bidders enjoy the thrill of the auction. If you have more than one of the product it may be worth considering selling one item on a buy it now and one as a normal bidding auction - this will cover you both ways.
Having a good description and photo is very important. I have seen countless unsold items where the product was probably very good but a terrible photo make it look awful. If appropriate, use a scanner for eg stamps, but for larger items take photos using a digital camera and keep taking pictures until you get a good photo. A good photo is worth a 1000 words! Bidders are instinctively drawn towards items with photos and away from those without. Give as much information as you can as to condition, age, manufacturer, model number etc. If you were selling a tv for example, tell the viewer that it is a Phillips 32" flat screen tv model number P2350, two years old put in perfect working order.
Finally, make sure you give all the details for post and packaging. I've been caught before when buying a small item where I thought the postage would be pennies; the seller didn't disclose the postage cost until after the auction and I had a nasty shock. I'm not the only person this has happened to so make sure you disclose your postage and packing charges or you may lose some potential bidders.
Everyone knows e-Bay is a great way to make money online. Lots of people are doing it and sustaining family and a great lifestyle from it all at the same time. So how do you get started and making money ? How can you become a power seller ? Well before you can become a power seller and make any money you must know the basics.
To start you off with a good comprehension of what to do here are some Great Tips.
First mistake people make is they go and buy a whole stock load of products before they even know the In's and outs of eBay. Start small, buy things to sell that really don't cost that much to you. Start out with small items and see which ones do best. Then narrow it down to the ones that sold the most and make those your niche products.
Focus on expanding and growing your new found niche products and make them your expertise. Once you have established a good 2-3 month run on these items you will have a good grasp on how e-Bay operates. Now if you decide to move on to larger and more expensive products to make even more money online you may choose to if you feel you can handle it.
The Majority of people use the Internet because they can find what they are looking for almost instantly. Therefore you must understand how important it is to answer and respond to questions or concerns your customers may have as quickly as possible. Customer service is key.
Take professional pictures from the very start. Old, dim, and just plain unappealing pictures will not result in sales. Professional pictures will definitely have your visitor turn into a customer. This is key to the way you present your products. Look at your competitors pictures, and try to get better pictures, and better angles and lighting your competitor doesn't have.
Keep contact with your drop shipper, wholesaler etc, to make sure you are informed and aware of recent and current product issues. If you get a back order your customer won't be happy and if they want a refund it will cost you money so that transaction becomes a complete loss. So do yourself a favor and keep constant communication with your suppliers.
Do NOT offer free shipping as a gimmick if you CANNOT afford it. Offering free shipping does result in more sales but think about your profit difference after you offer free shipping, will there even be a profit ? Think about the weight of the item, on top of that you don't know how far you will be shipping it until the order is placed. So again do NOT offer free shipping as a gimmick if you CANNOT afford it.
Both Adrian Soden & Sukhjeet are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.