eBay is the premier online marketplace. With access to the entire world in one website, you have the potential for unlimited sales of your goods. But, don’t think that selling here is any easier than selling anywhere else. To make the most of your time on eBay, here are five tips to maximize your profit.
Just about everyone from housewives to retirees has tried their hand at selling one thing or another on eBay. Those who have made big profits include those who sell vehicles and even real estate. It gives new meaning to selling everything but the kitchen sink. So, how do they do it? What does it take to get started selling on eBay? Here are five tips to help you get your foot in the door of eBay profits.
- Do market research first. Just about everything has been sold on eBay but everything you sell won’t make you money. Take a look at auction results. Some products sell in cycles. What is popular today may not be popular at this time next year. If eBay is your business, you want to bring in more money than you are putting out.
- Set your prices carefully. Again look at auction results. What is the most competitive price? Your laptop may be worth $300 but if laptops from the same manufacturing year are selling at $250, asking for $280 won’t make you competitive. Choose a price that is lower than the top selling price and charge more for secured shipping.
- Work on your descriptions. Even though hundreds of thousands of people shop online every day, they are still skeptical about sketchy details. Leaving out pertinent facts about your product can be a turn off for buyers. If they think you are hiding something, they’ll be reluctant to buy.
- Read all of eBay’s policies. The last thing you want is to run afoul of the law. eBay has policies in place to protect the seller AND the buyer. Non-compliance could get you sanctioned on the site. Ignorance is not an excuse. All you need to know can be found on eBay’s website in an easy-to-read format for users.
- Decide on all aspects of selling before listing your products. How many people have forgotten to be specific about their shipping and payment methods? Who wants to wait for the check in the mail? We all know how that scenario usually turns out. There are guidelines for disputing with non-paying auction winners but you don’t want to have to use them. The same goes for shipping. If it costs you more for shipping than you anticipated, you won’t make any money.
Are you contemplating selling items on eBay? Use these five tips to get started today. There is much more to creating a successful business on eBay, but these will definitely help you begin on the right foot.