Successful Online Selling
 

Grow Your eBay Profits with Market Research

market research on ebayMarket research on eBay is what gives you competitive edge. There are several tools designed specifically for eBay market research, which enable you to optimize your auction listings and select the best selling products so that your profits increase.

How to use market research to grow your profits

If you want your eBay business to be more profitable and stand out, you have to base your business decisions on research.

One of the best research tools out there is HammerTap3. There are three questions to ponder before you begin your eBay market research:

What is My Product’s Demand and Supply?

No, this is not taking you back to your high school economics class, but the laws of demand and supply are very much at play here. When you understand and follow this law, you will have leapt a step forward toward increasing your eBay earnings.

If the market you’re trying to sell in is over-crowded, your chances of making descent profits are very slim. It’s not rocket science to know that less for a saturated product leads to lower sales.

The purpose for carrying out market research is to identify these trends in supply and demand of a given product. You will then make informed decisions on whether to beef up your stock or simply focus on liquidating the existing one.

A research tool like HammerTap3 will help you determine the supply and demand for a specific product. The tool measures supply against demand, and will break down the results for:

• Total Listings

• Listings that made a sale

• Listing Success Rate

• Average Sales Price

• Total sales

• Sellers with sale

• Average sales per seller

• Average revenue per seller

When you do this every month for every product you sell, you’ll have a clear outlook of the market in future and plan accordingly.

How Can I launch a New Product into a New Market (Category)?

new product launch on ebayDiversifying your product range is one way to increase your eBay profits. When you sell in more categories on eBay, it allows you to continue making sales in another category if one is not selling so hot.

The question is how to you successfully enter a new category? It’s not so hard if you already know the item you want to sell. Carry out the research shown above on that item to determine its supply and demand trends over the previous couple of months.

HammerTap3 can also help you do a category search in case you’re not sure of what product you want to sell.

How Can I increase My Sales and Therefore my Profits on each Sale?

Now that you know what your product’s supply and demand looks like, and you’re working on growing your inventory, your focus should now be boosting sales and earnings on each sale. This can be accomplished through a process known as Auction Optimization.

To optimize your listing, you have to select the major listing features that will result in the highest selling price and success rate. You will know what auction type to use, which day to end your auction that will result in more bids, duration of your listing, keywords to put in your listing titles, listing features that will be more successful, and the category that will result in more exposure.

Using HammerTap3, you will find answers to those questions, hence optimize your listings and increase earnings per sale.

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