Successful Online Selling

eBay Auction Home Business Tutorial

tutorials of ebay businessesDon’t price too low or too high

You might already have an idea of the type of items to sell on eBay and get descent profits for a successful home business.

However, whether you choose to sell books, or you find that you do better selling antiques, one of the most crucial decisions will have to do with pricing your items.

We all know that the highest bidder at an eBay auction ‘wins’ the item. There’s also the option of the ‘Buy It Now’ feature which allows you to sell your item at a determined price, rather than auctioning it off to the highest bidder.

The main benefit of the ‘Buy It Now’ feature is that the buyer can immediately buy the item if they are fine with your asking price, instead of waiting for the auction to end.

You need to account for inventory and shipping costs if what you’re selling is a physical item. On top of that, you have to pay all sorts of eBay fees before you can actually sell the item, which vary according to how much your item sells for.

When selling a physical item, it doesn’t make sense to drastically cut its price when the shipping costs are high. For instance, you may find an item listed for $5 by one seller, and 99 cents by another seller but with $8.5 as shipping costs. It’s a good way of discouraging potential buyers and fortunately, eBay cracked down on such sellers. 

Determining a price to sell your item can be tricky. Pricing it too high can discourage buyers, but at the same time, too low a price can make your item seem like it’s of low value. This can be a big dilemma especially for people who are just starting out on eBay.

The best approach is to experiment with different prices so that you discover the best price that seems to get more sales. It’s just a normal thing in the business world. You will also want to look at your competitors selling the same item. through their feedback, you’ll be able to tell if they sold a descent number of items or they hardly sold any.

Adjust your price suitable and if one price doesn’t bring in sales, set another. Keep this in mind: if what you’re offering on eBay is a premium product, go ahead and ask for a premium price.

Start Low and Sell High

Another important tip you’ll want to use is to start with a very low price and sell higher. In one study done by 2 Northwestern University professors and London Business School, it was discovered that items that were auctioned with a low opening price generally ended up selling for ‘much higher prices’ than auctions for identical items whose auction opened at a higher price.

The logic here is that a relatively low price will attract much attention (because people love bargains). Of course, the items will not sell at that price it will draw a lot of attention. There are definitely exceptions, especially if you’re dealing with niche items.

These two tips are very important when you’re starting out with your eBay auction home business and you will soon realize the benefits of using them.

A delicately balanced scale is usually used to weigh the diamonds in certification labs. Due to rarity and scarcity, the price of diamonds increase exponentially with higher carat weights.

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