How To Sell Your Items On eBay Without Stockpiling Your Assets
With the majority of startups operating via the digital landscape, several online businesses are utilising the wide variety of virtual tools and resources in a bid to maximise their web presence. Whether it’s selling antique furnishings or secondhand computer accessories, there’s plenty of money to be made from the cyber sector.
But before you go in headfirst as an amateur auctioneer, there’s a few tricks you should take note of. In particular, liquidating inventory can very quickly and easily become a sticking point for businesses in the digital marketplace – which is why it’s imperative to understand the difference between the genuine value and the ‘perceived’ value of an item; whilst marking up your goods appropriately.
How To Sell Your Items On eBay
It can be tempting to snap up a deal here and there but before you know it, you’ll have accumulated a vast amount of goods that may not seem as good a bargain when selling them on. That’s why it’s important to bear in mind that you’re not buying for you, you’re buying for your customers.
Establish who your target audience is and then research their buying habits – so take a look on eBay and see what prices are being listed for items similar to yours. A helpful feature is eBay’s buying formats option, which is separated into two categories: Auction and Buy It Now. Simply select the latter, and the auctions will display a fixed price for that particular product – and by seeing if this is what other traders are looking to sell their items for, then you should aim to price your item within that same costing range.
Less is more
Alternatively, you can also take a look through any auctions that have ended – allowing you to not only see previous sales for products currently not up for auction (for you to add to your own trading collection), but also identify any items that were priced too high (with any priced items failing to sell shown in red).
However, it’s also imperative to take into account your postage and packaging costs; and assess which delivery rates and services you intend to use (which again you can research through other eBay traders). All too often, online retailers underestimate the costs and effort involved in shifting their supplies, so set realistic targets for the week – and bear in mind any bank holidays that could affect delivery times (as well as peak shopping periods such as Boxing Day sales).
Over time you’ll be able to judge for yourself just how well the economic market is performing – and gauge just how much people are willing to pay. So if you’re in the technology trade and there’s a new smartphone launch, chances are people will pay a substantial amount for it; but it’s essential you act fast and get your listings out there as quickly as possible.
Quite simply, the secret to maintaining a successful online business is to have a steady stock that can be resold for a profit. Don’t invest too much time into a larger-than-necessary inventory, as some items may quickly go out of fashion and not make as much of a sell when initially bought. By striking the right balance, you’ll soon go from being a beginner with bargains to an expert on eBay.
Jonathon Butterworth is a freelance writer and eCommerce adviser based in northern England. He is currently writing in-conjunction with Parcel2Go.