How to Use and Understand The Power Of eBay
How to Use and Understand The Power Of eBay
Like many other internet businesses, with auctions geography has become irrelevant. You can really live anywhere you want as long as you can manage your auctions and fulfilment from there.
To start most businesses require a lot of time. Not eBay. You can work on eBay for one hour one time, a few hours the next day, or even just a few days a week. It's the best part-time business you can have with your full time job or other business.
There is almost no "barrier to entry" and the risks of trying online auctions are zero. That cannot be said for almost any other type of internet start-up.
First, you can do historical and current research and see what the current buying and selling trends are like for your products.
Second, except for occasional emails, you are never in direct contact with your prospects until they are ready to buy so there is no rejection that you will ever have to face.
And thirdly, you can buy and sell your merchandise in the SAME place.
Buying Strategies: What To Buy?
Obviously, in order to sell, you need to have things to sell which in general you will have bought not too long ago. It's important to purchase early and wait for the right time to auction merchandise.
For example, don't purchase an item and put it up on auction before it reaches you, for obvious reasons. Another example, don't put up items on eBay you just bought.
Your potential buyers can see what you paid, and that will disadvantage your pricing strategy.
You need to decide on what kinds of items to sell, before you can buy them. Fundamentally, whatever you choose should meet these requirements:
Something with a consistent predictable demand;
Something that you know a lot about or what to know a lot about;
Something that can routinely be sold at a profit;
Something that is not available to most people locally for the same price;
Something that you have room to store and will not lose value over time;
There are more or less unlimited categories on eBay you'll have a good idea of what you should look at buying for your "at home inventory".
eBay Bidding Strategies
Mastering effective bidding strategies will help you maximize your profits in the reseller marketplace.
Strategy 1: Bidding in odd amounts.
A great strategy is to buy in odd amounts. For example, instead of bidding $25.00 bid $26.43. This will allow you get an edge over other buyers and steal auctions right out from under them, just because you were a few cents over their bid.
Strategy 2: Last Minute Sniping.
If you observe eBay you will notice that there are many last minute winners. If you wait until the last moments of an auction, never bidding until then, will keep the final price lower and increase your chances of winning.
Strategy 3: Lose Emotions.
Auctions are similar to gambling for buyers and can get very emotional. As a buyer, you must stay calm. Keep in mind that if you lose, there will probably be many more of the same item at a later date.
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