What is eBay?
eBay is a central, direct auction purchasing internet platform available worldwide. Online companies often utilize it as a sales channel. eBay was created by its founder Pierre Omidyar.
At the end of 2019, the firm's market capitalization was $29 billion, while the net value of the founder was up to $13.1 billion.
Is it a good idea to sell on eBay?
It's easy to become an eBay vendor. You can create an account in under one day, then list and sell goods.
Like most major online sales channels, you won’t know if your product or brand is going to grow without the right research, testing, and persistence. Coming in at 183 million buyers, the benefit of eBay is that it has an extremely large consumer base. Furthermore, cheaper selling fees and auction-style selling ensure that you may sell your items at a lesser cost while generating a greater profit.
If you know what to sell and how to sell, you can make lots of money on eBay. Here's how you can begin:
Make a few purchases.
The most successful sellers are those with outstanding eBay feedback ratings. eBay gives each member a feedback score. A feedback score is generated by eBay looking at both, things you have bought, and things you have sold. When you buy something as a member, the seller can give you a score, this is part of the feedback score. Buyers might be careful not to bid on a seller's goods without feedback. So making a couple of small purchases can really help.
Take high-quality photos.
Each item you offer for sale on eBay must have a photo. It should be a photo of the actual item. Make sure there is adequate illumination so that customers can see the intricacies of the item they are looking at. You may list up to 12 pictures of a single item for free. Make sure to take pictures from a variety of perspectives.
To attract visitors, use keywords.
Consider what keywords customers are likely to use to find what you're selling. Also, research the most popular searches for your items.
Once you've identified three to five keywords, be sure to incorporate them into your shop description, custom categories, page names, Meta tags, and so on. However, avoid keyword spamming (using phrases or information that have nothing to do with your products); this is against eBay's policies.
Don't sell things people don’t want.
Investigate the demand for your items and use caution when selling multiples of the same items. Examine your product pricing, category, and other attributes. Remember there’s always more risk when trying to be a trailblazer. Seeking things that are currently selling well and repeating the process is a lot safer. Weigh the consequences of being a trailblazer versus allowing someone else to take the risk first. It all depends on the type of product and the product you are trying to sell.
Display any faults in the item.
If a product is broken, ripped, or harmed in any way, attach an image to show customers precisely what they're getting. In addition to being honest, this reduces the probability of a consumer returning the good. If you are selling at a larger scale, faulty items shouldn’t be something you are selling.
Examine the expenses associated with being an eBay vendor.
Before you can make money on eBay, you must first determine how much an item is worth and how much it will cost to sell it. Obviously, you want to earn a good profit, but there are extra fees to consider when selling on eBay.
Demand.
Examining the data provided by eBay is the most straightforward approach to evaluate if a product will sell.
You'll want to know the sell-through rate, or the amount of sold listings divided by the total number of current listings for a product, represented as a percentage. Doing this can identify items with high customer demand. You can find eBay’s sell-through rate by a seller's own bookkeeping materials, eBay's listing analytics, or a reporting tool like Sales Reports Plus. A high sell-through rate implies that a product is in great demand—a large proportion of current listings are attracting purchasers.
Begin with modest offers to get buyers' attention.
It may be tempting to set a high starting price for your listings but starting cheap could result in a better purchase volume in the long term. A low opening bid can pique the interest of more prospective purchasers.
Please keep in mind that this tip does not apply to exceptionally niche products – if it's something that only an avid collector would be interested in, don't set the initial bid too low because these items are less likely to receive a lot of bids.
Communication is critical.
Respond immediately and honestly to all inquiries received via eBay Messages and use the communication to build a positive connection. Do not go more than 24 hours without responding.
Try alternative approaches for Items That Won't Sell.
Are you stuck with a product that won’t sell? In addition to re-listing the item at a lesser price, you should experiment with additional alternatives when attempting to sell it again. If you've been selling it through an auction, try a Buy It Now ad, and vice versa. Play with the listing's duration; it may be one day, three days, five days, seven days, or 30 days. Increase the price slightly or keep it the same while providing free shipping. Choose the Global Shipping Program option to have your goods listed globally.
Prevent and remove negative feedback.
It takes more than a slew of five-star reviews to create a favorable rating. You also have to reduce the bad ones, if there are any.
Prompt and excellent customer service goes a long way. However, there may be times when you receive a poor review - it's all part of the online buying experience. Don't be alarmed if you receive a negative review. In some situations, you may erase negative feedback from eBay or repair the issue to persuade the customer to remove it themselves.
Be fair when it comes to shipping and handling fees.
These expenses frequently determine whether a buyer chooses your ad/listing over the competition. One guaranteed method to encourage shoppers to move on to another item is to entice them with low pricing and surprise them with hefty shipping and handling fees.
Provide an accommodating return policy.
When you're thinking about buying anything, a tight return policy is a major turnoff. If you buy a sweater but are unsure about the size, you are taking a significant risk. You may lose your money if it doesn’t fit.
For products that do not arrive, are defective or damaged, or do not match the listing, eBay provides a Money-Back Guarantee. Outside of such conditions, however, you as the seller have the option of offering or not offering returns.
Spread the word about your listing on social media.
Beyond eBay, there are many huge groups interested in certain products, not just on Facebook or Instagram but also on Twitter and Pinterest. Take use of pre-existing groups of interested potential consumers.
Spending a little time on each platform to publicize your products on sale will be worthwhile: you will have more quality listeners and a better shot at making a sale.
Packaging.
Using brown packaging tape is advised. Wrap your item in bubble wrap, packing peanuts, foam, or paper (leaving no room for objects to move).
Become a top-tier seller.
As the name implies, top-tier seller designation is bestowed upon sellers who consistently earn sales and provide excellent customer support.
When you've completed all of the following, eBay will recognize you as a top-tier seller:
- You have a favorable rating of 98 percent (or above).
- You've made $3,000 in sales in the last year.
- You've been logged in to eBay for at least 90 days.
Make your brand successfully sell on eBay, and a top-tier seller.
At Statehood we have worked with multiple brands in the CPG industry and understand what it takes to make a brand successful in today’s e-commerce landscape. Our experts have created tailored strategies for our clients to become successful brands and top-tier sellers on eBay, based on each client’s individual strengths and weaknesses.
Choose a time through our Calendly link below to have a free conversation with one of our e-commerce experts and learn how to make your brand become a top-tier seller today.
https://calendly.com/statehood-operations/30min
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