Listing The Perfect Price For Your Product on eBay
You might have seen a lot of attractive advertisements with such words as “make money on eBay”. At the first sight, the idea can seem very simple, but in order to become successful you’ll need to learn the basics of eBay sales.
Becoming a successful eBay seller requires a number of issues to be considered. You will need to come up with the choice of a product to sell, find a reputable wholesaler, open you seller account, and simply conduct good research.
The Truth about eBay Pricing
Needless to say, setting an adequate price when selling on eBay is difficult especially for an inexperienced person. In fact, there are two major mistakes – either setting a too low or too high price. Both mistakes are serious, since in both cases they reflect on your profits. If a price is too high, there will simply be very little or no buyers. If it is too low, there will be plenty of buyers, yet you will earn very little profits. Here are the basic types of eBay prices.
“Buy It Now” price. This is a fixed price that is set if you want to sell a product to the first bidder. In other words, once there is a bidder, the auction is over.
“Starting Bid” price. This price should be set by you once you list your product at the auction. It will be sold to the highest bidder upon completion of the auction
“Reserve” price. This price should be either reached or exceeded by bids for the product to be sold.
So, how do you manage with all of those? Let’s start with the “Buy It Now” price. Setting it is not advisable for the first-time eBay sellers for certain reasons. In order to set a “Buy It Now” price, you need to be sure that the price is right and the product is definitely in demand. Keep in mind that people visiting eBay most often like to bid: bidding offers an opportunity of buying an item at a lower price, if they are lucky enough. Therefore, an item with a “Starting Bid” price will most likely attract more buyers than a similar item with a fixed price.
When setting a “Starting Bid” price, it’s better to make it as low as possible to encourage buyers bid on it. You can start on as little as 1$. If you don’t manage to sell a product below a particular price, it’s time to set a reserve price. By doing that you can be sure that your product won’t get sold at a price that is ridiculously low. But don’t use reserve prices too often though. Research has shown that buyers generally stay clear of auctions with reserve prices.
To conclude, the best way to proper pricing is conducting good research and looking through the product history on eBay. Thus you’ll be able to find out an average price for similar products and set a fair price.
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