One of the keys to making profits on eBay: The cost price of the product you want to sell has to be low enough so you can be competitive on eBay and make a good profit. Many people work out what is selling well on eBay and straight away decide to sell that product. They find out later that they are unable to compete with others because they are unable to source it cheaper. Do not get caught up with this because you will end up paying lots of eBay fees by continuously listing your item over and over again in hope that someone will buy it. Terapeak is a great tool that can be used and around $25 - $35 a month you can find out what the hottest products, hottest categories and hot search is! Most successful sellers use this as they can also work out what price their item should be and what sold and what did not.
Retailers and importers can make a lot of money by using Terapeak and working out what items they have are actually hot and wanted by the public. They already have access to these good cheaper than anyone else. eBay is a large marketplace where you can focus on getting your brand of goods out there or even sell what people need. Many retailers are already doing this and so many are not taking advantage of this market. So if you are a retail store owner reading this or importer, stop procrastinating and get to it!
eBay is not only for retailers and importers! It is for anyone who has a passion and drive to be successful! There are registered wholesalers and manufacturers who can help the average person to acquire stock. Be very careful though before you get yourself into a commitment. A lot of research is required and use safe methods f payment such as PayPal.
Research: Research what you plan on selling. Again, if you just go out and buy a whole load of stuff from wholesalers and manufacturers because they tell you that you are getting a "good deal because they are selling it lower than cost price", what good would that be to you if you end up keeping it at home when no one else wants it. One of the reasons could be that the fad was over or the season over for it, or there are too many people selling it or even at lower prices. So research online (Terapeak website or completed listings on eBay) and really do your homework before you commit to selling that product. When you find the right items to sell you will be pleasantly surprised at how much money you can make.
Presentation is Everything: Not only do you need something to sell, you also need to present this product professionally to your customers. You need to learn how to create an enticing ad with a lot of information about your product so your customer gets the true picture of what is on sale. Here is where you talk about features, benefits, measurements and lots of pictures from all angles. You have to be aware that your customer cannot touch or feel the item so all they have is their visual.
Creating an attractive listing online that will suit your ad and that will bring customers to your store or listing. This will also get them to you physically if you want them to do that. Open your business to the rest of Australia and overseas buyers.
Learn From The Experts: Why would you not want to learn from the experts?? There are many sellers out there who are willing to help and give advice to budding sellers. Not all sellers are focused on keeping eBay magic a secret. There are heaps of books out there, courses as well as discussion groups on eBay that can help and guide you. Learning how to avoid high fees, pit falls as well as saving money overall will definitely propel you forward in your new eBay venture.
Customer Satisfaction: At the end of the day you really want to make sure that your customer is happy and satisfied as because a happy customer makes a happy seller and this will drive more customers to you when they leave great feedback for you. This is one thing that sellers pride themselves on. Always do your best to provide as much information on your product as lack of information can really annoy your customer. The best advice is treat your customer the way you want to be treated! They are after all your bread and butter.
Why Use eBay as a Business Venue?: eBay generates amazing traffic and eBay has a global presence in more than 33 markets. In fact it has 157 million registered users! So why would you not want to use eBay? There are a lot more impressive facts and figures on eBay but at the end of the day, if you get set up right, you will not need to go looking traffic, it is there already on eBay!
To access more information on how to get one on one coaching or where you can access eBay training live training please go to eBay Courses