If you’re trying to embark on a career in the wholesale industry and buy and resell products then you’ll no doubt use eBay as part of your strategy. Once you receive your products one of the easiest and quickest ways to resell stock is online via this auction site.
It’s popular which means you should get maximum exposure for your product ad, it’s fairly cheap to list and sell stock and all you need is an internet connection to get started. But with so many people using eBay it can be pretty daunting to approach – how do you sell products on the site? How do you get the most from your advert? Follow a few of our steps to help you get trading on eBay…
When you list a product on eBay there are lots of things to think about to ensure your ad is successful. Firstly ensure your title includes keywords to the product you are selling or the market you are selling in. When searching for a product on eBay most consumers will use the search box. The search box is designed to throw up ads that match the relevant keywords the user has searched for so if you’re not giving your ads the right title or not tagging your product description well then you are missing out on custom. You should also include pictures on your ad. Most consumers will only search for items that include pictures because they want to see what they are buying and it makes the retailer look more trustworthy. You should also list your relevant contact details and keep an eye on your account so you can respond to product inquiries as quickly as possible.
Offer a Variety of Ways to Pay
One thing to consider when you are selling items online is to offer your customers as many as options as possible to buy your stock. If you only list one payment option then you are seriously limiting the number of customers you can sell to. A quick glance on the site will show you what other resellers are advertising. Most offer Paypal, credit cards, bank transfers, personal cheque or an e-cheque. Paypal is probably the most popular payment processing option on the site so start creating an account now so you can start accepting bids from customers.
Being honest on eBay is vital if you want to avoid the dreaded negative feedback. If you can’t post an item on time or something happens with your stock flow don’t lie to the customer – be honest as it will save your customer relationships and hopefully will ensure you gain good feedback.
As much as possible you should try to list your products as low as possible, even try starting them off at a penny. It might sound risky but it’s the best way to create attention to your ad and to build bids. For instance, if you have a designer jacket that’s worth £1,000 and you know lots of people are looking for it then you’ll have a lot more people interested in it if they see it being auctioned for a very low price. The more people you have watching your ad, the more chance you have of last minute irrational bidding. In the final hours of the ad you’ll definitely see people being competitive and trying to outbid one another which will push your price up. If you start the jacket at £900 you’ll probably only get a few people bidding on the item at the end of the auction as it’s close to its retail value. The lower you price an item, the more panic buying you instil in your customers and the more bids you’ll gain which should lead to an increase in resale price.
Gain Delivery Confirmation
When you send a product to a customer you should request delivery confirmation to ensure the product reaches them. You’d be surprised at the amount of disputes over missing goods. You don’t want to enter into a dispute with a customer that requests a refund because their package didn’t arrive…request delivery confirmation so you know it definitely got there.
Set a Reserve
If you don’t have time to monitor an ad or you’re worried about pricing it too low you can always set a reserve. A reserve ensures that a product will not sell for any less than you want it to giving you complete peace of mind. (Bear in mind some of the most successful ads are set at rock bottom and don’t have a reserve – but it does involve taking a risk).
There are a variety of other tips we could offer on trading on eBay but one of the best ways to find them is by using the site! Create your first ad, list an item and learn as you go along. Ensure that you regularly keep in contact with people buying your items, be a reliable reseller to gain positive feedback, be sure to factor in any taxes you might owe from auction income and that you regularly update your ads to get them the most exposure. Happy eBaying!