When you think about selling on e-Bay, one of the last things that usually comes to mind is old fashioned strategies. After all, e-Bay is an auction site. You list your items and wait to push the price of the author’s orders. Unfortunately, it is not pure.
Pricing the items you sell on e-Bay is an important part of the selling process, even on e-Bay. Many sellers don’t give too much consideration to pricing and tend to display their auctions. I can’t tell you how many auctions I’ve gone through where there was a major reason I hadn’t bid or made a purchase.
People are looking for bargains, especially on e-Bay. They will only bid on things where they are willing to pay the price for the price. Naturally, sellers worry about getting a fair price too. They often try to sell money on the item. They cannot exit below a certain price or risk losing money.
So how do they work on e-Bay pricing?
There are three main types of pricing you should be concerned about:
- Start bid
- Reserve price
- But the price
Each of these methods is of great importance.
Start Bid
Although these details may be included in any auction, e-Bay only requires that you place a bid at the beginning. The other two are optional.
I order special attention to begin with as this will be of great importance to the buyer. Many auctions don’t order much because the price tag is too high.
Sellers are concerned that they will lose money on their products if the control is set too low. They wrongly believe that they are not bidding enough to drive the price down to where they will make a profit from the sale.
What these sellers do not understand, auctions – online or offline – are true indicators of a particular value. People pay only what they believe is worth it. It doesn’t matter to them what the catalog or price guide item is worth.
There are millions of registered e-Bay users. The chances that the item will close without a competitive bid are pretty slim. This is, of course, if they want to have it. If you’re trying to sell garbage, all bets are off.
One of the best ways to determine the fair market value and value is to place a low starting bid. once the competitive bidding begins, the true item price will be revealed.
I am selling collectibles on e-Bay. They almost always start listing the price at $1, which is what the catalog tells me the item should be. With such a huge base of stamp collectors on e-Bay, the final price after all bidding is usually close to the catalog value. Sometimes it’s less than the catalog, sometimes it’s more. Moreover, sometimes I have been surprised at the order that he makes so much.
I almost never lose money in real estate. When I do, it’s usually because I paid more for the price of the item than I owed. However, I respect the price of the auction and experienced chalk spending.
The bottom line is that a lower starting price will lead to early and active control. Never have an opening price of more than $50.00, no matter what the item is worth. This is a price point that people have difficulty crossing.
suspended price
There are times when it is absolutely not allowed to sell an item for less than a certain price. If you’re ordering as a small business, you’ll need to find a way to guarantee the lowest price before you sell the item. This is where support prices come into play.
The reserve price is hidden from buyers and is only the lowest price you want to accept. If the order does not reach the reservation price it is not required to complete the sale. Of course, you can sell at the final price if you want, but it is not required to complete the transaction.
Once the order reaches the support price, then it is necessary to sell the item when the order closes.
A low starting bid with a reasonable support price is a good strategy for many items. It encourages combined orders, but guarantees that you will make money from the transaction. The downside is that many buyers don’t like the price of auctions. They quickly become frustrated when they often order to learn only that “the price of the collection was not met”. So they give a few fights and go.
A reserve price can be a hedge against losing money in a sale, but one thing to remember is that a .
Buy Now Price
One of the cool features of many e-bay auctions is the “Buy It Now” button. This allows the buyer to purchase the item of desire and stop the ordering process. Many buyers don’t want to order and wait a week only to find they won at the last minute. In the “buy now” option the buyer calls this type.
For the seller means to sell at an expensive price. Sometimes sellers are willing to pay a little more to guarantee the item they expect will have at the end of the auction.
The “buy now” can be used for any type of item. It is most effective when you offer multiple identical items at any one time. Set your price somewhere around the reserve price.
Other Pricing Strategies
One of the additions that contributes a lot to the order and the final price is shipping. Buyers are looking carefully at their shipping and handling costs and factoring them into their orders.
You will be prompted for an active order if you offer free shipping. They perceive the extra value in your item prices and know that there are no other costs other than their legitimate price tag. More often than not, offering free shipping will give you more bang for your buck on shipping the item.
If you use this strategy in your auctions, be sure to mention it in the listing. Let people know. Consider mentioning it in the auction title if you have a spot.
How to Set the Price
Before you can list your item, you need to have an idea of what your item is worth. In some cases this does not apply. If you’re buying wholesale to sell on e-Bay, you just need to know what it costs you to get your merchandise and list it. Your prices will pay those costs.
If you’re selling one-of-a-kind items or collectibles, you’ll want to have a good idea of the value. Check your local library or book store for pricing guides. These can give you a good idea of what your item is worth (as well as giving you important information to include in your listing.) Be careful, however, because some fields use only a list of listings. In brand collecting, for example, it is common knowledge that certain brands sell for much more or much less than the list price.
You can check for similar items on e-Bay. By monitoring auctions, you can get an idea of what people are willing to pay.
For some collections, you can find tons of information by doing a Google search. You can often find whole communities of dealers and collectors who can help you decide what it’s worth or how much you can sell it for.
Remember, it doesn’t matter what you estimate your item is worth, it’s really only worth what someone is willing to pay.
