One of the world's largest online marketplaces is eBay, and if you are like many of the entrepreneurs out there, you have probably had some experience with this site, whether that's buying a rare collector's item or retro video game or maybe through selling some items of your own.
Between sellers and buyers, every year there are literally billions of dollars being exchanged through eBay. The truth is that this site could be a real gold mine for someone with the right niche, marketing tactics and products.
I personally started out my online ventures selling through eBay. It was a great way to make a little extra cash around the holiday season, and help get me started with my own business. It was a lot of fun to find treasures at second hand shops and make a quick profit off them in the auctions.
Choosing What You're Going to Sell
Deciding which niche or area to sell your products in, should always be your first step in your quest to make money on eBay.
Take the time to research both what it is you are interested in, and what sells well on eBay. Also, visiting sites such as Clickbank and Amazon and taking a look at hot niche products can be a help.
After you have selected a niche, take the time to get to better know your audience. Visit blogs and forums, read their reviews and in eBay's feedback forums, check out their buying habits. There's nothing worse than buying an item in bulk, only to find out there are hundreds of other sellers out there with the same thing.
Careful Product Selection
Are you going to be a bike products store exclusively or do you want to run an odds and ends shop comparable to many garage sales? You'll be able to reach a wider audience with more variety but may be less likely to get repeat customers with this approach. There's really no right answer so figure out what works for you.
Regardless of the type of store you choose, you need to gain a thorough understanding of the value of your merchandise. What are others selling it for? If four people are selling the same record you've got listed but for a quarter of the price, odds are you copy isn't going to sell.
The Drop Shipping Option
With it, you utilize a service that will take payment from your buyer along with their address, and then directly send the product involved to them.
Whatever markup that you want you can enter and then the difference is yours to keep. For so many marketers making money on eBay begins and finishes with dropshipping and services such as SaleHoo.
Other options are there as well, including software from Avangate and digital products from sites such as Clickbank. From other sellers, lots at wholesale can be purchased and then broken up and resold for a tidy profit.
This does of course mean that you will be doing some additional work, as an inventory will have to be maintained.
Making Money On eBay through Auctions
Unfortunately, looking at auction listings as a simple store front is what many marketers do. They sometimes don't grasp the fact that you do need to learn how best to really sell people.
Signing up for an eBay store is vital, and the place to get started. As little as $15 per month is what a basic plan will cost, and you will be furnished with reduced listing fees, search-able index and a URL. You will probably want to consider the $299 premium plan, after you have been on eBay for a while.
That plan provides advanced analytics to review your visitors and will also severely reduce listing fees as well.
Copy Writing Is Essential
The next step is such an important one- copy writing! We have all seen those blobs of text featuring two hundred words or more, and with terrible grammar. Who is going to buy those? You need to be much more professional and persuasive.
To help get this done, into your listings integrate HTML to provide images of the product, bullet-ed lists to layout auction details and bright headlines with key benefits.
Take an iPad and explain to people how much they need it and what a positive effect it will have on their life. Don't simply say to someone that you are selling a “new iPod”.
Keep in mind that this is a real business with real customers that have many different choices and options. The determining factor in selling your products will not always be price.
Keep customer service at the top of your priority list and you are off to a great start making money and a successful business!