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How to reduce the risk of - selling through auctions - and make sure you profit from each sale!
Date: Wednesday November 19, 2008
Regardless of how low the risk is to start selling through eBay's auctions, there is always the chance that your item might not sell for the price you were hoping for.
Whenever you post an item for auction, you are gambling that public interest in the item will drive the price up. A common strategy is to find an in-demand item and list it at a desirable time, then sit back and let a bidding frenzy ensue!
However, there is the chance that your item may not spark a bidding war... and it may sell for the low price you listed it at. This may not be a risk you are willing to take.
That's why Brandon recommends the following strategies you can use to reduce the risk of selling on eBay to zero...
>> SET A "FIXED PRICE":
Rather than auctioning an item, you can put a fixed price on your products just like in a brick-and-mortar business.
This method works really well for selling commodities like household appliances or electronics. Buyers can easily compare prices online for products like blenders and hard drives, so there is less chance of a commodity item being "bid up" in an auction process.
By setting a fixed price, you never have to wonder how much profit you will make on the sale -- and your buyers can purchase their items instantly without waiting for a lengthy auction to run its course!
>> USE "BUY IT NOW" (BIN):
eBay's BIN option is like a combination of a regular auction and a fixed-price sale. You can list your items like an auction with an opening bid price, and also tell buyers what price to pay if they want to purchase the item immediately.
If a buyer places a bid, then the BIN price is no longer available and your auction runs its course. If a buyer chooses to "buy it now," then your auction ends because the item is no longer available to other bidders. There are two ways that you can set your BIN price to attract buyers:
- Set a BIN price that's just a small amount higher than the auction starting bid to entice buyers to buy immediately and get a great deal.
- Set a BIN that's much higher than the auction starting price to increase the perceived value of the item to the buyers -- and set your starting bid at a price you'd be comfortable selling at.
Either way, you'll sell your item at a price that YOU feel comfortable with, instead of leaving it up to your bidders.
>> USE "BEST OFFER":
When you use the Fixed Price format to list your items, you have the option of accepting "Best Offers" from buyers -- they can choose to purchase the item at your price or make an offer at a lower price. When you receive an offer from a buyer, it's up to you to decide if it's fair.
A best-offer format is a good way for you to show buyers there is some room for negotiation or flexibility on the price, without jeopardizing the amount of profit you make.
>>USE A "RESERVE PRICE":
Every seller has the option of placing a hidden "Reserve Price" -- or minimum acceptable winning bid -- on the items you auction.
This means you can set a low starting bid to attract interest, but you're not obligated to sell unless the bids surpass that hidden price. This strategy is useful when you are selling a unique or high-value item.
For example, if you are auctioning the Tiffany lamp that your grandparents received as a wedding gift, you don't want to risk selling it for a low opening bid!
Setting a low starting bid will grab a lot of buyers' attention and keep your listing fees down. And putting a reserve price on the auction means that you are guaranteed the item will sell for a price you are comfortable with.
>> USE "SECOND CHANCE OFFER":
It's uncommon, but the fact is that in rare cases, a buyer who wins an auction fails to follow through with payment.
However, don't worry! eBay wants to make sure you are protected in situations like this. So -- with no penalty or extra fees -- you can offer your second-highest bidder a chance to buy the item at the price they bid.
You can also use these "Second Chance Offers" when you have more than one of the same item for sale...
If the second highest bid was acceptable to you, you can actually make two (or more!) sales in one listing. This is a great strategy that can result in at least 30% more sales on your auctions!
Final Thoughts
There is NO simpler way to launch an online business than with eBay. Nothing else on the 'Net can beat it for ease of use, low start-up costs, and access to a ready market of millions of eager buyers.
And you don't even need to know HTML or anything about web design, because eBay gives you all the point-and-click templates you need. Everything you need to get up, running, and making a profit in the first 48 hours is at your fingertips!
However, it would be misleading to promise you that you can list a few items for sale on eBay and instantly take home buckets of money.
The fact is, a full 54 percent of auctions on eBay receive no bids at all! That's why you need to make sure you are using the right strategies to attract maximum bidders and grow your profits on eBay.
Many eBay sellers spend years figuring these strategies out... or they remain among the thousands of sellers who never get past the "hobby seller" stage...
.. But now you can SKIP the frustrating trial-and-error process by following in the footsteps of an eBay millionaire who is willing to show you the ropes.
By using expert strategies that are proven to work from the beginning, you save yourself a ton of time and rocket past your competitors -- who don't have the same "insider" advantage as you!
Brandon Dupsky is an expert who started out small -- just like you -- and now runs an eBay business that makes $8 MILLION in sales a year. The tips and advanced strategies that he is willing to share with you are your ticket to huge success on eBay.
And what we've covered here today is just the tip of the iceberg! With more than seven years experience on eBay and hundreds of thousands of sold items to his name, Brandon is a wealth of eBay strategies and insider knowledge that he has proven successful time and time again.
To get more hot tips from Brandon and discover everything there is to know about running a powerhouse eBay business, go to: www.auctiontips.com
And don't forget: There are literally millions of eager buyers on eBay who are there specifically to BUY -- and there are many ways to succeed in this thriving online marketplace! And the best part is, eBay makes it so easy that literally anyone can be profiting in the next 48 hours!
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