If you’re selling on eBay you want to make a profit and these 11 tips are there to help you achieve just that – read on.
- Maximize Your Margin
The profit you make will be the difference between the cost of the item you list and the amount you sell it for; strive for a high margin on each sale.
- Minimize The Costs
From stationery costs to eBay fees, costs will sneak in from any direction, and you should anticipate them and have the right measures in place to the costs downs.
- Do It Professionally
Selling on eBay is a business like any other, and it should be a hobby as much as it is a money-making venture. Think of it in any lesser form, and you are bound to make losses.
Keep this tip in mind: Profit= Total Sale – Total Cost of Item Purchase.
Always understand that your total sales should give you enough money to restock and leave you with extra (which is profit). Take control of things and ensure you have a firm hand on your margin.
- Your sales are governed by how will you position your products in the market. It may not be a favorite item by you can give it the prominence it needs to find a place among the widely available and ordinary things on eBay. Start by identifying and dominating a small niche in the market and work your way up the ranks. Play smart; start small aiming higher.
- Expect the pricing of items to at times work against your expectations because they are governed by the “going rate” in the market means you will have limited control over the Item Sale Price.
- The Item Purchase Price should be as close to $0 as possible; then you will be in an ideal position to realize substantial profits.
While you will not have significant control over the three mentioned things, you do have control over the business cost. How? You will get to know this a bit later just remember that time is also a cost.
- Profits Start When Buying Stock
Consider the cost of the items you are to purchase to that you can keep it a low (close to $0) as possible. For this, you should consider the time, place, and prevailing price of the product you are to buy against how much you expect to make in returns after selling.
- Exceptional Customer Service
Never forget that you are competing with millions of other sellers, novice, and gurus, all eyeing the same market. As such, some may not play nice but not to say that you stoop to their level. Aim and staying on the good side of things regarding eBay’s feedback system, because it is what can make or break you. The customer’s feedback accounts for a lot, and your feedback profile should be impeccable, and this is only achievable by meeting your customers’ expectations.
- Never Fail To Deliver
Your customers will not care Whether your account had issues or there are banks holidays after the purchase, nor do they care about the slowness of the postage service in your areas; they expect to get what they paid for within the stipulated waiting period. Most customers expect such a service but are reluctant to know about the costs or pay. The ideal option is to dispatch the item by first class post on the same day its order is placed (mostly within four hours) and from a major post office.If you’re looking for details on where to get stamps, see USA Stamp Guide for info.
- A Reputable Refund Policy
If a customer complains about your product or service, respond positively by expressing sincere apologies and honest disappointment. But then block them from buying from you. Most customers do not expect such a move, and it will make them think twice about taking advantage of the feedback system or any other buyer. If you are to give refunds, do it 100%, counting it as the cost of doing business. It may cool the angry customer neutralizing a somewhat potentially negative situation.
- Don’t Do Ordinary
Fashion is a huge industry that has found its place on eBay shoes, clothes, and accessories have the more significant share of the market. Would you want to sell items that other established parties such as George and Primark or any other High Street outlet is selling? Yes, you may also be competing with other inexperienced sellers who think that suppressed prices mean more sales or profits. Think out of the box when listing a fashion item, do not sell “ordinary stuff” and will capture the attention of ‘true fashion enthusiasts.”
- Have A Unique Selling Point
Make sure that every item you list is set apart from others that are similar; it is all about how you list the product. For instance, if you are selling a stapler, you can throw in free staples; if you are listing pens, sell them in sets complete with a pen holder. The idea is to give the products an extra touch that gives them an edge. For items that cannot have an “extra ingredient,” you can offer something else such as gift wrapping.
- Dominate Your Niche
Some items can be rare and thus have few sellers, and that can be a marketplace with promising profits. But you have to account for the margin and have enough turnover so that you can be a domineering seller of the product in the market.
- Rinse And Repeat
It should be business as usual for you even after mastering the sale of a small product and dominating a niche, just add another item to sell. Explore all options to see how you can broaden your market reach as you focus on identifying what new product works best as you push on with whatever go the ball rolling for you to make profits.