Boost your eBay profits
By Farnoosh Torabi
Online auctions are rapidly becoming major revenue streams. According to eBay, more than 700,000 people in the United States earn part or all of their income through selling on the site.
"The key is finding the right products, pricing them right and creating captivating auctions," said Brad Schepp, author of "eBay PowerSeller Secrets: Insider Tips from eBay's Most Successful Sellers."
Here are some selling tips to bank on:
Avoid barriers to sale
Make the sales transaction buyer-friendly. Avoid restrictive payment options, high shipping costs and "no return" policies. Consider selling internationally, too. "The extra hassle of customs paperwork, language barriers and shipping delays are worth enduring if you sell auction items with worldwide appeal," said Ron Mansfield, author of "Launching a Successful eBay Store." "More bidders generally mean higher prices."
Suit up your sale
Photos are a must and the more angles the better. Also, make the item's description easy to read. "Bullet points are better than long paragraphs," said Jacquelyn Lynn, author of "Make Big Profits on eBay." Avoid fancy fonts and "eye candy," she added. "They're more distracting than anything else."
Time it well
Some items sell better on certain days. "Collectibles and hobby items tend to do slightly better on weekends," Mansfield said. Office and business products usually do best during work hours.
Most popular items
DVDs, books, consumer electronics and clothing usually find fast bidders -- and even cars. In fact, eBay Motors brings in more revenue than any other category of items.
Price to profit
EBay experts say having low starting prices can create strong interest and bidding wars. One rule is to price the item at no more than one-third of what you expect to sell it for. So if you think you can sell your Xbox 360 for $200, start the bidding at around $60. "A low starting bid tells people they have a chance of getting a real bargain," Lynn said. "They often catch auction fever and drive up the final sale price with competitive bidding." For Buy-It-Now pricing, experts suggest setting a price that delivers a bargain to the buyer and a profit for you. (With Tim Chan) |
