Are you tired of losing out on sales on eBay? No matter what kind of product you sell — from vintage collectables to electronics equipment on the cheap — price is one of the main factors that makes buyers choose from a seller. If you see your sales declining day after day while your competitors’ sales are rising, here are a few tips to get you back on track!
It’s important to know what you’re up against, no matter what you’re trying to sell on eBay.
Do some research and make sure that you’re not only in the right pricing neighbourhood, but that you can remain competitive. Once you find your top 10 competitors, evaluate them on the following (this is by no means an exhaustive list):
While you may not have the resources to provide everything your competitors do right off the bat, a competitor analysis will show you opportunities to capitalise on the market — for example, using lower introductory pricing if you don’t have the same reputation (yet) of your competition.
When faced with a decision between two products, savvy buyers can do the math and see who’s really offering them a better deal. When they add the shipping into your product, are you coming out higher than your competition? Even if you have the best ticket price, having more expensive shipping fees can kill the sale. Pre-determine your shipping costs by figuring out the courier, packaging and weight, then price your product correctly, or throw the shipping in for free.
If you run an eBay store, you can use Markdown Manager to create sales on products or categories to appeal to buyers. This is available for fixed-price items only unless you choosing to use ‘free shipping’ as the discount — then all items, including auction items, are eligible. Promote products at a reduced price and draw in more potential customers!
Remember that eBay is not necessarily the right place to recover the original retail value of an item if you’re selling it secondhand. A secondhand item is rarely worth its firsthand value. When setting your starting bid or fixed price, or even a reserve price, make sure it’s an attractive starting point. Too high of a figure can reduce appeal and/or bidding on your item.
Keep an eye on your competitors and make sure that any market or buyers’ trends are not ignored. It’s also important to keep an eye out on consumer news — you’ll want to make sure you’re not overcharging for products that have well-known duplicates sold under a cheaper, different brand that buyers know about.
Selling on eBay requires patience, time and a little luck. If you can find the sweet spot in pricing that boxes out your competition, though, it can be well worth it!
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