eBay CEO Predicts $2 Billion in iPhone Based Auction Sales

This week eBay CEO John Donahoe, at the All Things Digital Conference, predicted that during the current fiscal year eBay would generate between $1.5 and $2 billion in sales through the use of the eBay iPhone App. The iPhone application is widely popular with over 10 billion downloads total. Many have questioned the ability to use iPhone Apps as a revenue source but eBay’s bold prediction puts everyone on notice that mobile devices and smart phones have the ability to produce great revenue for a company.

The company generated over $600 million during the last fiscal year from its iPhone App according to Donahoe. Maybe you didn’t realize there was an iPhone App for eBay. Take a look at eBay’s web page specifically promoting the application and providing the needed link to Apple’s App Store: here. Search, Buy, Pay, and Check the status of auctions from either an iPhone or an iPod Touch. Other features include PayPal integration, Alerts, Messages, Live Support, and Feedback.

The Chief Executive also discussed the Digital Wallet while at the conference and his belief that the majority of transactions will be made with a cell phone instead of carrying around a wallet or a purse with credit cards. eBay itself is hoping for a transformation as its transaction company PayPal has outperformed the auction site for a number of years now. Certain categories within eBay have had facelifts to make them more appealing to shoppers including their fashion area. And new features continue to be rolled out like descriptive conditions and seller templates.

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Fixed Price Selling Now More Profitable than Auctions

When eBay began it was all about auctions and the small shops selling items at a discount through auctions. But as the Internet has become more popular and big businesses began to sell at fixed prices on eBay, this form of selling has become more common and better for eBay’s bottom line than the original selling methods.

This change will not affect you if you have a good product with loyal customers and some good traffic for new customers. But setting up a store and selling some goods at fixed prices is the wave of the future and you should add this option if you haven’t already.

Consumers have become more comfortable with the Internet and want to purchase their items today and have them shipped immediately. Waiting for the 7 days for an auction to end will not due. The savings they will achieve from the auction format has not been a strong enough catalyst for the every week shopper to wait.

As more and more big businesses begin and continue to sell on eBay, little stores will need to compete in the same realm to achieve desirable sales numbers. Take a look at Your eBay Store, Getting Started and set up a fixed priced store for some of your merchandise before the new year begins.

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Writing Great Auction Descriptions

Creating a listing on eBay is only the first step of selling products. If you want a good number of people to bid on your auction, they must be comfortable with the item description and understand the product or service you are offering. A great item description is essential. Be honest and appealing so buyers will compete for what you have to sell.

Title Basics

Important description pieces include the title and the body to start. Both should be cohesive so the bidders understand the item you have up for auction. They should have a good picture in their minds of the item before reaching the photos you have provided.

Beginning with the title, writing visual and specific is the best way to create the title. What draws your attention when you look at eBay auctions? Use some of those same phrases and ideals.

For instance, “Red dining room dinette.” Doesn’t tell the bidder much about the item you have for sale. But adding details with “Authentic 1956”, “Oak”, and “Farmhouse” gives a more visual description. Adding the condition to the title can also be helpful.

Test Good Descriptions

Detail the features of your item using attention-grabbing phrases in your description. Make sure to cover every detail that someone buying the item would like to know. Answer every question before it is asked.

If you’re selling a printer on eBay, you should include the manufacturer, the make, does it print in color, how many prints can it produce in a minute, the age, does it have a USB connection, how about a scanner, and can it make copies? All these details will want to be known by the person purchasing the printer.

The more information you give in the description, the better. Your desire is to have every bidder fully consider your product before returning to the search results. Take time with your description and test a number of different descriptions when you are selling the same item multiple times. One description may produce better results than all the others.

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How much can one eBay Seller Make?

If you are looking for some additional income, becoming a seller on eBay is a good plan. The number of successful eBay sellers continues to grow and there is no reason you cannot join them. How much money can you expect to make? Results vary of course, depending on the products you sell and how hard you work at your business.

Picking a Product to Sell

First this to check when looking at selling a product on eBay is their restricted item list. Avoid all items on this Seller Resource. Once you have found an allowed product to sell, determining your price is the next step. The best way to get a feel for what items are selling for is to watch eBay auctions as they close. If the auctions have a lot of bidders and the selling prices provide for a good profit margin, you’ve found a great item to start with.

A good tip to increase your appeal to buyers and still maintain your profit margin is to reduce the price of the item while increasing the shipping and handling fee. This will make it more appealing at first before the buyer considers the costs they incur to have it delivered. Listing fees must also be considered when calculating the profit of an auction.

If an item doesn’t sell well in the auction format possibly switching to a fixed price selling format will work better. Try them both and see which way produces the best results.

Draw People to Your Product

Photographs are a great way to increase the buyer’s interest in a product. Providing a number of photos will make the buyers feel more comfortable in purchasing a product that they cannot see in person. Try to get different angles for your photos and make sure the lighting is adequate.

The product description is also vital. Use good adjectives in your descriptions and create scarcity for the product. The limited time left for the auction along with a limited supply will motivate buying.

Use the entire catalog of services available to sellers on eBay to maximize the amount of money you can make. The sky is the limit for you as long as you find the right product, construct quality auctions and are committed.

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