Ever since eBay started, people have been making money online. Don’t you want to be one of those people? It’s possible. You just need to know some rules in building your own eBay empire. I did not come up with these rules but were given to me by a successful entrepreneur. Let’s review them.
Low feedback? Lower Price
An eBay seller starting out cannot set the same prices as the competition. The amount of feedback you have (none) will steer potential customers away. Why? The seller has not proven themselves yet. How does the customer know they are reliable, that it’s not a scam, or that the seller is not offering a used product when they are advertising it as new? Yes, there is arbitration on eBay but no customer wants to go through the hassle. So instead, they just ignore your offer and move on to your competition. The best thing to do is to lower your price to balance out your low feedback. Aisde from feedback, the next thing customer looks at is the price. With a lower price, a new seller will be able to attract more eyeballs.
Where To Find Suppliers
If you are not just selling stuff in your attic, chances are there are suppliers for the products you want to offer. A great way to find suppliers is through Alibaba.com. Be careful though. Some are scammers. Luckily, there is a forum where suppliers are reviewed. That forum is called “The Wholesale Forums”. Look for suppliers with decent reviews.
Calculate Sales Price
You have the product. You found the supplier. Now it’s time to calculate how much to price your product. First, research how much the product is selling for on eBay. This is of course your competitive research. Next, factor in the seller fees, Paypal fees, and cost of buying each item. Will you still make a profit after adding those fees into the price of each item? If so, is it more, less or about the same as your competitors’ prices? If it’s higher, you better find an another product or a different supplier. If it’s the same, you will need to lower your price by 10-20% because of your little to no feedback. If it’s lower, then put the product on the market and let the money come rolling in.
These are just some rules on creating an eBay empire. All this however is just theory until you put it into practice. The person who puts things into action will always succeed.