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Making Money Online With Ebay
One of my first online ventures is actually selling items on Ebay. I used to have hundreds of special soccer figurine that I build up over the years. As my house is running out of space, I decided to keep only those that I really like and sell off the rest, but never expect to make money out of it. I started by listing the rare ones and set them with a low GBP0.99 each, hoping to sell them off to cut my loses. But the bids came in fast and furious, beyond what I can imagine. One figurine actually sold for GBP34.00, way past my expectation. So I started to sell the rest of my figurines, and bundling the not so popular ones with the popular ones so that I can get rid of those unpopular figures. In the end, after keeping those figurines that I didn’t want to sell, I am left with only 2 unsold figurines. And while doing so, I made a tidy profit out of it (even after Ebay and PayPal fees). What was meant to be a stock clearance sales ended up to be a profitable business. Few lessons I learn from this experience that I want to share it with you. 1. Give a title as descriptive as the product you are selling as possible and try to identify key words to be used. Do some research and see how those power sellers describe their products in the title, it has to be catchy, yet direct so that buyer know exactly what you are selling. For example, what I am selling is a soccer figurine by the popular vendor Corinthian, so the key words are “Corinthian” , “Name of the Player” , “The Club/Country they represent”. Something like “Rare Liverpool Ian Rush by Corinthian Signed”. Notice I added a few more important information like “Rare” and “Signed” which can make a difference between you and the others selling the same item. But do make sure it is really “rare” and really “signed” as you do not want to jeopardize your reputation. 2. Take good pictures. A lousy picture will give you a lousy sales, no doubt about it, as people DO judge a book by its cover. Just make sure you take the picture during the day (outdoor will be great) and the item do not reflect your face on it (unless of course you are posting a dating ad). A well taken picture speaks of your professionalism and increase buyer confidence. 3. Make sure you pay for your pictures to be seen in the gallery. Which means if some one does a search and the various results shown, they will be able to see the picture with clicking further into link. I learn this based on my own experience that I usually do not click on those auctions that does not have pictures on the gallery, especially when there are hundreds of similar items. As the saying goes, “Picture Speaks a Thousand Words”. 4. Sign up with PayPal to be used as your preferred mode of receiving payments. This is important as it is a safest way to collect money online, and it protects both the in interest of both buyer and seller. It also allows the buyer to pay immediately hassle free. While there is a fees charge by PayPal for the service, it is far lower than most of the other payment methods out there. And PayPal has been around a long time, so it does have a certain degree of reputation (which means your customer is more likely to trust their credit card details with it). PayPal now also allow non-PayPal members to make one time payment via their credit cards without the need to sign up for a PayPal account. 5. Ensure you have good communications with the buyers. Even when the buyer fails to pay, do not be so hurry to give him or her a negative ratings, this will only hurt yourself as they might leave you a negative ratings in return. Ratings is one of the key elements buyer look out for when buying something from you, so having a 100% positive ratings is crucial. When buyers did not reply, there could be many genuine reason for it, so talk it out with the buyers and come with a common understanding on how to resolve the issue “offline”. In most situation, buyer will be very happy for your understanding and will leave you a good rating even if the purchase did not go through. Remember, you are not out there to make enemies, but friends. 6. Pack your product well for shipment. If your product reaches your buyer damaged, don’t expect a very good rating. So ensure you pack your product to be able to withstand harsh treatment by the postal office. Not all postman will treat your package with care, so you much ensure your packaging is good enough. Expect repeat customers just because they feel safe with the way you package the product. 7. Finally, make sure your product sells! Do some research before you jump in. Is anyone selling similar products? How much are they selling? How many have they sold? How big is the market for the product? Get all the facts right and price your product accordingly. Do be put off if others sell a similar product with you, but try to differentiate yourself from the others. The world is big enough for more than one seller to co-exist. That’s it, my 7 valuable lessons which I learn it the hard way, and I hope it will help you to understand more about making money on Ebay. |
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This intel was contributed by keltong
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May, 2012
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