- Business and Employment»
- E-Commerce & How to Make Money Online
How I Recently Made Money On EBay
How to Make Money on EBay
My Personal Journey Making Money on EBay
I want to share with you how I recently made some money on eBay. This is my experience in the last couple of months on eBay and what I noticed and then applied and found out that it works.
If you are lucky enough you might have the next great idea or maybe you have a good supplier that can sell you popular items at very low costs and you will just make money hand over fist regardless.
I am just a regular person who wanted to try his hand at making money on eBay just like millions of others.
I did notice a pattern and experimented with it and found that if you follow this pattern you will make some money.
First thing you have to do to ensure you make some money on eBay is to decide on a specific type of product you will be selling and stick to that niche.
If you sell a handful of products that are completely different from each other your listings will get lost in the massive waves of all of the other listings in those categories.
Once you pick your product whether it is jewellery, electronics, clothing etc purchase enough inventory so you can have over 100 listings at any given time. The idea is to make a presence on eBay with your listings.
If someone searched watches and you have 100 different watches listed then chances are that person will come across your listings and end up buying something from you.
If you only have 2 listed then they might pass over or just miss yours completely.
It's a Numbers Game On EBay I Think
Do you see what I am saying? It is a numbers game on eBay. For the most part anyways.
- Of course there are some people who have items that will sell whether they have 2 or 200 varieties of that item but for the rest of us it is absolutely a numbers game.
- Now that doesn’t mean you can charge whatever you want in an auction style listing or inflate your shipping and handling because if you do that you won’t get any sales.
- The second thing to consider in the numbers game is pricing yourself for quick sales and many of them. Figure out what you need to make as a profit but be reasonable and not greedy.
- Buyers on eBay are used to getting great deals and won’t be interested in your products if they sense you are over charging. Compare your items to similar already sold items to figure out a fair selling price.
- You will also have to do some research on postage and include the cost of your envelopes and postage in your shipping and handling charges to make sure you are not losing money.
How To Price Product To Sell On EBay
When pricing your product consider things like the insertion fee cost for that item and also what the selling fee is based on what you think it will sell for and include that somewhere in your pricing if you can so you are actually making money.
- When I price my products I get them cheap enough that I can charge 100% mark up and it is still a low enough price that I get sales.
- I tried going a bit higher like 200 and 300% but like I said buyers on eBay are savvy and will spot your high priced items and you will lose a sale.
- There is also most always someone else who you are competing with for those sales so your prices have to be competitive.
- To sum it up if you want to make money on eBay make a presence for yourself by having over 100 listings at any one time. The more the merrier because making sales on eBay is a numbers game.
I won't lie to you. Making money on Ebay is not as easy as you might like it to be and unless you have a big profit margin on your items you will be working a lot of hours making a small amount of money and even when you are selling 100+ items a month you will still be putting in quite a bit of time to process and mail out everything. I think though that working hard and earning an honest income is well worth it. Especially when you can be your own boss.
The other thing you want to do is price your items so you will make a little bit on each sale. Don’t price so high that you lose sales. Play around with postage and shipping charges to see what rate is getting you more sales. Most people look at shipping and handling charges and will make their decision whether they are interested in purchasing from you right then and there before they even read the rest of your auction information. So the warning there is to not try and make a profit on shipping charges. Most buyers on Ebay are smarter than that.
I think it is better to sell 100 items and make a few dollars on each than only sell a couple things because your initial auction price is way too high.
I hope I have helped you and good luck.
© 2011 Grant Handford