- Personal Finance
Earning on Ebay #7: Mixing up your products
The vital key to consistent, long-term online selling income!
Diversification is vital to success for many different things in life. If you want to make money in the stock market, it is important to diversify your investments. When you are working out, it is much more effective to diversify exercises and try something new every so often. When making money online, diversifying your product is vital to sustaining income and constantly bringing in new customers.
If you were to look over my seller page for the last month or so, you would find that I have sold a plethora of items online. A short list of my recent inventory includes winter clothing, video games, Iphones, antiques, steel DVD cases, digital content, and even a vintage Ouija board. There are a number of different benefits that come with diversifying your online products.
- Become a "Jack of All Trades" Seller: If you are willing to sell many different items and product categories, you will become more educated on all of your inventory. This will make you a much more prominent seller in the mind of many Ebay buyers. This will improve your chances of serving different needs for buyers. The best part is that this means more business, and money, will be coming your way.
- Get some compliments: I mentioned this in my bundling hub from a few months ago,but it definitely applies when you are looking at all of the inventory you sell. If you specialize in selling video game systems you could likely branch out and sell complementary items such as the system accessories and video games themselves. This can make you a one stop seller for buyers. They will be able to buy everything from you at once, rather than deal with different sellers. I know that when I am in a buying situation, I prefer to deal with one selling transaction.
- Stay ahead of the market: Buyer trends can change on a monthly or even weekly basis. One problem is that you may not be selling an item that is sought after by buyers. This can occur because of seasonality, the economy (In the case of expensive or luxury goods), or simple buyer preference. If you are always selling a number of different items, it becomes much easier for you to avoid this seller risk. It can happen on Ebay just like it happens in the stock market, a product (or stock) loses value and is no longer worthwhile for investors. Make sure that this does not become the situation for you as a seller. An easy example of this is the new Iphone as it pertains to accessories. The new Iphone can not use old Iphone cables and connectors. Sellers of the old cords and docks now have products that are not as desired by consumers because of technological change.
- Selling different products gives you a new Ebay experience: There are a number of different factors that can change your experience as an Ebay seller. If you sell expensive, fragile items, you will have to become an expert product photographer, and thoroughly describe you items. Later on, you will have to utilize weapons grade packaging and ensure that your item arrives on time, sometimes with shipping insurance and other post office services. This process can be very expensive and time consuming, but your items have a much bigger profit margin. At the other end of the spectrum are cheap items that are very easy to list and simple to ship. This yields a much smaller profit potential per item, but you might be able to sell 100 items or more a week. Both of these can be viable seller options, but it is always good to mix it up. This allow you to see which items are worth your time and effort.
Of course there are some difficulties associated with selling different products online. Sometimes it is much easier to keep your life as a seller as uncomplicated as possible. However, it can make your Ebay selling much more lucrative and enjoyable. Check out the rest of my Ebay hubs and find out the best way to sell and make money online!
Treat your Ebay sales like your portfolio...
The Rest of the Ebay Series!
- Making Money on Ebay #7: The Keys to an AWESOME Titl...
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- Making Money on Ebay #4: Penny Auctions!
Come one, come all! I sell all my items for a penny, or do I? Here is the breakdown of penny auctions on Ebay.
- Making Money on Ebay #3: Lot Selling
Selling on Ebay can be tricky. Sometimes, selling in various groups, or lots, can be one key to becoming a great online seller. Here are some big reasons to give Ebay bundling a try!
- Making Money on Ebay #2: Knowing Your Profit Margin
An essential breakdown of all the fees for selling on Ebay. I want to maximize your online money-making potential. To do that, I need to show you how much of the pie you really get to take with you.
- Making Money on Ebay #1: 10 Reasons to Love & Hate E...
Find the brightest spots and darkest corners in the world of online selling! This Hub looks at some of the specific pros and cons of the world's largest online marketplace, Ebay.