Hundreds of thousands of online retailers earn a living solely from eBay and millions use the site as a means of making extra cash. If they can do it, so can you!
eBay attracts millions of new visitors from all over the world every month, and is the second biggest and most profitable online marketplace for consumers in the US and in the UK.
According to the Shullman Research Center, 43% of US adults shopped on eBay during the past year. The company earned more than $14 billion in 2012 and expects to earn $20 billion from mobile revenue alone in 2013. Thousands of dollars pass hands via eBay every second. Get it on the action and learn how to make money with eBay by following these five simple tips.
1. Choose products that will sell like hotcakes
Millions of computers, clothes, phones, appliances, bags, shoes, collectibles, furniture, furnishings, décor, tools, sports equipment, and vehicles are listed and sold on eBay every day.
How do you know which of these products you should be selling?
Making money at eBay starts with knowing which items are in demand and which items you can sell with confidence.
eBay is all about connected commerce. Its success is based on letting people shop wherever they are and whenever they want.
The first thing you need to do is conduct some research. Who are these people who shop on the go? What are their problems and needs and interests? What are their lives like? What are they likely to buy?
The answer is: teenagers and young adults with their parents’ cash to burn (boys want gadgets and anything tech-related, girls want clothes and anything fashion-related), collectors of hard-to-find items, moms who don’t have the time or the desire to go to the store to stock up on diapers and baby gear.
These are just examples, but you get the gist. Choosing a product or a line of products must always start by considering the market.
Next, check out the stores of popular sellers. Scrutinize their prices and their listings. Go through their feedback profile. What are they selling and how do they sell? Why do their customers keep coming back?
Test the waters by selling stuff from around your home. This way, you make money and you get the hang of listing and selling on eBay before you sink any financial investment into it. Or, scour local yard sales and flea markets for inexpensive items that you can sell for a profit.
According to eBay, clothes, accessories, gadgets, and collectibles are the most sought-after products on the website. Consider this, but also remember that you should sell what you know.
You have to be familiar with your products enough that you can give inquiring buyers detailed descriptions and explanations of the benefits of each and every product you’re selling.
2.Take great photos
With the number of products on the website and the speed by which potential buyers scan through them, the trick to making money online from eBay is to make your product shots as attractive as possible.
Shoot your items against a white background using natural or diffused lighting.
Take photos of your items from different angles. Make sure the shots are not blurry because customers judge the quality of the actual product by the quality of the photos that represent them. Use a tripod and/or enlist the help of a professional photographer.
3. List wisely
Build your business by building a good-looking feedback profile. Get good feedback by earning your customers’ trust. Earn your customers’ trust by listing your items honestly and accurately.
Choose a listing method wisely. You can list your item (1) the traditional (auction-style) way, (2) use the Buy It Now option, or (3) set a Reserve on it. According to eBay, buyers are more likely to bid on an item that is up for auction, and this method could double or even triple your profit.
However, if you want to sell an item quickly or want to avoid the stress of waiting to find out if your item will sell big or not, choose the Buy It Now method.
Meanwhile, having an item on Reserve guarantees that you’ll sell your item at a price you’re comfortable with. You will, however, have to field a lot of inquiries about your reserve price from interested buyers.
4. Streamline processing, accounting, and shipping
There are many eBay tools you can use to expedite order processing. For example, you can use eBay’s Shipping Calculator to determine shipping rates based on package weight and dimensions, the buyer’s zip code, and the courier of your or the customer’s choice.
Use PayPal so you can sell to international customers. For buyers, it is more convenient than writing a check or keying in their credit card details. You also get free coverage under the PayPal Seller Protection scheme.
5. Be friendly
As an online retailer, maintaining good customer relations is of utmost importance. If you treat a customer well, he or she will not only leave you glowing feedback, but may become a repeat customer as well.
Stash little freebies with your packages. They don’t have to be expensive. I once bought baby clothes from a seller who included two tiny paper cranes with my package.
It was a cute and thoughtful gesture. Another time, a package was shipped a couple of days late. Normally, I would leave a less-than-stellar feedback for this, but because the seller included a freebie and a note of apology with the package, I let it pass.
If you’re looking for an alternative income source that allows you to work from home and doesn’t require significant financial capital, selling through eBay may be the answer.
The company just introduced a new design, new features, and lots of new seller perks, including free listings. And according to analysts, this could be the year that eBay finally takes on Amazon and becomes the #1 online marketplace in the world. There’s no better time to learn to make money from eBay than NOW!